Los Angeles Capital Management & Equity Research Inc. Has $24,454,000 Position in AbbVie Inc. (ABBV)
Los Angeles Capital Management & Equity Research Inc. lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 5.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 395,000 shares of the company’s stock after selling 22,235 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in AbbVie were worth $24,454,000 as of its most recent filing with the SEC.
A number of other large investors have also recently made changes to their positions in the stock. CapWealth Advisors LLC raised 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 valued at $103,000 after buying an additional 639 shares during the period. Acropolis Investment Management LLC bought a new position in shares of AbbVie during the second quarter valued at approximately $106,000. Cypress Capital Management LLC WY bought a new position in shares of AbbVie during the second quarter valued at approximately $114,000. Hartford Financial Management Inc. raised 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 valued at $115,000 after buying an additional 979 shares during the period. Finally, Americafirst Capital Management LLC bought a new position in shares of AbbVie during the second quarter valued at approximately $122,000. 68.36% of the stock is owned by institutional investors and hedge funds.
AbbVie Inc. (NYSE:ABBV) traded down 0.13% during trading on Tuesday, hitting $63.15. 1,562,181 shares of the company were exchanged. AbbVie Inc. has a 1-year low of $45.45 and a 1-year high of $68.12. The firm’s 50 day moving average price is $64.57 and its 200-day moving average price is $62.43. The stock has a market capitalization of $102.84 billion, a PE ratio of 18.21 and a beta of 1.50.
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. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The company earned $6.43 billion during the quarter, compared to analyst estimates of $6.20 billion. During the same period in the prior year, the firm earned $1.08 earnings per share. The firm’s revenue for the quarter was up 17.8% compared to the same quarter last year. Equities analysts predict that AbbVie Inc. will post $4.81 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date is Wednesday, October 12th. AbbVie’s dividend payout ratio (DPR) is presently 65.71%.
Several research analysts have commented on the stock. Jefferies Group restated a “buy” rating on shares of AbbVie in a report on Thursday, August 25th. Vetr upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $68.69 price objective for the company in a report on Tuesday, June 7th. Deutsche Bank AG restated a “hold” rating on shares of AbbVie in a report on Tuesday, June 7th. JPMorgan Chase & Co. lowered shares of AbbVie from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $75.00 to $73.00 in a report on Thursday, September 8th. They noted that the move was a valuation call. Finally, Credit Suisse Group AG reiterated an “outperform” rating and issued a $67.00 price target on shares of AbbVie in a research note on Wednesday, June 29th. One 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 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 the business’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 144,138 shares in the company, valued at $9,368,970. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.11% of the stock is currently owned by corporate 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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