Cordasco Financial Network Has $124,000 Stake in AbbVie Inc. (ABBV)
Cordasco Financial Network maintained its position in AbbVie Inc. (NYSE:ABBV) during the second quarter, Holdings Channel reports. The fund owned 2,000 shares of the company’s stock at the end of the second quarter. Cordasco Financial Network’s holdings in AbbVie were worth $124,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Nisa Investment Advisors LLC increased its position in AbbVie by 18.9% in the second quarter. Nisa Investment Advisors LLC now owns 631,940 shares of the company’s stock valued at $39,123,000 after buying an additional 100,674 shares during the last quarter. BB&T Securities LLC increased its position in AbbVie by 46.4% in the first quarter. BB&T Securities LLC now owns 1,379,549 shares of the company’s stock valued at $78,799,000 after buying an additional 436,945 shares during the last quarter. 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 in the last quarter. RNC Capital Management LLC increased its stake 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 valued at $38,405,000 after buying an additional 7,057 shares in the last quarter. Finally, Orbis Allan Gray Ltd acquired a new stake in shares of AbbVie during the first quarter valued at about $281,766,000. 68.36% of the stock is currently owned by hedge funds and other institutional investors.
AbbVie Inc. (NYSE:ABBV) traded down 0.99% on Wednesday, hitting $61.21. 4,563,476 shares of the stock were exchanged. The company has a 50-day moving average price of $63.89 and a 200 day moving average price of $62.67. The company has a market capitalization of $99.68 billion, a PE ratio of 17.66 and a beta of 1.50. AbbVie Inc. has a 1-year low of $45.45 and a 1-year high of $68.12.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, July 29th. The company reported $1.26 EPS for the quarter, beating 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 business had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.20 billion. During the same quarter in the prior year, the business earned $1.08 EPS. AbbVie’s quarterly revenue was up 17.8% on a year-over-year basis. Analysts anticipate that AbbVie Inc. will post $4.81 EPS for the current fiscal year.
The business also recently declared 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. 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 3.72%. AbbVie’s dividend payout ratio (DPR) is currently 65.71%.
Several equities research analysts have recently issued reports on ABBV shares. JPMorgan Chase & Co. downgraded AbbVie from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $75.00 to $73.00 in a research report on Thursday, September 8th. They noted that the move was a valuation call. Goldman Sachs Group Inc. reaffirmed a “buy” rating and issued a $78.00 price target on shares of AbbVie in a research report on Tuesday, September 27th. Jefferies Group reaffirmed a “buy” rating on shares of AbbVie in a research report on Thursday, August 25th. Vetr raised AbbVie from a “hold” rating to a “buy” rating and set a $67.14 price target on the stock in a research report on Monday, July 18th. Finally, Barclays PLC reaffirmed an “equal weight” rating and issued a $68.00 price target on shares of AbbVie in a research report on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. AbbVie currently has a consensus rating of “Buy” and an average target price of $70.68.
In related news, insider Laura J. Schumacher sold 50,000 shares of the company’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 owns 144,138 shares in the company, valued at approximately $9,368,970. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 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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