AbbVie Inc. (ABBV) Shares Bought by MSI Financial Services Inc
MSI Financial Services Inc boosted its stake in AbbVie Inc. (NYSE:ABBV) by 10.7% during the second quarter, Holdings Channel reports. The fund owned 85,243 shares of the company’s stock after buying an additional 8,246 shares during the period. MSI Financial Services Inc’s holdings in AbbVie were worth $5,278,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. RKL Wealth Management LLC increased its position in shares of AbbVie by 38.6% in the second quarter. RKL Wealth Management LLC now owns 22,968 shares of the company’s stock worth $1,409,000 after buying an additional 6,399 shares during the last quarter. Shell Asset Management Co. increased its position in shares of AbbVie by 26.1% in the second quarter. Shell Asset Management Co. now owns 166,992 shares of the company’s stock worth $10,338,000 after buying an additional 34,604 shares during the last quarter. Daiwa Securities Group Inc. increased its position in shares of AbbVie by 54.1% in the second quarter. Daiwa Securities Group Inc. now owns 58,695 shares of the company’s stock worth $3,634,000 after buying an additional 20,600 shares during the last quarter. Ledyard National Bank increased its position in shares of AbbVie by 7.6% in the second quarter. Ledyard National Bank now owns 14,108 shares of the company’s stock worth $874,000 after buying an additional 1,000 shares during the last quarter. Finally, RNC Capital Management LLC increased its position in shares of AbbVie by 1.2% in the second quarter. RNC Capital Management LLC now owns 620,340 shares of the company’s stock worth $38,405,000 after buying an additional 7,057 shares during the last quarter. 68.36% of the stock is currently owned by institutional investors.
AbbVie Inc. (NYSE:ABBV) traded down 1.45% during midday trading on Tuesday, reaching $62.39. 5,308,309 shares of the company traded hands. AbbVie Inc. has a 1-year low of $45.45 and a 1-year high of $68.12. The firm has a 50-day moving average of $64.02 and a 200-day moving average of $62.67. The stock has a market capitalization of $101.60 billion, a P/E ratio of 18.00 and a beta of 1.50.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.06. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The company had revenue of $6.43 billion for the quarter, compared to the consensus estimate of $6.20 billion. During the same quarter last year, the company earned $1.08 earnings per share. The firm’s revenue for the quarter was up 17.8% compared to the same quarter last year. On average, analysts predict that AbbVie Inc. will post $4.81 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.65%. The ex-dividend date is Wednesday, October 12th. AbbVie’s dividend payout ratio is presently 65.71%.
A number of brokerages have recently commented on ABBV. Barclays PLC restated an “equal weight” rating and set a $68.00 target price on shares of AbbVie in a report on Tuesday, August 2nd. Jefferies Group restated a “buy” rating on shares of AbbVie in a report on Thursday, August 4th. Argus restated a “buy” rating and set a $85.00 target price on shares of AbbVie in a report on Monday, August 8th. Vetr cut shares of AbbVie from a “buy” rating to a “hold” rating and set a $67.14 target price on the stock. in a report on Tuesday, July 12th. Finally, Goldman Sachs Group Inc. restated a “buy” rating and set a $78.00 target price on shares of AbbVie in a report on Thursday, September 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $70.68.
In other AbbVie news, insider Laura J. Schumacher sold 50,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider now owns 144,138 shares of the company’s stock, valued at $9,368,970. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.11% of the stock is 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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