Gateway Advisory LLC acquired a new position in shares of AbbVie Inc. (NYSE:ABBV) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 24,036 shares of the company’s stock, valued at approximately $1,743,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Acropolis Investment Management LLC acquired a new stake in AbbVie during the second quarter worth about $106,000. Franklin Parlapiano Turner & Welch LLC acquired a new stake in AbbVie during the first quarter worth about $108,000. Atwood & Palmer Inc. raised its stake in 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 period. Tradewinds Capital Management LLC raised its stake in 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 period. Finally, Exane Asset Management acquired a new stake in AbbVie during the second quarter worth about $181,000. Hedge funds and other institutional investors own 68.25% of the company’s stock.
In other AbbVie news, CEO Richard A. Gonzalez sold 65,861 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $71.00, for a total value of $4,676,131.00. Following the completion of the sale, the chief executive officer now owns 342,353 shares in the company, valued at approximately $24,307,063. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Richard A. Gonzalez sold 193,131 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $71.00, for a total transaction of $13,712,301.00. Following the completion of the sale, the chairman now owns 469,623 shares of the company’s stock, valued at approximately $33,343,233. The disclosure for this sale can be found here. Insiders sold a total of 379,890 shares of company stock valued at $27,187,817 in the last 90 days. Corporate insiders own 0.23% of the company’s stock.
Several equities research analysts recently weighed in on the stock. UBS AG reiterated a “neutral” rating on shares of AbbVie in a research note on Friday, October 13th. Barclays PLC increased their price objective on shares of AbbVie to $90.00 and gave the stock an “equal weight” rating in a research note on Friday, October 13th. Cowen and Company upgraded 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 note on Wednesday, October 11th. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research note on Tuesday. Finally, Jefferies Group LLC increased their price objective on shares of AbbVie from $107.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday. Seven investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $92.79.
AbbVie Inc. (NYSE ABBV) opened at 92.17 on Wednesday. AbbVie Inc. has a 12-month low of $55.06 and a 12-month high of $92.78. The company has a market capitalization of $146.93 billion, a PE ratio of 22.67 and a beta of 1.51. The stock has a 50 day moving average of $85.49 and a 200 day moving average of $72.96.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data 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. The firm had revenue of $6.94 billion during the quarter, compared to analysts’ expectations of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.26 EPS. On average, equities research analysts predict that AbbVie Inc. will post $5.53 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be given a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s payout ratio is presently 62.90%.
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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