Meridian Wealth Management LLC Purchases New Stake in AbbVie Inc. (ABBV)
Meridian Wealth Management LLC purchased a new stake in AbbVie Inc. (NYSE:ABBV) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,130 shares of the company’s stock, valued at approximately $204,000.
A number of other hedge funds have also modified their holdings of the business. State Street Corp raised its holdings in shares of AbbVie by 2.4% in the 1st quarter. State Street Corp now owns 72,969,530 shares of the company’s stock valued at $4,754,696,000 after purchasing an additional 1,696,042 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of AbbVie by 4.1% in the 1st quarter. Legal & General Group Plc now owns 7,918,192 shares of the company’s stock valued at $515,956,000 after purchasing an additional 312,055 shares in the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of AbbVie by 2.6% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 5,136,674 shares of the company’s stock valued at $334,706,000 after purchasing an additional 130,740 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of AbbVie by 6.5% in the 1st quarter. Canada Pension Plan Investment Board now owns 3,151,990 shares of the company’s stock valued at $205,384,000 after purchasing an additional 193,410 shares in the last quarter. Finally, US Bancorp DE raised its holdings in shares of AbbVie by 0.3% in the 1st quarter. US Bancorp DE now owns 2,947,561 shares of the company’s stock valued at $192,064,000 after purchasing an additional 9,289 shares in the last quarter. 68.29% of the stock is owned by institutional investors.
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ABBV has been the topic of a number of analyst reports. Credit Suisse Group restated a “hold” rating and issued a $65.00 price objective on shares of AbbVie in a report on Wednesday, June 7th. BMO Capital Markets reiterated a “market perform” rating and set a $66.00 price target on shares of AbbVie in a research note on Wednesday, May 17th. Zacks Investment Research lowered shares of AbbVie from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Societe Generale upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Thursday, June 22nd. Finally, Jefferies Group LLC reiterated a “buy” rating on shares of AbbVie in a research note on Friday, May 26th. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $79.25.
Shares of AbbVie Inc. (ABBV) traded up 0.13% on Wednesday, reaching $87.86. 3,786,299 shares of the company’s stock traded hands. AbbVie Inc. has a 52 week low of $55.06 and a 52 week high of $88.84. The stock has a market capitalization of $140.06 billion, a PE ratio of 21.61 and a beta of 1.48. The company has a 50 day moving average of $73.09 and a 200-day moving average of $68.79.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.02. The company 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 firm’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 earnings per share. Equities research analysts forecast that AbbVie Inc. will post $5.52 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be issued a dividend of $0.64 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.92%. AbbVie’s dividend payout ratio (DPR) is 62.90%.
In other AbbVie news, Chairman Richard A. Gonzalez sold 193,131 shares of the stock in a transaction on Monday, August 7th. The shares were sold at an average price of $71.00, for a total transaction of $13,712,301.00. Following the sale, the chairman now directly owns 469,623 shares of the company’s stock, valued at $33,343,233. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Edward J. Rapp bought 4,000 shares of the company’s stock in a transaction on Monday, July 31st. The shares were acquired at an average cost of $70.45 per share, for a total transaction of $281,800.00. Following the completion of the acquisition, the director now directly owns 15,498 shares of the company’s stock, valued at approximately $1,091,834.10. The disclosure for this purchase can be found here. Insiders have sold 373,191 shares of company stock worth $26,598,305 over the last three months. 0.23% of the stock is owned by corporate 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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