AbbVie Inc. (ABBV) Position Boosted by Pegasus Partners Ltd.
Pegasus Partners Ltd. increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 5.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,001 shares of the company’s stock after buying an additional 201 shares during the period. Pegasus Partners Ltd.’s holdings in AbbVie were worth $248,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC increased its stake in AbbVie by 18.9% in the second quarter. Nisa Investment Advisors LLC now owns 631,940 shares of the company’s stock worth $39,123,000 after buying an additional 100,674 shares during the period. BB&T Securities LLC increased its position in shares of AbbVie by 46.4% in the first quarter. BB&T Securities LLC now owns 1,379,549 shares of the company’s stock worth $78,799,000 after buying an additional 436,945 shares during the last quarter. AXA increased its position in shares of AbbVie by 74.3% in the first quarter. AXA now owns 3,061,184 shares of the company’s stock worth $174,855,000 after buying an additional 1,304,557 shares during the last quarter. 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. Finally, Orbis Allan Gray Ltd bought a new position in shares of AbbVie during the first quarter worth $281,766,000. Institutional investors and hedge funds own 68.36% of the company’s stock.
AbbVie Inc. (NYSE:ABBV) traded up 0.03% during mid-day trading on Friday, reaching $61.17. The company’s stock had a trading volume of 528,132 shares. The firm has a 50 day moving average price of $63.63 and a 200 day moving average price of $62.65. AbbVie Inc. has a 52-week low of $45.45 and a 52-week high of $68.12. The company has a market cap of $99.62 billion, a price-to-earnings ratio of 17.64 and a beta of 1.50.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, topping 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 firm had revenue of $6.43 billion for the quarter, compared to the consensus estimate of $6.20 billion. During the same quarter in the previous year, the business earned $1.08 EPS. The company’s revenue was up 17.8% compared to the same quarter last year. Equities research analysts anticipate that AbbVie Inc. will post $4.81 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be paid a $0.57 dividend. The ex-dividend date is Wednesday, October 12th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.73%. AbbVie’s payout ratio is presently 65.71%.
A number of research analysts recently weighed in on the company. Jefferies Group reissued a “buy” rating on shares of AbbVie in a research note on Thursday, August 25th. Vetr downgraded AbbVie from a “buy” rating to a “hold” rating and set a $67.01 price target on the stock. in a research report on Tuesday, July 26th. JPMorgan Chase & Co. downgraded AbbVie from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $75.00 to $73.00 in a research report on Thursday, September 8th. They noted that the move was a valuation call. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $67.00 price target on shares of AbbVie in a research report on Wednesday, June 29th. Finally, Raymond James Financial Inc. initiated coverage on AbbVie in a research report on Thursday, September 1st. They issued an “outperform” rating and a $82.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. AbbVie currently has an average rating of “Buy” and a consensus price target of $70.68.
In other news, insider Laura J. Schumacher sold 50,000 shares of the business’s stock in a transaction that occurred on 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 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 Securities & Exchange Commission, which is available through this link. 0.11% of the stock is 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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