AbbVie Inc. (NYSE:ABBV) is Sarissa Capital Management LP’s 10th Largest Position
Sarissa Capital Management LP continued to hold its position in shares of AbbVie Inc. (NYSE:ABBV) during the first quarter, Holdings Channel reports. The fund owned 10,000 shares of the company’s stock at the end of the first quarter. AbbVie accounts for about 0.3% of Sarissa Capital Management LP’s investment portfolio, making the stock its 10th largest position. Sarissa Capital Management LP’s holdings in AbbVie were worth $651,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in ABBV. Norges Bank acquired a new position in shares of AbbVie during the fourth quarter worth about $823,984,000. State Street Corp raised its position in shares of AbbVie by 2.4% in the first quarter. State Street Corp now owns 72,969,530 shares of the company’s stock worth $4,754,696,000 after buying an additional 1,696,042 shares during the period. Wedge Capital Management L L P NC acquired a new position in shares of AbbVie during the first quarter worth about $46,744,000. Orbis Allan Gray Ltd raised its position 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, Legal & General Group Plc raised its position in shares of 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 period. Hedge funds and other institutional investors own 67.89% of the company’s stock.
AbbVie Inc. (ABBV) traded up 0.27% on Friday, hitting $70.63. The stock had a trading volume of 3,248,300 shares. The stock’s 50 day moving average is $72.05 and its 200 day moving average is $66.76. AbbVie Inc. has a one year low of $55.06 and a one year high of $75.04. The stock has a market cap of $112.59 billion, a price-to-earnings ratio of 17.37 and a beta of 1.50.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.02. The company had revenue of $6.94 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.26 earnings per share. Analysts anticipate that AbbVie Inc. will post $5.52 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be issued a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.62%. The ex-dividend date is Wednesday, July 12th. AbbVie’s dividend payout ratio (DPR) is 62.90%.
A number of research analysts have recently issued reports on ABBV shares. Vetr upgraded AbbVie from a “buy” rating to a “strong-buy” rating and set a $74.38 target price on the stock in a research report on Monday, May 8th. BMO Capital Markets set a $63.00 target price on AbbVie and gave the company a “hold” rating in a research report on Thursday, April 27th. Credit Suisse Group reiterated a “hold” rating and set a $65.00 target price on shares of AbbVie in a research report on Wednesday, June 7th. Zacks Investment Research lowered AbbVie from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Finally, Deutsche Bank AG increased their target price on AbbVie from $64.00 to $65.00 and gave the company a “hold” rating in a research report on Friday, April 28th. Nine equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $74.66.
In other news, CEO Richard A. Gonzalez sold 65,861 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $71.00, for a total value of $4,676,131.00. Following the sale, the chief executive officer now directly owns 342,353 shares in the company, valued at $24,307,063. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 193,131 shares of the company’s stock in a transaction on 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 owns 469,623 shares in the company, valued at $33,343,233. The disclosure for this sale can be found here. Insiders sold 600,026 shares of company stock worth $41,852,724 in the last three months. 0.23% of the stock is owned by corporate 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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