Pillar Pacific Capital Management LLC held its stake in AbbVie Inc. (NYSE:ABBV) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,298 shares of the company’s stock at the close of the second quarter. Pillar Pacific Capital Management LLC’s holdings in AbbVie were worth $820,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the stock. Accident Compensation Corp raised its position in AbbVie by 24.7% in the 1st quarter. Accident Compensation Corp now owns 66,200 shares of the company’s stock worth $4,314,000 after purchasing an additional 13,100 shares during the period. Investec Asset Management LTD raised its position in AbbVie by 3.6% in the 1st quarter. Investec Asset Management LTD now owns 166,978 shares of the company’s stock worth $10,880,000 after purchasing an additional 5,801 shares during the period. Comerica Securities Inc. raised its position in AbbVie by 832.7% in the 1st quarter. Comerica Securities Inc. now owns 66,443 shares of the company’s stock worth $4,329,000 after purchasing an additional 59,319 shares during the period. Suntrust Banks Inc. raised its position in AbbVie by 3.7% in the 1st quarter. Suntrust Banks Inc. now owns 1,216,484 shares of the company’s stock worth $79,265,000 after purchasing an additional 43,617 shares during the period. Finally, Clean Yield Group raised its position in AbbVie by 25.0% in the 1st quarter. Clean Yield Group now owns 9,598 shares of the company’s stock worth $625,000 after purchasing an additional 1,920 shares during the period. 68.26% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently weighed in on ABBV. Cowen and Company raised shares of AbbVie from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $91.17 to $105.00 in a research report on Wednesday. Leerink Swann raised shares of AbbVie from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $89.00 to $106.00 in a research report on Monday, October 2nd. Credit Suisse Group reissued a “neutral” rating and issued a $94.00 price objective (up from $74.00) on shares of AbbVie in a research report on Sunday, October 1st. Evercore ISI reissued an “outperform” rating and issued a $100.00 price objective (up from $95.00) on shares of AbbVie in a research report on Saturday, September 30th. Finally, Barclays PLC reissued a “hold” rating and issued a $68.00 price objective on shares of AbbVie in a research report on Thursday, September 28th. Eight investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $90.49.
AbbVie Inc. (NYSE:ABBV) opened at 91.42 on Friday. The company has a market capitalization of $145.73 billion, a P/E ratio of 22.48 and a beta of 1.51. AbbVie Inc. has a 1-year low of $55.06 and a 1-year high of $92.61. The stock’s 50 day moving average is $84.59 and its 200-day moving average is $72.69.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.02. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The firm had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the prior year, the firm earned $1.26 EPS. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, analysts expect that AbbVie Inc. will post $5.53 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be paid a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 2.80%. The ex-dividend date is Thursday, October 12th. AbbVie’s payout ratio is currently 62.90%.
In other news, Director Edward J. Rapp acquired 4,000 shares of the company’s stock in a transaction on Monday, July 31st. The shares were bought at an average cost of $70.45 per share, with a total value of $281,800.00. Following the transaction, the director now owns 15,498 shares in the company, valued at approximately $1,091,834.10. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Richard A. Gonzalez sold 65,861 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $71.00, for a total transaction of $4,676,131.00. Following the completion of the sale, the chief executive officer now directly owns 342,353 shares in the company, valued at $24,307,063. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 379,890 shares of company stock worth $27,187,817. 0.23% of the stock is owned by insiders.
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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