AbbVie Inc. (NYSE:ABBV) Shares Bought by Founders Capital Management
Founders Capital Management raised its position in AbbVie Inc. (NYSE:ABBV) by 2.8% during the second quarter, Holdings Channel reports. The fund owned 46,354 shares of the company’s stock after buying an additional 1,275 shares during the period. AbbVie comprises 3.0% of Founders Capital Management’s investment portfolio, making the stock its 4th largest position. Founders Capital Management’s holdings in AbbVie were worth $3,361,000 as of its most recent filing with the SEC.
A number of other hedge funds have also added to or reduced their stakes in the company. Acropolis Investment Management LLC acquired a new stake in AbbVie during the second quarter worth $106,000. First Command Financial Services Inc. raised its stake in 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 during the last quarter. Franklin Parlapiano Turner & Welch LLC acquired a new stake in AbbVie during the first quarter worth $108,000. Atwood & Palmer Inc. raised its stake in 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 during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC acquired a new stake in AbbVie during the fourth quarter worth $137,000. Institutional investors and hedge funds own 67.89% of the company’s stock.
AbbVie Inc. (NYSE ABBV) traded up 0.27% during midday trading on Friday, reaching $70.63. The company’s stock had a trading volume of 3,248,300 shares. AbbVie Inc. has a 1-year low of $55.06 and a 1-year high of $75.04. The stock’s 50-day moving average price is $72.05 and its 200 day moving average price is $66.76. The firm has a market capitalization of $112.59 billion, a PE ratio of 17.37 and a beta of 1.50.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.02. The business 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%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.26 EPS. Equities analysts anticipate that AbbVie Inc. will post $5.52 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th will be given a dividend of $0.64 per share. The ex-dividend date is Wednesday, July 12th. This represents a $2.56 annualized dividend and a dividend yield of 3.62%. AbbVie’s dividend payout ratio is currently 62.90%.
A number of analysts have weighed in on the company. Piper Jaffray Companies reiterated a “buy” rating and issued a $85.00 target price on shares of AbbVie in a research note on Thursday, August 3rd. BidaskClub lowered AbbVie from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Vetr upgraded AbbVie from a “hold” rating to a “buy” rating and set a $76.28 target price on the stock in a research note on Wednesday, July 26th. Cowen and Company set a $70.00 target price on AbbVie and gave the stock a “hold” rating in a research note on Sunday, July 30th. Finally, Leerink Swann set a $71.00 price target on AbbVie and gave the stock a “hold” rating in a research report on Thursday, April 20th. Nine equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $74.66.
In related news, insider Laura J. Schumacher sold 79,800 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 $5,586,000.00. Following the completion of the sale, the insider now directly owns 187,625 shares of the company’s stock, valued at approximately $13,133,750. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Carlos Alban sold 45,800 shares of the company’s stock in a transaction dated Wednesday, June 14th. The shares were 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 $11,238,150. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 600,026 shares of company stock valued at $41,852,724. 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.
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