Commerce Bank Sells 7,584 Shares of AbbVie Inc. (ABBV)
Commerce Bank decreased its position in AbbVie Inc. (NYSE:ABBV) by 1.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 418,533 shares of the company’s stock after selling 7,584 shares during the period. Commerce Bank’s holdings in AbbVie were worth $25,911,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the company. Orbis Allan Gray Ltd purchased a new stake in shares of AbbVie during the first quarter valued at about $281,766,000. Ameriprise Financial Inc. increased its stake in shares of AbbVie by 52.4% in the second quarter. Ameriprise Financial Inc. now owns 10,364,784 shares of the company’s stock valued at $641,739,000 after buying an additional 3,562,980 shares during the period. Bank of Montreal Can purchased a new stake in shares of AbbVie during the second quarter valued at about $93,942,000. ING Groep NV purchased a new stake in shares of AbbVie during the second quarter valued at about $83,166,000. Finally, AXA increased its stake in shares of AbbVie by 74.3% in the first quarter. AXA now owns 3,061,184 shares of the company’s stock valued at $174,855,000 after buying an additional 1,304,557 shares during the period. Institutional investors own 68.36% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded up 0.21% during mid-day trading on Monday, reaching $63.06. 506,901 shares of the company’s stock were exchanged. The firm has a market cap of $102.70 billion, a P/E ratio of 18.19 and a beta of 1.50. AbbVie Inc. has a 52-week low of $45.45 and a 52-week high of $68.12. The company has a 50 day moving average price of $64.13 and a 200 day moving average price of $62.54.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.06. The firm had revenue of $6.43 billion for the quarter, compared to analysts’ expectations of $6.20 billion. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The company’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.08 earnings per share. Analysts forecast that AbbVie Inc. will post $4.81 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders 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 3.62%. The ex-dividend date is Wednesday, October 12th. AbbVie’s payout ratio is 65.71%.
Several equities research analysts recently issued reports on ABBV shares. JPMorgan Chase & Co. downgraded shares of AbbVie from an “overweight” rating to a “neutral” rating and cut their target price 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. Goldman Sachs Group Inc. reiterated a “buy” rating and issued a $78.00 target price on shares of AbbVie in a research note on Tuesday, September 27th. Jefferies Group restated a “buy” rating on shares of AbbVie in a research report on Thursday, August 25th. Vetr upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $67.14 price objective for the company in a research report on Monday, July 18th. Finally, Barclays PLC restated an “equal weight” rating and set a $68.00 price objective on shares of AbbVie in a research report on Tuesday, August 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. AbbVie has an average rating of “Buy” and a consensus 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 transaction, the insider now directly owns 144,138 shares in the company, valued at $9,368,970. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.11% of the stock is currently owned by company 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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