Bruderman Asset Management LLC Has $5,758,000 Stake in AbbVie Inc. (ABBV)
Bruderman Asset Management LLC boosted its position in AbbVie Inc. (NYSE:ABBV) by 72.9% during the second quarter, Holdings Channel reports. The institutional investor owned 92,999 shares of the company’s stock after buying an additional 39,212 shares during the period. AbbVie accounts for approximately 1.8% of Bruderman Asset Management LLC’s investment portfolio, making the stock its 18th largest position. Bruderman Asset Management LLC’s holdings in AbbVie were worth $5,758,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. CapWealth Advisors LLC increased 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 worth $103,000 after buying an additional 639 shares in the last quarter. Acropolis Investment Management LLC acquired a new position in shares of AbbVie during the second quarter worth $106,000. Cypress Capital Management LLC WY acquired a new position in shares of AbbVie during the second quarter worth $114,000. Hartford Financial Management Inc. increased 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 worth $115,000 after buying an additional 979 shares in the last quarter. Finally, Americafirst Capital Management LLC acquired a new position in shares of AbbVie during the second quarter worth $122,000. Institutional investors own 68.36% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded up 0.28% during mid-day trading on Thursday, hitting $61.38. 1,184,248 shares of the stock traded hands. The firm has a 50 day moving average of $63.75 and a 200 day moving average of $62.66. AbbVie Inc. has a 12 month low of $45.45 and a 12 month high of $68.12. The stock has a market cap of $99.96 billion, a price-to-earnings ratio of 17.70 and a beta of 1.50.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.06. The business had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.20 billion. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. AbbVie’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.08 EPS. On average, equities analysts expect that AbbVie Inc. will post $4.81 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.72%. The ex-dividend date is Wednesday, October 12th. AbbVie’s dividend payout ratio (DPR) is currently 65.71%.
A number of brokerages have weighed in on ABBV. Jefferies Group reaffirmed a “buy” rating and set a $90.00 target price on shares of AbbVie in a research note on Wednesday, October 5th. Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research note on Wednesday, September 28th. Goldman Sachs Group Inc. reaffirmed a “buy” rating and set a $78.00 target price on shares of AbbVie in a research note on Tuesday, September 27th. Vetr raised shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $72.59 target price for the company in a research note on Thursday, September 8th. Finally, JPMorgan Chase & Co. downgraded shares of AbbVie from an “overweight” rating to a “neutral” rating and decreased 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. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $70.68.
In other news, insider Laura J. Schumacher sold 50,000 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 144,138 shares of the company’s stock, valued at approximately $9,368,970. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.11% of the stock is currently owned by 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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