Old Mutual Global Investors UK Ltd. Reduces Position in AbbVie Inc. (ABBV)
Old Mutual Global Investors UK Ltd. decreased its position in AbbVie Inc. (NYSE:ABBV) by 98.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,145 shares of the company’s stock after selling 153,143 shares during the period. Old Mutual Global Investors UK Ltd.’s holdings in AbbVie were worth $194,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of the company. Acropolis Investment Management LLC purchased a new position in shares of AbbVie during the second quarter worth approximately $106,000. CapWealth Advisors LLC increased its position in shares of AbbVie by 55.2% in the first quarter. CapWealth Advisors LLC now owns 1,797 shares of the company’s stock worth $103,000 after buying an additional 639 shares during the period. Hartford Financial Management Inc. increased its position in shares of AbbVie by 100.0% in the second quarter. Hartford Financial Management Inc. now owns 1,958 shares of the company’s stock worth $115,000 after buying an additional 979 shares during the period. Americafirst Capital Management LLC purchased a new position in shares of AbbVie during the second quarter worth approximately $122,000. Finally, D. Scott Neal Inc. increased its position in shares of AbbVie by 107.4% in the second quarter. D. Scott Neal Inc. now owns 1,999 shares of the company’s stock worth $124,000 after buying an additional 1,035 shares during the period. Hedge funds and other institutional investors own 68.36% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded up 0.40% on Friday, hitting $63.07. 7,325,429 shares of the stock traded hands. The firm’s 50-day moving average is $64.69 and its 200 day moving average is $62.29. AbbVie Inc. has a 12-month low of $45.45 and a 12-month high of $68.12. The firm has a market cap of $102.71 billion, a P/E ratio of 18.19 and a beta of 1.49.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.06. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The business had revenue of $6.43 billion for the quarter, compared to analysts’ expectations of $6.20 billion. During the same period last year, the company earned $1.08 earnings per share. The company’s quarterly revenue was up 17.8% on a year-over-year basis. Equities research analysts forecast that AbbVie Inc. will post $4.81 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be given a $0.57 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $2.28 annualized dividend and a dividend yield of 3.62%. AbbVie’s dividend payout ratio is presently 65.71%.
A number of equities analysts have commented on ABBV shares. Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a research note on Wednesday. Goldman Sachs Group Inc. reissued a “buy” rating and issued a $78.00 price target on shares of AbbVie in a research note on Tuesday, September 27th. JPMorgan Chase & Co. downgraded shares of AbbVie from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $75.00 to $73.00 in a research note on Thursday, September 8th. They noted that the move was a valuation call. Vetr raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $67.63 price target on the stock in a research note on Thursday, August 25th. Finally, Raymond James Financial Inc. initiated coverage on shares of AbbVie in a research note on Thursday, September 1st. They issued an “outperform” rating and a $82.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $70.68.
In related news, insider Laura J. Schumacher sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $65.00, for a total value of $3,250,000.00. Following the sale, the insider now directly owns 144,138 shares of the company’s stock, valued at $9,368,970. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.11% of the stock is currently owned by corporate insiders.
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company operates in pharmaceutical products segment. 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 (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, as well as other serious health conditions.
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