Adirondack Trust Co. lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 2.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,735 shares of the company’s stock after selling 295 shares during the quarter. Adirondack Trust Co.’s holdings in AbbVie were worth $706,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. Acropolis Investment Management LLC bought a new stake in AbbVie during the second quarter worth $106,000. Franklin Parlapiano Turner & Welch LLC bought a new stake in AbbVie during the first quarter worth $108,000. Atwood & Palmer Inc. raised its position in AbbVie by 1,333.3% during the first quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock worth $140,000 after acquiring an additional 2,000 shares in the last quarter. Tradewinds Capital Management LLC raised its position in AbbVie by 87.2% during the first quarter. Tradewinds Capital Management LLC now owns 2,269 shares of the company’s stock worth $148,000 after acquiring an additional 1,057 shares in the last quarter. Finally, Exane Asset Management bought a new stake in AbbVie during the second quarter worth $181,000. 68.49% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have issued reports on ABBV shares. Zacks Investment Research lowered shares of AbbVie from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Vetr raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price target on the stock in a research report on Wednesday, July 26th. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and set a $100.00 price target (up from $85.00) on shares of AbbVie in a research report on Friday, September 8th. BidaskClub raised shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 6th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $107.00 price target (up from $94.00) on shares of AbbVie in a research report on Friday, September 15th. Eight analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $93.68.
AbbVie Inc. (ABBV) opened at 90.96 on Tuesday. AbbVie Inc. has a 1-year low of $55.06 and a 1-year high of $98.26. The company has a 50 day moving average of $89.93 and a 200 day moving average of $75.20. The firm has a market capitalization of $145.00 billion, a P/E ratio of 22.37 and a beta of 1.51.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.02. AbbVie had a return on equity of 164.66% and a net margin of 24.38%. The business had revenue of $7 billion for the quarter, compared to analysts’ expectations of $7 billion. During the same period in the previous year, the business posted $1.21 EPS. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, equities research analysts anticipate that AbbVie Inc. will post $5.54 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Friday, January 12th will be paid a $0.71 dividend. This is a boost from AbbVie’s previous quarterly dividend of $0.64. This represents a $2.84 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date is Thursday, January 11th. AbbVie’s payout ratio is currently 62.29%.
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In related news, VP Robert A. Michael sold 6,699 shares of the business’s stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $88.00, for a total value of $589,512.00. Following the sale, the vice president now directly owns 10,007 shares in the company, valued at approximately $880,616. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Azita Saleki-Gerhardt sold 8,300 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $85.02, for a total value of $705,666.00. Following the completion of the sale, the senior vice president now owns 93,099 shares in the company, valued at $7,915,276.98. The disclosure for this sale can be found here. Insiders sold a total of 361,890 shares of company stock worth $25,926,197 over the last 90 days. 0.23% of the stock is currently owned by company insiders.
AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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