Canandaigua National Bank & Trust Co. Boosts Position in AbbVie Inc. (ABBV)
Canandaigua National Bank & Trust Co. increased its stake in AbbVie Inc. (NYSE:ABBV) by 4.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,592 shares of the company’s stock after buying an additional 1,596 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in AbbVie were worth $2,142,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the company. First Merchants Corp boosted its position in AbbVie by 2.7% in the second quarter. First Merchants Corp now owns 33,276 shares of the company’s stock valued at $2,059,000 after buying an additional 860 shares in the last quarter. HL Financial Services LLC boosted its position in AbbVie by 5.5% in the second quarter. HL Financial Services LLC now owns 420,788 shares of the company’s stock valued at $26,051,000 after buying an additional 22,108 shares in the last quarter. NewSquare Capital LLC boosted its position in AbbVie by 14.7% in the second quarter. NewSquare Capital LLC now owns 12,446 shares of the company’s stock valued at $771,000 after buying an additional 1,596 shares in the last quarter. Atalanta Sosnoff Capital LLC acquired a new position in AbbVie during the second quarter valued at $20,759,000. Finally, Investment House LLC boosted its position in AbbVie by 1.0% in the second quarter. Investment House LLC now owns 102,661 shares of the company’s stock valued at $6,356,000 after buying an additional 1,048 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 1.60% during trading on Friday, hitting $60.17. The stock had a trading volume of 5,606,474 shares. AbbVie Inc. has a 12 month low of $45.45 and a 12 month high of $68.12. The stock has a 50 day moving average of $63.50 and a 200 day moving average of $62.68. The company has a market cap of $97.99 billion, a PE ratio of 17.36 and a beta of 1.50.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, July 29th. The company reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.06. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The company earned $6.43 billion during the quarter, compared to analyst estimates of $6.20 billion. During the same quarter in the previous year, the company posted $1.08 earnings per share. AbbVie’s revenue was up 17.8% compared to the same quarter last year. Equities analysts forecast that AbbVie Inc. will post $4.81 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Investors 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 3.79%. The ex-dividend date is Wednesday, October 12th. AbbVie’s payout ratio is currently 65.71%.
Several research analysts have weighed in on ABBV shares. Vetr cut AbbVie from a “strong-buy” rating to a “buy” rating and set a $67.78 price objective on the stock. in a research report on Thursday, June 23rd. Zacks Investment Research raised AbbVie from a “sell” rating to a “hold” rating in a research report on Wednesday, June 29th. Credit Suisse Group AG reissued an “outperform” rating and issued a $67.00 price objective on shares of AbbVie in a research report on Wednesday, June 29th. BMO Capital Markets reissued a “market perform” rating and issued a $66.00 price objective on shares of AbbVie in a research report on Friday, July 29th. Finally, Barclays PLC reissued an “equal weight” rating and issued a $68.00 price objective on shares of AbbVie in a research report on Tuesday, August 2nd. One 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 assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $70.68.
In related news, insider Laura J. Schumacher sold 50,000 shares of AbbVie stock in a transaction 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 completion of the sale, the insider now owns 144,138 shares of the company’s stock, valued at $9,368,970. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.11% of the stock is 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.
Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV).
Receive News & Ratings for AbbVie Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie Inc. and related companies with MarketBeat.com's FREE daily email newsletter.