Ameriprise Financial Inc. Buys 3,562,980 Shares of AbbVie Inc. (ABBV)
Ameriprise Financial Inc. increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 52.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,364,784 shares of the company’s stock after buying an additional 3,562,980 shares during the period. Ameriprise Financial Inc. owned about 0.64% of AbbVie worth $641,739,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Alexandria Capital LLC increased its position in AbbVie by 0.3% in the second quarter. Alexandria Capital LLC now owns 4,543 shares of the company’s stock valued at $281,000 after buying an additional 14 shares during the last quarter. Bollard Group LLC increased its position in AbbVie by 0.5% in the second quarter. Bollard Group LLC now owns 3,693 shares of the company’s stock valued at $229,000 after buying an additional 17 shares during the last quarter. Lathrop Investment Management Corp increased its position in AbbVie by 0.3% in the second quarter. Lathrop Investment Management Corp now owns 6,335 shares of the company’s stock valued at $392,000 after buying an additional 21 shares during the last quarter. Regent Investment Management LLC increased its position in AbbVie by 0.3% in the first quarter. Regent Investment Management LLC now owns 11,929 shares of the company’s stock valued at $681,000 after buying an additional 30 shares during the last quarter. Finally, Texan Capital Management increased its position in AbbVie by 0.4% in the second quarter. Texan Capital Management now owns 8,312 shares of the company’s stock valued at $515,000 after buying an additional 33 shares during the last quarter. Institutional investors own 68.36% of the company’s stock.
AbbVie Inc. (NYSE:ABBV) traded down 0.11% during trading on Tuesday, hitting $63.16. The stock had a trading volume of 1,562,081 shares. The company has a market cap of $102.86 billion, a P/E ratio of 18.22 and a beta of 1.50. The firm has a 50 day moving average of $64.57 and a 200-day moving average of $62.43. AbbVie Inc. has a one year low of $45.45 and a one year high of $68.12.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.06. The company had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.20 billion. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The firm’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 earnings per share. Equities analysts anticipate that AbbVie Inc. will post $4.81 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be given a $0.57 dividend. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $2.28 dividend on an annualized basis and a yield of 3.61%. AbbVie’s dividend payout ratio is currently 65.71%.
Several analysts have recently issued reports on ABBV shares. Vetr cut AbbVie from a “strong-buy” rating to a “buy” rating and set a $67.78 price objective on the stock. in a report on Thursday, June 23rd. Jefferies Group reaffirmed a “buy” rating on shares of AbbVie in a report on Monday, June 6th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of AbbVie in a report on Monday, June 6th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of AbbVie in a report on Sunday, July 10th. Finally, Argus reaffirmed a “buy” rating and set a $85.00 price objective on shares of AbbVie in a report on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. AbbVie has an average rating of “Buy” and an average price target of $70.68.
In other AbbVie news, insider Laura J. Schumacher sold 50,000 shares of AbbVie stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $65.00, for a total value of $3,250,000.00. Following the sale, the insider now owns 144,138 shares in the company, valued at $9,368,970. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.11% of the stock is owned by company insiders.
AbbVie Company Profile
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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