Salem Capital Management Inc. Sells 300 Shares of AbbVie Inc. (ABBV)
Salem Capital Management Inc. reduced its holdings in AbbVie Inc. (NYSE:ABBV) by 2.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 12,300 shares of the company’s stock after selling 300 shares during the quarter. Salem Capital Management Inc.’s holdings in AbbVie were worth $892,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Bollard Group LLC increased its position in shares of AbbVie by 0.5% during the first quarter. Bollard Group LLC now owns 3,745 shares of the company’s stock worth $244,000 after buying an additional 20 shares during the period. TRUE Private Wealth Advisors increased its position in shares of AbbVie by 0.5% during the first quarter. TRUE Private Wealth Advisors now owns 4,787 shares of the company’s stock worth $313,000 after buying an additional 24 shares during the period. St. Louis Trust Co increased its position in shares of AbbVie by 0.7% during the first quarter. St. Louis Trust Co now owns 3,388 shares of the company’s stock worth $221,000 after buying an additional 25 shares during the period. Stratford Consulting LLC increased its position in shares of AbbVie by 0.7% during the first quarter. Stratford Consulting LLC now owns 3,959 shares of the company’s stock worth $258,000 after buying an additional 29 shares during the period. Finally, K.J. Harrison & Partners Inc increased its position in shares of AbbVie by 0.6% during the first quarter. K.J. Harrison & Partners Inc now owns 5,031 shares of the company’s stock worth $328,000 after buying an additional 31 shares during the period. Hedge funds and other institutional investors own 68.25% of the company’s stock.
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AbbVie Inc. (NYSE:ABBV) traded up 0.85% on Wednesday, hitting $87.10. 2,355,799 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $75.76 and a 200-day moving average price of $69.87. The stock has a market cap of $138.85 billion, a P/E ratio of 21.42 and a beta of 1.48. AbbVie Inc. has a 52-week low of $55.06 and a 52-week high of $89.69. AbbVie also was the recipient of unusually large options trading activity on Monday. Stock traders acquired 278 put options on the company. This is an increase of 121% compared to the average volume of 126 put options.
AbbVie (NYSE:ABBV) last released 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 firm had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.26 EPS. Analysts predict that AbbVie Inc. will post $5.52 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio is presently 62.90%.
Several research firms have recently weighed in on ABBV. Piper Jaffray Companies reiterated a “buy” rating and set a $85.00 price objective on shares of AbbVie in a research report on Thursday, August 3rd. Evercore ISI began coverage on shares of AbbVie in a research report on Wednesday, August 16th. They set an “outperform” rating and a $95.00 price objective for the company. Vetr cut shares of AbbVie from a “buy” rating to a “hold” rating and set a $72.72 price objective for the company. in a research report on Wednesday, June 14th. Leerink Swann reiterated a “market perform” rating on shares of AbbVie in a research report on Thursday, June 22nd. Finally, BidaskClub cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. AbbVie presently has an average rating of “Buy” and an average price target of $82.38.
In related news, Chairman Richard A. Gonzalez sold 193,131 shares of the company’s stock in a transaction dated 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 transaction, the chairman now owns 469,623 shares in the company, valued at approximately $33,343,233. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Azita Saleki-Gerhardt sold 8,300 shares of the company’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $85.02, for a total transaction of $705,666.00. Following the completion of the transaction, the senior vice president now owns 93,099 shares in the company, valued at approximately $7,915,276.98. The disclosure for this sale can be found here. Insiders sold a total of 373,191 shares of company stock worth $26,598,305 over the last ninety days. 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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