Oppenheimer Asset Management Inc. Purchases Shares of 165,132 AbbVie Inc. (NYSE:ABBV)
Oppenheimer Asset Management Inc. purchased a new position in AbbVie Inc. (NYSE:ABBV) during the first quarter, Holdings Channel reports. The institutional investor purchased 165,132 shares of the company’s stock, valued at approximately $10,760,000.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in AbbVie during the fourth quarter worth about $823,984,000. Legal & General Group Plc increased its position in AbbVie by 4.1% in the first quarter. Legal & General Group Plc now owns 7,918,192 shares of the company’s stock worth $515,956,000 after buying an additional 312,055 shares during the last quarter. Orbis Allan Gray Ltd increased its position in 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 last quarter. UBS Asset Management Americas Inc. increased its position in 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 last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in AbbVie by 2.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 5,136,674 shares of the company’s stock worth $334,706,000 after buying an additional 130,740 shares during the last quarter. Institutional investors own 67.89% of the company’s stock.
AbbVie Inc. (NYSE:ABBV) traded up 0.703% during trading on Friday, reaching $70.935. 739,623 shares of the company’s stock traded hands. AbbVie Inc. has a 12 month low of $55.06 and a 12 month high of $75.04. The firm’s 50 day moving average is $72.13 and its 200-day moving average is $66.69. The company has a market capitalization of $113.08 billion, a price-to-earnings ratio of 17.446 and a beta of 1.50.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. The company had revenue of $6.94 billion during the quarter, compared to analysts’ expectations of $6.93 billion. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. AbbVie’s revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.26 EPS. Analysts expect that AbbVie Inc. will post $5.52 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be paid a $0.64 dividend. The ex-dividend date is Wednesday, July 12th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.63%. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.
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A number of research analysts have recently issued reports on ABBV shares. Vetr upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $74.38 price target on the stock in a research report on Monday, May 8th. Credit Suisse Group restated a “neutral” rating and issued a $74.00 price target (up from $65.00) on shares of AbbVie in a research report on Thursday, July 20th. BMO Capital Markets set a $63.00 price target on shares of AbbVie and gave the stock a “hold” rating in a research report on Thursday, April 27th. BidaskClub raised shares of AbbVie from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 10th. Finally, Leerink Swann reaffirmed a “market perform” rating on shares of AbbVie in a report on Thursday, June 22nd. Nine investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $74.66.
In other news, EVP Carlos Alban sold 45,800 shares of the company’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $70.00, for a total value of $3,206,000.00. Following the completion of the sale, the executive vice president now directly owns 160,545 shares of the company’s stock, valued at approximately $11,238,150. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 193,131 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $71.00, for a total value of $13,712,301.00. Following the completion of the sale, the chairman now directly owns 469,623 shares of the company’s stock, valued at $33,343,233. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 600,026 shares of company stock valued at $41,852,724. 0.23% of the stock is currently owned by company insiders.
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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