Mechanics Bank Trust Department continued to hold its position in shares of AbbVie Inc. (NYSE:ABBV) during the second quarter, according to its most recent filing with the SEC. The firm owned 4,355 shares of the company’s stock at the close of the second quarter. Mechanics Bank Trust Department’s holdings in AbbVie were worth $315,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in ABBV. Acropolis Investment Management LLC bought a new position in AbbVie during the 2nd quarter worth approximately $106,000. Franklin Parlapiano Turner & Welch LLC bought a new position in AbbVie during the 1st quarter worth approximately $108,000. Atwood & Palmer Inc. raised its holdings in AbbVie by 1,333.3% during the 1st quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock worth $140,000 after purchasing an additional 2,000 shares during the last quarter. Tradewinds Capital Management LLC raised its holdings in AbbVie by 87.2% during the 1st quarter. Tradewinds Capital Management LLC now owns 2,269 shares of the company’s stock worth $148,000 after purchasing an additional 1,057 shares during the last quarter. Finally, Exane Asset Management bought a new position in AbbVie during the 2nd quarter worth approximately $181,000. Hedge funds and other institutional investors own 68.25% of the company’s stock.
AbbVie Inc. (NYSE:ABBV) traded up 0.08% during mid-day trading on Friday, reaching $87.48. 6,806,950 shares of the company traded hands. AbbVie Inc. has a 12-month low of $55.06 and a 12-month high of $89.69. The stock has a market capitalization of $139.45 billion, a price-to-earnings ratio of 21.52 and a beta of 1.48. The company’s 50-day moving average is $75.76 and its 200-day moving average is $69.87.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, July 28th. The company reported $1.42 EPS 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 analysts’ expectations of $6.93 billion. During the same period last year, the firm posted $1.26 earnings per share. AbbVie’s revenue was up 7.6% compared to the same quarter last year. Equities analysts predict that AbbVie Inc. will post $5.52 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a dividend of $0.64 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $2.56 annualized dividend and a dividend yield of 2.93%. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.
In other 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 price of $70.45 per share, with a total value of $281,800.00. Following the completion of the acquisition, the director now owns 15,498 shares in the company, valued at $1,091,834.10. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard A. Gonzalez sold 193,131 shares of the 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 completion of the transaction, the chairman now directly owns 469,623 shares in the company, valued at approximately $33,343,233. The disclosure for this sale can be found here. Insiders have sold 373,191 shares of company stock worth $26,598,305 over the last ninety days. 0.23% of the stock is currently owned by insiders.
Several research firms have issued reports 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 report on Monday, July 17th. Vetr upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price target for the company in a report on Wednesday, July 26th. BidaskClub lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report 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 report on Monday, July 17th. Finally, Zacks Investment Research upgraded shares of AbbVie from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $82.38.
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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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