Regent Investment Management LLC increased its stake in AbbVie Inc. (NYSE:ABBV) by 7.3% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 13,358 shares of the company’s stock after buying an additional 914 shares during the period. Regent Investment Management LLC’s holdings in AbbVie were worth $969,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the company. State Street Corp raised its position in shares of AbbVie by 2.4% in the first quarter. State Street Corp now owns 72,969,530 shares of the company’s stock valued at $4,754,696,000 after buying an additional 1,696,042 shares during the period. Norges Bank acquired a new position in shares of AbbVie during the fourth quarter valued at about $823,984,000. Glenview Capital Management LLC acquired a new position in shares of AbbVie during the fourth quarter valued at about $570,905,000. Legal & General Group Plc raised its position in shares of AbbVie by 4.1% in the first quarter. Legal & General Group Plc now owns 7,918,192 shares of the company’s stock valued at $515,956,000 after buying an additional 312,055 shares during the period. Finally, Orbis Allan Gray Ltd raised its stake in shares of AbbVie by 11.8% in the fourth quarter. Orbis Allan Gray Ltd now owns 5,485,407 shares of the company’s stock worth $343,496,000 after buying an additional 579,378 shares during the last quarter. 67.89% of the stock is currently owned by institutional investors.
AbbVie Inc. (ABBV) traded up 0.27% during trading on Friday, hitting $70.63. The company had a trading volume of 3,248,300 shares. The stock has a market capitalization of $112.59 billion, a price-to-earnings ratio of 17.37 and a beta of 1.50. The firm’s 50 day moving average is $72.05 and its 200-day moving average is $66.76. AbbVie Inc. has a 52-week low of $55.06 and a 52-week high of $75.04.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 business had revenue of $6.94 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same period in the previous year, the company earned $1.26 EPS. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, equities analysts forecast that AbbVie Inc. will post $5.52 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be given a $0.64 dividend. The ex-dividend date is Wednesday, July 12th. This represents a $2.56 dividend on an annualized basis and a yield of 3.62%. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.
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A number of brokerages recently issued reports on ABBV. BidaskClub lowered AbbVie from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Piper Jaffray Companies restated a “buy” rating and set a $85.00 target price on shares of AbbVie in a report on Thursday, August 3rd. Cowen and Company set a $70.00 target price on AbbVie and gave the stock a “hold” rating in a report on Sunday, July 30th. Vetr upgraded AbbVie from a “hold” rating to a “buy” rating and set a $76.28 target price for the company in a report on Wednesday, July 26th. Finally, Credit Suisse Group restated a “neutral” rating and set a $74.00 target price (up previously from $65.00) on shares of AbbVie in a report on Thursday, July 20th. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $74.66.
In related news, EVP Carlos Alban sold 45,800 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $3,206,000.00. Following the completion of the sale, the executive vice president now directly owns 160,545 shares of the company’s stock, valued at $11,238,150. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Laura J. Schumacher sold 79,800 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total transaction of $5,586,000.00. Following the completion of the sale, the insider now directly owns 187,625 shares of the company’s stock, valued at $13,133,750. The disclosure for this sale can be found here. Over the last three months, insiders sold 600,026 shares of company stock valued at $41,852,724. 0.23% of the stock is owned by corporate 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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