Glassman Wealth Services Acquires 1,256 Shares of AbbVie Inc. (ABBV)
Glassman Wealth Services raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 221.1% during the second quarter, Holdings Channel reports. The firm owned 1,824 shares of the company’s stock after buying an additional 1,256 shares during the period. Glassman Wealth Services’ holdings in AbbVie were worth $113,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. Buffington Mohr McNeal increased its position in shares of AbbVie by 26.7% in the first quarter. Buffington Mohr McNeal now owns 7,350 shares of the company’s stock worth $419,000 after buying an additional 1,550 shares during the last quarter. Mn Services Vermogensbeheer B.V. purchased a new position in shares of AbbVie during the first quarter worth $2,054,000. Aperio Group LLC increased its position in shares of AbbVie by 19.0% in the first quarter. Aperio Group LLC now owns 679,027 shares of the company’s stock worth $38,786,000 after buying an additional 108,530 shares during the last quarter. Commonwealth Equity Services Inc increased its position in shares of AbbVie by 13.4% in the first quarter. Commonwealth Equity Services Inc now owns 557,267 shares of the company’s stock worth $31,831,000 after buying an additional 66,017 shares during the last quarter. Finally, River Wealth Advisors LLC increased its position in shares of AbbVie by 3.1% in the first quarter. River Wealth Advisors LLC now owns 10,164 shares of the company’s stock worth $581,000 after buying an additional 309 shares during the last quarter. Institutional investors own 68.36% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 1.60% on Friday, reaching $60.17. The company’s stock had a trading volume of 5,606,474 shares. The stock has a market cap of $97.99 billion, a P/E ratio of 17.36 and a beta of 1.50. AbbVie Inc. has a 12 month low of $45.45 and a 12 month high of $68.12. The firm’s 50-day moving average price is $63.50 and its 200-day moving average price is $62.68.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.06. The company earned $6.43 billion during the quarter, compared to the consensus estimate of $6.20 billion. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The firm’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.08 EPS. On average, analysts forecast that AbbVie Inc. will post $4.81 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $2.28 annualized dividend and a dividend yield of 3.79%. AbbVie’s payout ratio is 65.71%.
A number of equities analysts have commented on the stock. Vetr cut shares of AbbVie from a “strong-buy” rating to a “buy” rating and set a $67.78 price objective for the company. in a research report on Thursday, June 23rd. Zacks Investment Research raised shares of AbbVie from a “sell” rating to a “hold” rating in a research report on Wednesday, June 29th. Credit Suisse Group AG reaffirmed an “outperform” rating and set a $67.00 price objective on shares of AbbVie in a research report on Wednesday, June 29th. BMO Capital Markets reaffirmed a “market perform” rating and set a $66.00 price objective on shares of AbbVie in a research report on Friday, July 29th. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $68.00 price objective 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 given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. AbbVie has a consensus rating of “Buy” and a consensus price target of $70.68.
In other news, insider Laura J. Schumacher sold 50,000 shares of the stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $65.00, for a total transaction of $3,250,000.00. Following the completion of the transaction, the insider now owns 144,138 shares in the company, valued at approximately $9,368,970. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.11% of the company’s stock.
AbbVie Company Profile
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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