Kayne Anderson Rudnick Investment Management LLC Continues to Hold Stake in AbbVie Inc. (ABBV)
Kayne Anderson Rudnick Investment Management LLC continued to hold its position in shares of AbbVie Inc. (NYSE:ABBV) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,788 shares of the company’s stock at the end of the second quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in AbbVie were worth $358,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in AbbVie by 0.7% in the first quarter. Geode Capital Management LLC now owns 13,051,181 shares of the company’s stock valued at $743,963,000 after buying an additional 93,719 shares in the last quarter. Ameriprise Financial Inc. boosted its position in AbbVie by 52.4% in the second quarter. Ameriprise Financial Inc. now owns 10,364,784 shares of the company’s stock valued at $641,739,000 after buying an additional 3,562,980 shares in the last quarter. Franklin Resources Inc. boosted its position in AbbVie by 2.1% in the first quarter. Franklin Resources Inc. now owns 5,623,069 shares of the company’s stock valued at $321,188,000 after buying an additional 115,458 shares in the last quarter. Orbis Allan Gray Ltd acquired a new position in AbbVie during the first quarter valued at $281,766,000. Finally, Swiss National Bank boosted its position in AbbVie by 6.3% in the second quarter. Swiss National Bank now owns 4,516,229 shares of the company’s stock valued at $279,600,000 after buying an additional 269,100 shares in the last quarter. 68.36% of the stock is currently owned by institutional investors.
AbbVie Inc. (NYSE:ABBV) opened at 60.17 on Friday. AbbVie Inc. has a 12-month low of $45.45 and a 12-month high of $68.12. The stock has a market capitalization of $97.99 billion, a PE ratio of 17.36 and a beta of 1.50. The stock has a 50 day moving average price of $63.50 and a 200-day moving average price of $62.68.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 29th. The company reported $1.26 EPS for the quarter, topping the Zacks’ 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 had revenue of $6.43 billion for the quarter, compared to analysts’ expectations of $6.20 billion. During the same period last year, the firm earned $1.08 EPS. AbbVie’s revenue for the quarter was up 17.8% compared to the same quarter last year. On average, equities analysts anticipate that AbbVie Inc. will post $4.81 earnings per share for the current fiscal year.
The business also recently announced 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. 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 3.79%. AbbVie’s dividend payout ratio is currently 65.71%.
Several analysts have issued reports on ABBV shares. JPMorgan Chase & Co. lowered AbbVie from an “overweight” rating to a “neutral” rating and lowered 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. Goldman Sachs Group Inc. restated a “buy” rating and issued a $78.00 target price on shares of AbbVie in a research note on Tuesday, September 27th. Jefferies Group restated a “buy” rating on shares of AbbVie in a research note on Thursday, August 25th. Vetr upgraded AbbVie from a “hold” rating to a “buy” rating and set a $67.14 target price on the stock in a research note on Monday, July 18th. Finally, Barclays PLC restated an “equal weight” rating and issued a $68.00 target price on shares of AbbVie in a research note on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $70.68.
In related news, insider Laura J. Schumacher sold 50,000 shares of the firm’s 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 transaction, the insider now directly owns 144,138 shares of the company’s stock, valued at approximately $9,368,970. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.11% of the stock is owned by corporate insiders.
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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