Schnieders Capital Management LLC decreased its holdings in AbbVie Inc (NYSE:ABBV) by 4.0% in the second quarter, HoldingsChannel reports. The institutional investor owned 31,126 shares of the company’s stock after selling 1,290 shares during the period. Schnieders Capital Management LLC’s holdings in AbbVie were worth $2,884,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the company. Verition Fund Management LLC increased its position in shares of AbbVie by 7.4% during the 1st quarter. Verition Fund Management LLC now owns 7,269 shares of the company’s stock worth $688,000 after purchasing an additional 500 shares in the last quarter. Baxter Bros Inc. increased its position in shares of AbbVie by 19.6% during the 1st quarter. Baxter Bros Inc. now owns 3,049 shares of the company’s stock worth $289,000 after purchasing an additional 500 shares in the last quarter. Hanson & Doremus Investment Management increased its position in shares of AbbVie by 7.4% during the 1st quarter. Hanson & Doremus Investment Management now owns 7,290 shares of the company’s stock worth $690,000 after purchasing an additional 501 shares in the last quarter. HMS Capital Management LLC increased its position in shares of AbbVie by 3.7% during the 1st quarter. HMS Capital Management LLC now owns 14,220 shares of the company’s stock worth $1,346,000 after purchasing an additional 506 shares in the last quarter. Finally, AdvisorNet Financial Inc increased its position in shares of AbbVie by 1.9% during the 1st quarter. AdvisorNet Financial Inc now owns 26,613 shares of the company’s stock worth $2,519,000 after purchasing an additional 508 shares in the last quarter. Institutional investors own 69.44% of the company’s stock.
A number of brokerages recently issued reports on ABBV. Bank of America dropped their target price on shares of AbbVie from $112.00 to $105.00 and set a “buy” rating for the company in a research report on Monday, July 30th. Cowen set a $110.00 target price on shares of AbbVie and gave the stock a “buy” rating in a research report on Friday, July 27th. Zacks Investment Research cut shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Saturday, July 14th. Credit Suisse Group upgraded shares of AbbVie to a “hold” rating and set a $89.00 target price for the company in a research report on Friday, July 13th. Finally, BMO Capital Markets reiterated a “sell” rating and set a $78.00 target price on shares of AbbVie in a research report on Friday, July 27th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $106.98.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, July 27th. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.02. AbbVie had a net margin of 20.84% and a return on equity of 362.05%. The firm had revenue of $8.28 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the prior year, the firm earned $1.42 EPS. The company’s revenue was up 19.2% on a year-over-year basis. Analysts expect that AbbVie Inc will post 7.86 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 15th will be issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date of this dividend is Friday, October 12th. AbbVie’s dividend payout ratio is currently 68.57%.
In other news, EVP Michael Severino sold 50,000 shares of the firm’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $97.52, for a total value of $4,876,000.00. Following the transaction, the executive vice president now owns 111,481 shares of the company’s stock, valued at approximately $10,871,627.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.07% of the stock is owned by corporate insiders.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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