Bingham Osborn & Scarborough LLC grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 9.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,119 shares of the company’s stock after buying an additional 1,754 shares during the period. Bingham Osborn & Scarborough LLC’s holdings in AbbVie were worth $1,531,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of ABBV. Hennessy Advisors Inc. lifted its holdings in shares of AbbVie by 200.0% during the 1st quarter. Hennessy Advisors Inc. now owns 121,500 shares of the company’s stock valued at $7,917,000 after purchasing an additional 81,000 shares in the last quarter. Old Mutual Global Investors UK Ltd. lifted its stake in AbbVie by 1.4% in the 1st quarter. Old Mutual Global Investors UK Ltd. now owns 18,168 shares of the company’s stock valued at $1,183,000 after acquiring an additional 256 shares in the last quarter. Pegasus Partners Ltd. lifted its stake in AbbVie by 158.1% in the 1st quarter. Pegasus Partners Ltd. now owns 10,284 shares of the company’s stock valued at $670,000 after acquiring an additional 6,300 shares in the last quarter. Access Financial Services Inc. lifted its stake in AbbVie by 7.7% in the 1st quarter. Access Financial Services Inc. now owns 22,845 shares of the company’s stock valued at $1,489,000 after acquiring an additional 1,625 shares in the last quarter. Finally, Dowling & Yahnke LLC lifted its stake in AbbVie by 0.6% in the 1st quarter. Dowling & Yahnke LLC now owns 76,586 shares of the company’s stock valued at $4,990,000 after acquiring an additional 433 shares in the last quarter. Hedge funds and other institutional investors own 68.49% of the company’s stock.
Several research analysts have weighed in on the company. SunTrust Banks, Inc. reaffirmed a “buy” rating on shares of AbbVie in a research report on Monday. Piper Jaffray Companies boosted their price target on AbbVie to $115.00 and gave the stock an “overweight” rating in a research report on Friday, October 27th. Barclays PLC reaffirmed a “hold” rating and set a $68.00 price target on shares of AbbVie in a research report on Thursday, September 28th. Evercore ISI reissued an “outperform” rating and set a $100.00 target price (up from $95.00) on shares of AbbVie in a report on Saturday, September 30th. Finally, BidaskClub lowered AbbVie from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 25th. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. AbbVie currently has an average rating of “Buy” and an average price target of $93.68.
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In related news, insider Henry O. Gosebruch sold 18,300 shares of the business’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $90.55, for a total transaction of $1,657,065.00. Following the transaction, the insider now owns 81,287 shares in the company, valued at approximately $7,360,537.85. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 193,131 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $71.00, for a total value of $13,712,301.00. Following the transaction, the chairman now owns 469,623 shares in the company, valued at approximately $33,343,233. The disclosure for this sale can be found here. In the last three months, insiders sold 226,430 shares of company stock valued at $16,664,544. 0.23% of the stock is currently owned by corporate insiders.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $7 billion during the quarter, compared to analyst estimates of $7 billion. During the same quarter in the previous year, the company posted $1.21 earnings per share. The company’s revenue was up 8.8% compared to the same quarter last year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Friday, January 12th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of Infinity. The ex-dividend date is Thursday, January 11th. This is a positive change from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s payout ratio is 62.29%.
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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