Cincinnati Insurance Co. Has $89,738,000 Position in AbbVie Inc. (ABBV)
Cincinnati Insurance Co. held its stake in shares of AbbVie Inc. (NYSE:ABBV) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,377,200 shares of the company’s stock at the end of the first quarter. AbbVie comprises about 2.8% of Cincinnati Insurance Co.’s portfolio, making the stock its 13th largest position. Cincinnati Insurance Co.’s holdings in AbbVie were worth $89,738,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of AbbVie during the fourth quarter worth $823,984,000. Wedge Capital Management L L P NC bought a new stake in shares of AbbVie during the first quarter worth $46,744,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in shares of AbbVie during the fourth quarter worth $41,452,000. Orbis Allan Gray Ltd boosted its stake in shares of AbbVie by 11.8% in the fourth quarter. Orbis Allan Gray Ltd now owns 5,485,407 shares of the company’s stock worth $343,496,000 after buying an additional 579,378 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its stake in shares of AbbVie by 5.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 5,420,301 shares of the company’s stock worth $339,421,000 after buying an additional 296,622 shares during the period. 68.00% of the stock is owned by hedge funds and other institutional investors.
AbbVie Inc. (ABBV) opened at 70.99 on Friday. AbbVie Inc. has a 52 week low of $55.06 and a 52 week high of $75.04. The firm has a market capitalization of $112.98 billion, a price-to-earnings ratio of 17.46 and a beta of 1.50. The stock’s 50 day moving average is $72.07 and its 200-day moving average is $66.31.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.02. AbbVie had a net margin of 24.77% and a return on equity of 154.76%. The company had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same period last year, the firm posted $1.26 EPS. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. On average, equities research analysts expect that AbbVie Inc. will post $5.52 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be given a $0.64 dividend. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.61%. AbbVie’s payout ratio is currently 62.90%.
ABBV has been the subject of a number of research reports. Vetr raised shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $74.38 price target for the company in a research report on Monday, May 8th. BMO Capital Markets set a $63.00 price target on shares of AbbVie and gave the company a “hold” rating in a research report on Thursday, April 27th. Credit Suisse Group reissued a “hold” rating and issued a $65.00 price target on shares of AbbVie in a research report on Wednesday, June 7th. Deutsche Bank AG boosted their price target on shares of AbbVie from $64.00 to $65.00 and gave the company a “hold” rating in a research report on Friday, April 28th. Finally, Zacks Investment Research cut shares of AbbVie from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Nine research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $75.35.
In other news, CFO William J. Chase sold 38,300 shares of the firm’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $65.35, for a total value of $2,502,905.00. Following the transaction, the chief financial officer now directly owns 209,043 shares in the company, valued at approximately $13,660,960.05. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard A. Gonzalez sold 87,899 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $71.02, for a total transaction of $6,242,586.98. Following the completion of the transaction, the chairman now owns 342,353 shares in the company, valued at $24,313,910.06. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 406,895 shares of company stock worth $28,140,423. Insiders own 0.23% of the company’s stock.
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. 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 virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and 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.