Kessler Investment Group LLC Buys Shares of 7,651 AbbVie Inc. (ABBV)
Kessler Investment Group LLC bought a new position in shares of AbbVie Inc. (NYSE:ABBV) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,651 shares of the company’s stock, valued at approximately $555,000.
Other institutional investors have also made changes to their positions in the company. First Command Financial Services Inc. increased its position in shares of AbbVie by 6.8% in the first quarter. First Command Financial Services Inc. now owns 1,565 shares of the company’s stock worth $102,000 after buying an additional 99 shares in the last quarter. Acropolis Investment Management LLC acquired a new position in shares of AbbVie during the second quarter worth $106,000. Franklin Parlapiano Turner & Welch LLC acquired a new position in shares of AbbVie during the first quarter worth $108,000. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of AbbVie during the fourth quarter worth $137,000. Finally, Atwood & Palmer Inc. increased its position in shares of AbbVie by 1,333.3% in the first quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock worth $140,000 after buying an additional 2,000 shares in the last quarter. 67.89% of the stock is owned by institutional investors and hedge funds.
AbbVie Inc. (NYSE ABBV) traded down 1.14% during midday trading on Thursday, reaching $71.20. 1,647,783 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $72.15 and its 200-day moving average is $66.67. The stock has a market capitalization of $113.50 billion, a price-to-earnings ratio of 17.51 and a beta of 1.50. AbbVie Inc. has a 12-month low of $55.06 and a 12-month high of $75.04. AbbVie also was the target of some unusual options trading activity on Monday. Stock investors purchased 278 put options on the company. This represents an increase of approximately 121% compared to the average volume of 126 put options.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.02. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The business had revenue of $6.94 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the prior year, the business posted $1.26 EPS. AbbVie’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, equities analysts forecast that AbbVie Inc. will post $5.52 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be paid a dividend of $0.64 per share. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $2.56 dividend on an annualized basis and a yield of 3.55%. AbbVie’s payout ratio is 62.90%.
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A number of equities analysts have weighed in on ABBV shares. Vetr downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating and set a $71.84 target price for the company. in a research note on Monday, May 15th. Jefferies Group LLC reissued a “buy” rating on shares of AbbVie in a research report on Friday, May 26th. Societe Generale raised shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Thursday, June 22nd. BidaskClub downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $85.00 price target on shares of AbbVie in a research report on Thursday, August 3rd. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. AbbVie currently has a consensus rating of “Buy” and an average price target of $74.66.
In other AbbVie news, Chairman Richard A. Gonzalez sold 193,131 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $71.00, for a total transaction of $13,712,301.00. Following the transaction, the chairman now owns 469,623 shares in the company, valued at approximately $33,343,233. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William J. Chase sold 38,300 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $65.35, for a total transaction of $2,502,905.00. Following the transaction, the chief financial officer now owns 209,043 shares in the company, valued at approximately $13,660,960.05. The disclosure for this sale can be found here. Insiders have sold a total of 600,026 shares of company stock worth $41,852,724 in the last 90 days. 0.23% of the stock is currently owned by company insiders.
AbbVie Company Profile
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.
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