HighTower Advisors LLC Buys 9,780 Shares of AbbVie Inc. (NYSE:ABBV)
HighTower Advisors LLC increased its stake in AbbVie Inc. (NYSE:ABBV) by 2.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 490,063 shares of the company’s stock after buying an additional 9,780 shares during the period. HighTower Advisors LLC’s holdings in AbbVie were worth $31,977,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently bought and sold shares of ABBV. 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 during the last quarter. Norges Bank bought 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 during 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 during 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 during the last quarter. 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, hitting $70.63. The company had a trading volume of 3,248,300 shares. AbbVie Inc. has a 52 week low of $55.06 and a 52 week high of $75.04. The stock has a 50 day moving average price of $72.05 and a 200 day moving average price of $66.76. The company has a market capitalization of $112.59 billion, a P/E ratio of 17.37 and a beta of 1.50.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.02. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The company had revenue of $6.94 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same quarter in the prior year, the firm earned $1.26 earnings per share. AbbVie’s revenue was up 7.6% compared to the same quarter last year. Equities analysts forecast that AbbVie Inc. will post $5.52 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors 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 annualized dividend and a yield of 3.62%. AbbVie’s dividend payout ratio (DPR) is currently 62.90%.
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ABBV has been the topic of several recent research reports. Vetr upgraded 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 reiterated a “neutral” rating and issued a $74.00 price objective (up from $65.00) on shares of AbbVie in a research report on Thursday, July 20th. BMO Capital Markets set a $63.00 price objective on AbbVie and gave the stock a “hold” rating in a research report on Thursday, April 27th. BidaskClub upgraded AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 10th. Finally, Leerink Swann reiterated a “market perform” rating on shares of AbbVie in a research report on Thursday, June 22nd. Nine equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $74.66.
In related news, CEO Richard A. Gonzalez sold 65,861 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 342,353 shares of the company’s stock, valued at $24,307,063. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO William J. Chase sold 38,300 shares of the stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $65.35, for a total value of $2,502,905.00. Following the completion of the transaction, the chief financial officer now directly owns 209,043 shares in the company, valued at approximately $13,660,960.05. The disclosure for this sale can be found here. In the last three months, insiders sold 600,026 shares of company stock worth $41,852,724. 0.23% of the stock is owned by 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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