Selway Asset Management Has $2.04 Million Holdings in AbbVie Inc. (ABBV)
Selway Asset Management lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 32.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,075 shares of the company’s stock after selling 13,600 shares during the quarter. Selway Asset Management’s holdings in AbbVie were worth $2,036,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also made changes to their positions in ABBV. State Street Corp boosted 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 valued at $4,754,696,000 after purchasing an additional 1,696,042 shares in the last quarter. Wedge Capital Management L L P NC purchased a new stake in AbbVie in the 1st quarter valued at approximately $46,744,000. Bank of Nova Scotia boosted 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 valued at $39,507,000 after purchasing an additional 453,955 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted 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 valued at $78,354,000 after purchasing an additional 357,353 shares in the last quarter. Finally, AQR Capital Management LLC boosted 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 valued at $61,304,000 after purchasing an additional 347,710 shares in the last quarter. 68.25% of the stock is currently owned by institutional investors.
ABBV has been the topic of a number of analyst reports. BidaskClub raised AbbVie from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 6th. Evercore ISI reaffirmed an “outperform” rating and issued a $100.00 price objective (up previously from $95.00) on shares of AbbVie in a report on Saturday, September 30th. Credit Suisse Group reaffirmed a “neutral” rating and issued a $74.00 price objective (up previously from $65.00) on shares of AbbVie in a report on Thursday, July 20th. Barclays PLC reaffirmed a “hold” rating and issued a $68.00 price objective on shares of AbbVie in a report on Thursday, September 28th. Finally, Cowen and Company raised AbbVie from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $91.17 to $105.00 in a report on Wednesday, October 11th. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $92.79.
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AbbVie Inc. (ABBV) opened at 92.17 on Wednesday. The company’s 50 day moving average price is $85.49 and its 200 day moving average price is $72.96. AbbVie Inc. has a 12 month low of $55.06 and a 12 month high of $92.78. The firm has a market capitalization of $146.93 billion, a P/E ratio of 22.67 and a beta of 1.51.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data 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. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The business had revenue of $6.94 billion during the quarter, compared to analysts’ expectations of $6.93 billion. During the same period last year, the firm posted $1.26 earnings per share. The business’s revenue was up 7.6% on a year-over-year basis. Analysts anticipate that AbbVie Inc. will post $5.53 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be paid a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio is presently 62.90%.
In related news, insider Henry O. Gosebruch sold 18,000 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $70.09, for a total transaction of $1,261,620.00. Following the completion of the sale, the insider now directly owns 96,074 shares of the company’s stock, valued at $6,733,826.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Robert A. Michael sold 6,699 shares of the stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $88.00, for a total transaction of $589,512.00. Following the sale, the vice president now directly owns 10,007 shares of the company’s stock, valued at $880,616. The disclosure for this sale can be found here. Over the last three months, insiders have sold 379,890 shares of company stock valued at $27,187,817. Company 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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