Sandy Spring Bank Raises Position in AbbVie Inc. (ABBV)
Sandy Spring Bank increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 4.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,453 shares of the company’s stock after buying an additional 4,039 shares during the period. Sandy Spring Bank’s holdings in AbbVie were worth $6,196,000 as of its most recent filing with the SEC.
Other large investors have also bought and sold shares of the company. Taylor Cottrill Erickson & Associates Inc. acquired a new stake in AbbVie during the second quarter worth $2,663,000. Modera Wealth Management LLC raised its stake in AbbVie by 2.3% in the second quarter. Modera Wealth Management LLC now owns 3,989 shares of the company’s stock worth $247,000 after buying an additional 91 shares during the last quarter. Intersect Capital LLC raised its stake in AbbVie by 42.1% in the second quarter. Intersect Capital LLC now owns 9,639 shares of the company’s stock worth $597,000 after buying an additional 2,857 shares during the last quarter. Glassman Wealth Services raised its stake in AbbVie by 221.1% in the second quarter. Glassman Wealth Services now owns 1,824 shares of the company’s stock worth $113,000 after buying an additional 1,256 shares during the last quarter. Finally, Eaton Vance Management raised its stake in AbbVie by 55.3% in the second quarter. Eaton Vance Management now owns 3,395,617 shares of the company’s stock worth $210,223,000 after buying an additional 1,209,779 shares during the last quarter. 68.35% of the stock is currently owned by hedge funds and other institutional investors.
Shares of AbbVie Inc. (NYSE:ABBV) opened at 60.14 on Tuesday. The stock has a 50 day moving average of $63.38 and a 200-day moving average of $62.78. The stock has a market capitalization of $97.94 billion, a P/E ratio of 17.35 and a beta of 1.50. AbbVie Inc. has a one year low of $45.45 and a one year high of $68.12.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 29th. The company reported $1.26 earnings per share 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 business earned $6.43 billion during the quarter, compared to analyst estimates of $6.20 billion. During the same quarter in the previous year, the firm earned $1.08 EPS. AbbVie’s revenue was up 17.8% on a year-over-year basis. Equities analysts forecast 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. Shareholders of record on Friday, October 14th will be given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s dividend payout ratio (DPR) is 65.71%.
ABBV has been the topic of a number of research reports. Goldman Sachs Group Inc. reissued a “buy” rating and set a $78.00 target price on shares of AbbVie in a report on Tuesday, September 27th. Vetr lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating and set a $67.75 target price on the stock. in a report on Wednesday, June 29th. BMO Capital Markets restated a “market perform” rating and issued a $66.00 price target on shares of AbbVie in a research report on Friday, July 29th. Credit Suisse Group AG restated a “buy” rating on shares of AbbVie in a research report on Sunday, July 10th. Finally, Jefferies Group restated a “buy” rating and issued a $90.00 price target on shares of AbbVie in a research report on Wednesday, October 5th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. AbbVie presently has a consensus rating of “Buy” and an average price target of $70.68.
In other AbbVie news, insider Laura J. Schumacher sold 50,000 shares of the business’s stock in a transaction dated 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 transaction, the insider now 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 this link. 0.11% of the stock is owned by company 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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