AbbVie Inc. (NYSE:ABBV) Position Decreased by State Treasurer State of Michigan
State Treasurer State of Michigan cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.1% during the second quarter, Holdings Channel reports. The institutional investor owned 940,703 shares of the company’s stock after selling 500 shares during the period. State Treasurer State of Michigan’s holdings in AbbVie were worth $68,210,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its position in AbbVie by 2.4% in the first quarter. State Street Corp now owns 72,969,530 shares of the company’s stock valued at $4,754,696,000 after buying an additional 1,696,042 shares in the last quarter. Norges Bank acquired a new position in AbbVie during the fourth quarter valued at about $823,984,000. Legal & General Group Plc raised 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 valued at $515,956,000 after buying an additional 312,055 shares in the last quarter. Orbis Allan Gray Ltd raised 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 valued at $343,496,000 after buying an additional 579,378 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised 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 valued at $339,421,000 after buying an additional 296,622 shares in the last quarter. 67.89% of the stock is owned by institutional investors.
AbbVie Inc. (NYSE ABBV) traded up 0.27% during midday trading on Friday, hitting $70.63. The company’s stock had a trading volume of 3,248,300 shares. The company’s 50 day moving average price is $72.05 and its 200 day moving average price is $66.76. AbbVie Inc. has a 12 month low of $55.06 and a 12 month high of $75.04. The firm has a market cap of $112.59 billion, a P/E ratio of 17.37 and a beta of 1.50.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.02. The firm had revenue of $6.94 billion for the quarter, compared to analysts’ expectations of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.26 EPS. Analysts expect that AbbVie Inc. will post $5.52 EPS for the current year.
The firm also recently announced 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. This represents a $2.56 annualized dividend and a dividend yield of 3.62%. The ex-dividend date is Wednesday, July 12th. AbbVie’s dividend payout ratio is 62.90%.
ABBV has been the topic of several research analyst reports. Vetr upgraded AbbVie from a “buy” rating to a “strong-buy” rating and set a $74.38 price objective on the stock in a research note on Monday, May 8th. Credit Suisse Group reiterated a “neutral” rating and issued a $74.00 price objective (up previously from $65.00) on shares of AbbVie in a research note on Thursday, July 20th. BMO Capital Markets set a $63.00 price objective on AbbVie and gave the company a “hold” rating in a research note on Thursday, April 27th. BidaskClub upgraded AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 10th. Finally, Leerink Swann reiterated a “market perform” rating on shares of AbbVie in a research note on Thursday, June 22nd. Nine 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. AbbVie has a consensus rating of “Buy” and an average target price of $74.66.
In other news, CFO William J. Chase sold 38,300 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 209,043 shares in the company, valued at approximately $13,660,960.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction of $3,206,000.00. Following the sale, the executive vice president now owns 160,545 shares in the company, valued at $11,238,150. 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 over the last 90 days. Corporate 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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