Peak Capital Management LLC Purchases Shares of 10,668 AbbVie Inc (ABBV)
Peak Capital Management LLC purchased a new stake in AbbVie Inc (NYSE:ABBV) during the second quarter, HoldingsChannel.com reports. The firm purchased 10,668 shares of the company’s stock, valued at approximately $988,000.
Several other institutional investors and hedge funds also recently made changes to their positions in ABBV. Cornerstone Wealth Management LLC boosted its holdings in shares of AbbVie by 8,774.3% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,102,183 shares of the company’s stock valued at $11,837,000 after purchasing an additional 1,089,763 shares during the last quarter. Summit Trail Advisors LLC raised its stake in shares of AbbVie by 7,637.2% in the 1st quarter. Summit Trail Advisors LLC now owns 997,253 shares of the company’s stock valued at $997,000 after acquiring an additional 984,364 shares during the period. Janus Henderson Group PLC raised its stake in shares of AbbVie by 15.9% in the 2nd quarter. Janus Henderson Group PLC now owns 5,243,956 shares of the company’s stock valued at $485,867,000 after acquiring an additional 717,452 shares during the period. Rock Springs Capital Management LP purchased a new position in shares of AbbVie in the 1st quarter valued at $56,790,000. Finally, CIBC World Markets Inc. raised its stake in shares of AbbVie by 108.1% in the 2nd quarter. CIBC World Markets Inc. now owns 1,095,619 shares of the company’s stock valued at $101,509,000 after acquiring an additional 569,237 shares during the period. Institutional investors own 69.44% of the company’s stock.
A number of brokerages have recently commented on ABBV. Bank of America raised their target price on shares of AbbVie from $105.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday, August 22nd. BMO Capital Markets reissued a “sell” rating and issued a $78.00 target price on shares of AbbVie in a research note on Wednesday, August 22nd. Credit Suisse Group raised shares of AbbVie to a “hold” rating and set a $89.00 target price on the stock in a research note on Friday, July 13th. Jefferies Financial Group set a $100.00 target price on shares of AbbVie and gave the company a “buy” rating in a research note on Sunday, July 15th. Finally, Zacks Investment Research downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a research note on Saturday, July 14th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $106.98.
AbbVie stock opened at $89.90 on Friday. AbbVie Inc has a 12-month low of $85.24 and a 12-month high of $125.86. The firm has a market cap of $139.72 billion, a P/E ratio of 13.65, a PEG ratio of 0.91 and a beta of 1.54. The company has a current ratio of 0.80, a quick ratio of 0.71 and a debt-to-equity ratio of -9.06.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, July 27th. The company reported $2.00 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.98 by $0.02. AbbVie had a net margin of 20.84% and a return on equity of 362.05%. The firm had revenue of $8.28 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter in the previous year, the firm posted $1.42 EPS. The firm’s quarterly revenue was up 19.2% on a year-over-year basis. On average, equities analysts expect that AbbVie Inc will post 7.86 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.27%. The ex-dividend date is Friday, October 12th. AbbVie’s dividend payout ratio (DPR) is 68.57%.
AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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