AbbVie Inc. (ABBV) Position Decreased by Sumitomo Mitsui Asset Management Company LTD
Sumitomo Mitsui Asset Management Company LTD reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 5.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 160,452 shares of the company’s stock after selling 8,780 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in AbbVie were worth $11,634,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. State Street Corp increased its holdings in AbbVie by 2.4% in the 1st quarter. State Street Corp now owns 72,969,530 shares of the company’s stock worth $4,754,696,000 after purchasing an additional 1,696,042 shares in the last quarter. Wedge Capital Management L L P NC acquired a new position in AbbVie in the 1st quarter worth about $46,744,000. Bank of Nova Scotia increased its holdings in AbbVie by 297.9% in the 1st quarter. Bank of Nova Scotia now owns 606,321 shares of the company’s stock worth $39,507,000 after purchasing an additional 453,955 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in AbbVie by 42.3% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 1,202,483 shares of the company’s stock worth $78,354,000 after purchasing an additional 357,353 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in AbbVie by 58.6% in the 1st quarter. AQR Capital Management LLC now owns 940,824 shares of the company’s stock worth $61,304,000 after purchasing an additional 347,710 shares in the last quarter. Institutional investors and hedge funds own 68.25% of the company’s stock.
A number of equities analysts have issued reports on the company. UBS AG cut AbbVie from a “buy” rating to a “neutral” rating and upped their target price for the stock from $79.00 to $92.00 in a report on Monday. Jefferies Group LLC reaffirmed a “buy” rating and issued a $107.00 target price (up previously from $94.00) on shares of AbbVie in a report on Friday, September 15th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $100.00 target price on shares of AbbVie in a report on Friday, September 15th. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $95.00 target price on shares of AbbVie in a report on Wednesday, September 13th. Finally, Leerink Swann reaffirmed a “market perform” rating on shares of AbbVie in a report on Tuesday, September 12th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $83.02.
Shares of AbbVie Inc. (NYSE ABBV) opened at 86.57 on Tuesday. The company has a market cap of $138.00 billion, a price-to-earnings ratio of 21.29 and a beta of 1.48. AbbVie Inc. has a 12 month low of $55.06 and a 12 month high of $89.69. The company’s 50 day moving average price is $75.76 and its 200 day moving average price is $69.87.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping the Thomson Reuters’ 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 return on equity of 150.27% and a net margin of 24.77%. The company’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.26 earnings per share. On average, equities analysts expect that AbbVie Inc. will post $5.52 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors 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 yield of 2.93%. AbbVie’s dividend payout ratio is presently 62.90%.
In other AbbVie news, SVP Azita Saleki-Gerhardt sold 8,300 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $85.02, for a total transaction of $705,666.00. Following the transaction, the senior vice president now owns 93,099 shares in the company, valued at approximately $7,915,276.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Henry O. Gosebruch sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $70.09, for a total value of $1,261,620.00. Following the transaction, the insider now owns 96,074 shares in the company, valued at approximately $6,733,826.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 373,191 shares of company stock worth $26,598,305. 0.23% of the stock is owned by company insiders.
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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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