Rafferty Asset Management LLC Decreases Position in AbbVie Inc. (ABBV)
Rafferty Asset Management LLC reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 21.5% during the second quarter, Holdings Channel reports. The firm owned 9,639 shares of the company’s stock after selling 2,638 shares during the period. Rafferty Asset Management LLC’s holdings in AbbVie were worth $597,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. Acropolis Investment Management LLC acquired a new stake in shares of AbbVie during the second quarter valued at $106,000. CapWealth Advisors LLC boosted its stake in shares of AbbVie by 55.2% in the first quarter. CapWealth Advisors LLC now owns 1,797 shares of the company’s stock valued at $103,000 after buying an additional 639 shares during the last quarter. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie during the second quarter valued at $114,000. Hartford Financial Management Inc. boosted its stake 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 valued at $115,000 after buying an additional 979 shares during the last quarter. Finally, Americafirst Capital Management LLC acquired a new stake in shares of AbbVie during the second quarter valued at $122,000. 68.36% of the stock is owned by institutional investors.
Shares of AbbVie Inc. (NYSE:ABBV) traded up 0.03% during mid-day trading on Friday, reaching $61.17. 528,132 shares of the company were exchanged. The stock has a 50 day moving average price of $63.63 and a 200-day moving average price of $62.65. The stock has a market capitalization of $99.62 billion, a P/E ratio of 17.64 and a beta of 1.50. AbbVie Inc. has a 12 month low of $45.45 and a 12 month high of $68.12.
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, topping analysts’ consensus estimates of $1.20 by $0.06. AbbVie had a net margin of 23.11% and a return on equity of 161.46%. The company earned $6.43 billion during the quarter, compared to the consensus estimate of $6.20 billion. During the same quarter in the previous year, the firm earned $1.08 earnings per share. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. Analysts predict that AbbVie Inc. will post $4.81 earnings per share for the current year.
The company 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 3.73%. AbbVie’s dividend payout ratio is currently 65.71%.
Several research analysts recently commented on ABBV shares. Barclays PLC reiterated an “equal weight” rating and set a $68.00 price objective on shares of AbbVie in a research note on Tuesday, August 2nd. Jefferies Group reiterated a “buy” rating on shares of AbbVie in a research note on Thursday, August 4th. Argus reiterated a “buy” rating and set a $85.00 price objective on shares of AbbVie in a research note on Monday, August 8th. Vetr lowered shares of AbbVie from a “buy” rating to a “hold” rating and set a $67.14 price objective for the company. in a research note on Tuesday, July 12th. Finally, Goldman Sachs Group Inc. reiterated a “buy” rating and set a $78.00 price objective on shares of AbbVie in a research note on Thursday, September 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company 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 firm’s stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $65.00, for a total transaction of $3,250,000.00. Following the sale, the insider now owns 144,138 shares of the company’s stock, valued at $9,368,970. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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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