Miller Howard Investments Inc. NY decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 23.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 811,199 shares of the company’s stock after selling 242,100 shares during the period. Miller Howard Investments Inc. NY owned approximately 0.05% of AbbVie worth $58,820,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of ABBV. First Command Financial Services Inc. grew its stake in shares of AbbVie by 6.8% during the first quarter. First Command Financial Services Inc. now owns 1,565 shares of the company’s stock worth $102,000 after acquiring an additional 99 shares during the last quarter. Acropolis Investment Management LLC purchased a new stake in shares of AbbVie during the second quarter worth about $106,000. Franklin Parlapiano Turner & Welch LLC purchased a new stake in shares of AbbVie during the first quarter worth about $108,000. Atwood & Palmer Inc. grew its stake in shares of 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 during the last quarter. Finally, Tradewinds Capital Management LLC grew its stake in shares of 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 during the last quarter. Institutional investors and hedge funds own 68.29% of the company’s stock.
Shares of AbbVie Inc. (ABBV) traded up 4.35% during midday trading on Friday, reaching $85.34. The company had a trading volume of 14,809,087 shares. AbbVie Inc. has a 52-week low of $55.06 and a 52-week high of $86.09. The company’s 50 day moving average price is $72.74 and its 200 day moving average price is $68.51. The stock has a market capitalization of $136.04 billion, a PE ratio of 20.99 and a beta of 1.48.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.02. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The company had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same period last year, the business posted $1.26 EPS. The company’s revenue was up 7.6% on a year-over-year basis. Equities research analysts expect that AbbVie Inc. will post $5.52 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th were paid a $0.64 dividend. The ex-dividend date of this dividend was Wednesday, July 12th. This represents a $2.56 annualized dividend and a dividend yield of 3.00%. AbbVie’s dividend payout ratio (DPR) is currently 62.90%.
A number of brokerages have recently weighed in on ABBV. Deutsche Bank AG restated a “hold” rating and set a $66.00 price target (up previously from $65.00) on shares of AbbVie in a research note on Monday, July 17th. Vetr upgraded AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price target on the stock in a research note on Wednesday, July 26th. BidaskClub lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Jefferies Group LLC restated a “buy” rating and set a $94.00 price target (up previously from $92.00) on shares of AbbVie in a research note on Monday, July 17th. Finally, Zacks Investment Research upgraded AbbVie from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $77.33.
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In related news, Director Edward J. Rapp bought 4,000 shares of the stock in a transaction on Monday, July 31st. The shares were bought at an average cost of $70.45 per share, for a total transaction of $281,800.00. Following the purchase, the director now owns 15,498 shares of the company’s stock, valued at approximately $1,091,834.10. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Laura J. Schumacher sold 79,800 shares of AbbVie stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $5,586,000.00. Following the completion of the transaction, the insider now owns 187,625 shares in the company, valued at $13,133,750. The disclosure for this sale can be found here. Insiders sold a total of 490,491 shares of company stock worth $34,684,639 over the last quarter. Company insiders own 0.23% of the company’s stock.
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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