Resources Management Corp CT ADV Acquires New Position in AbbVie Inc (NYSE:ABBV)

Resources Management Corp CT ADV bought a new position in shares of AbbVie Inc (NYSE:ABBV) during the third quarter, HoldingsChannel.com reports. The firm bought 90,564 shares of the company’s stock, valued at approximately $6,857,000. AbbVie comprises about 1.3% of Resources Management Corp CT ADV’s portfolio, making the stock its 25th biggest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Palisade Asset Management LLC grew its position in shares of AbbVie by 0.4% during the second quarter. Palisade Asset Management LLC now owns 72,789 shares of the company’s stock worth $5,293,000 after acquiring an additional 275 shares during the last quarter. Brookstone Capital Management grew its position in AbbVie by 16.6% in the 2nd quarter. Brookstone Capital Management now owns 45,056 shares of the company’s stock valued at $3,277,000 after buying an additional 6,430 shares during the last quarter. RNC Capital Management LLC grew its position in AbbVie by 40.0% in the 2nd quarter. RNC Capital Management LLC now owns 683,783 shares of the company’s stock valued at $49,725,000 after buying an additional 195,310 shares during the last quarter. Squar Milner Financial Services LLC increased its stake in AbbVie by 5.4% in the 2nd quarter. Squar Milner Financial Services LLC now owns 6,199 shares of the company’s stock valued at $451,000 after buying an additional 320 shares during the period. Finally, Hartford Investment Management Co. increased its stake in AbbVie by 0.9% in the 2nd quarter. Hartford Investment Management Co. now owns 181,326 shares of the company’s stock valued at $13,186,000 after buying an additional 1,658 shares during the period. 70.48% of the stock is owned by hedge funds and other institutional investors.

Several analysts have recently commented on the stock. Citigroup raised their target price on shares of AbbVie from $90.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. ValuEngine raised shares of AbbVie from a “strong sell” rating to a “sell” rating in a report on Monday, September 30th. UBS Group boosted their price target on shares of AbbVie from $79.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Cowen set a $90.00 price target on shares of AbbVie and gave the stock a “buy” rating in a report on Tuesday, September 24th. Finally, Piper Jaffray Companies raised their price objective on shares of AbbVie from $81.00 to $90.00 in a research report on Friday, November 1st. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $86.97.

In other news, EVP Timothy J. Richmond sold 15,515 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $75.02, for a total value of $1,163,935.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Laura J. Schumacher purchased 25,000 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was purchased at an average price of $70.42 per share, with a total value of $1,760,500.00. Following the transaction, the insider now owns 164,838 shares of the company’s stock, valued at $11,607,891.96. The disclosure for this purchase can be found here. 0.08% of the stock is currently owned by company insiders.

Shares of NYSE:ABBV traded up $1.25 on Wednesday, reaching $87.20. 6,167,333 shares of the company were exchanged, compared to its average volume of 7,477,770. The company has a 50-day moving average of $82.76 and a 200-day moving average of $74.54. The firm has a market cap of $129.74 billion, a price-to-earnings ratio of 11.02, a price-to-earnings-growth ratio of 2.18 and a beta of 0.99. AbbVie Inc has a 1-year low of $62.66 and a 1-year high of $94.98.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, November 1st. The company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.04. AbbVie had a net margin of 9.90% and a negative return on equity of 155.96%. The firm had revenue of $8.48 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the previous year, the firm earned $2.14 earnings per share. The firm’s revenue was up 3.0% on a year-over-year basis. As a group, analysts expect that AbbVie Inc will post 8.93 earnings per share for the current year.

The business also recently declared a — dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be given a dividend of $1.18 per share. This represents a dividend yield of 5.93%. This is an increase from AbbVie’s previous — dividend of $1.07. The ex-dividend date is Tuesday, January 14th. AbbVie’s dividend payout ratio (DPR) is presently 54.11%.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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