AT Bancorp Decreases Position in AbbVie Inc. (ABBV)
AT Bancorp cut its holdings in AbbVie Inc. (NYSE:ABBV) by 0.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,222 shares of the company’s stock after selling 70 shares during the period. AT Bancorp’s holdings in AbbVie were worth $1,901,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in ABBV. Acropolis Investment Management LLC acquired a new position in shares of AbbVie in the second quarter valued at about $106,000. Franklin Parlapiano Turner & Welch LLC acquired a new position in shares of AbbVie in the first quarter valued at about $108,000. Atwood & Palmer Inc. grew its stake in shares of AbbVie by 1,333.3% in the first quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock valued at $140,000 after acquiring an additional 2,000 shares in the last quarter. Tradewinds Capital Management LLC grew its stake in shares of AbbVie by 87.2% in the first quarter. Tradewinds Capital Management LLC now owns 2,269 shares of the company’s stock valued at $148,000 after acquiring an additional 1,057 shares in the last quarter. Finally, Exane Asset Management acquired a new position in shares of AbbVie in the second quarter valued at about $181,000. Institutional investors and hedge funds own 68.43% of the company’s stock.
AbbVie Inc. (NYSE:ABBV) opened at 94.51 on Tuesday. AbbVie Inc. has a 12-month low of $55.06 and a 12-month high of $98.26. The company has a market cap of $150.66 billion, a PE ratio of 23.24 and a beta of 1.51. The stock has a 50 day moving average of $88.60 and a 200-day moving average of $74.23.
AbbVie (NYSE:ABBV) last issued 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. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The company had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same quarter in the previous year, the firm earned $1.26 earnings per share. AbbVie’s revenue was up 7.6% on a year-over-year basis. On average, equities research analysts anticipate that AbbVie Inc. will post $5.53 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s payout ratio is 62.90%.
ABBV has been the topic of several research reports. Zacks Investment Research downgraded shares of AbbVie from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Vetr upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $74.86 price target on the stock in a research note on Thursday, July 6th. Jefferies Group LLC restated a “buy” rating and issued a $94.00 price target (up from $92.00) on shares of AbbVie in a research note on Monday, July 17th. Deutsche Bank AG restated a “hold” rating and issued a $66.00 price target (up from $65.00) on shares of AbbVie in a research note on Monday, July 17th. Finally, Credit Suisse Group reiterated a “neutral” rating and set a $74.00 price objective (up from $65.00) on shares of AbbVie in a research note on Thursday, July 20th. Eight investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $92.79.
In related news, CEO Richard A. Gonzalez sold 65,861 shares of the business’s 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 completion of the sale, the chief executive officer now owns 342,353 shares in the company, valued at approximately $24,307,063. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Edward J. Rapp bought 4,000 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was purchased at an average price of $70.45 per share, with a total value of $281,800.00. Following the transaction, the director now directly owns 15,498 shares in the company, valued at $1,091,834.10. The disclosure for this purchase can be found here. Insiders have sold 379,890 shares of company stock valued at $27,187,817 in the last three months. 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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