Lowe Brockenbrough & Co. Inc. Raises Position in AbbVie Inc (NYSE:ABBV)

Lowe Brockenbrough & Co. Inc. lifted its stake in shares of AbbVie Inc (NYSE:ABBV) by 0.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 44,538 shares of the company’s stock after buying an additional 413 shares during the quarter. Lowe Brockenbrough & Co. Inc.’s holdings in AbbVie were worth $4,373,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of ABBV. Kornitzer Capital Management Inc. KS increased its holdings in AbbVie by 5.6% during the 1st quarter. Kornitzer Capital Management Inc. KS now owns 30,484 shares of the company’s stock valued at $2,323,000 after purchasing an additional 1,630 shares in the last quarter. Public Employees Retirement Association of Colorado grew its stake in shares of AbbVie by 4.0% during the first quarter. Public Employees Retirement Association of Colorado now owns 280,474 shares of the company’s stock worth $21,369,000 after purchasing an additional 10,738 shares during the period. Jones Financial Companies Lllp grew its stake in shares of AbbVie by 24.1% during the first quarter. Jones Financial Companies Lllp now owns 20,970 shares of the company’s stock worth $1,598,000 after purchasing an additional 4,070 shares during the period. JNBA Financial Advisors grew its stake in shares of AbbVie by 3.0% during the first quarter. JNBA Financial Advisors now owns 10,574 shares of the company’s stock worth $806,000 after purchasing an additional 310 shares during the period. Finally, Main Street Research LLC grew its stake in shares of AbbVie by 5.0% during the first quarter. Main Street Research LLC now owns 7,792 shares of the company’s stock worth $594,000 after purchasing an additional 369 shares during the period. Institutional investors own 68.23% of the company’s stock.

A number of equities research analysts recently commented on the company. TheStreet raised AbbVie from a “c+” rating to a “b-” rating in a research note on Friday, June 12th. Morgan Stanley lifted their target price on AbbVie from $95.00 to $108.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. Citigroup lifted their target price on AbbVie from $98.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday. Evercore ISI started coverage on AbbVie in a report on Wednesday, June 10th. They set a “buy” rating and a $111.00 target price on the stock. Finally, Wolfe Research upgraded AbbVie from a “peer perform” rating to an “outperform” rating in a report on Tuesday, June 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company’s stock. AbbVie currently has an average rating of “Buy” and a consensus price target of $108.33.

Shares of NYSE:ABBV traded down $2.08 during midday trading on Thursday, reaching $91.87. The company had a trading volume of 8,909,005 shares, compared to its average volume of 10,183,946. The company has a quick ratio of 0.70, a current ratio of 0.86 and a debt-to-equity ratio of 5.57. The business’s 50 day moving average price is $95.73 and its 200 day moving average price is $89.58. The stock has a market cap of $162.79 billion, a PE ratio of 19.49, a P/E/G ratio of 1.48 and a beta of 0.75. AbbVie Inc has a 1-year low of $62.55 and a 1-year high of $101.28.

AbbVie (NYSE:ABBV) last released its earnings results on Friday, July 31st. The company reported $2.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.14. The business had revenue of $10.43 billion for the quarter, compared to the consensus estimate of $10.14 billion. AbbVie had a negative return on equity of 628.57% and a net margin of 19.20%. AbbVie’s quarterly revenue was up 26.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.26 earnings per share. On average, research analysts expect that AbbVie Inc will post 10.46 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Wednesday, July 15th were given a $1.18 dividend. This represents a $4.72 dividend on an annualized basis and a dividend yield of 5.14%. The ex-dividend date was Tuesday, July 14th. AbbVie’s dividend payout ratio is currently 52.80%.

In related news, Vice Chairman Carlos Alban sold 53,325 shares of AbbVie stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $100.00, for a total value of $5,332,500.00. Following the sale, the insider now owns 137,899 shares of the company’s stock, valued at $13,789,900. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.09% of the stock is currently owned by insiders.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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