RMR Wealth Builders Acquires New Stake in AbbVie Inc (NYSE:ABBV)
RMR Wealth Builders bought a new position in shares of AbbVie Inc (NYSE:ABBV) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 446 shares of the company’s stock, valued at approximately $44,000.
Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of AbbVie by 21.7% in the second quarter. BlackRock Inc. now owns 123,356,424 shares of the company’s stock valued at $12,111,133,000 after purchasing an additional 21,974,440 shares during the period. Vanguard Group Inc. lifted its holdings in AbbVie by 17.3% during the 2nd quarter. Vanguard Group Inc. now owns 147,386,808 shares of the company’s stock worth $14,470,438,000 after buying an additional 21,786,239 shares in the last quarter. Janus Henderson Group PLC boosted its position in AbbVie by 82.6% in the 1st quarter. Janus Henderson Group PLC now owns 11,515,689 shares of the company’s stock valued at $877,346,000 after buying an additional 5,208,549 shares during the period. Nordea Investment Management AB grew its stake in shares of AbbVie by 148.1% in the second quarter. Nordea Investment Management AB now owns 5,964,626 shares of the company’s stock worth $573,976,000 after acquiring an additional 3,560,895 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of AbbVie by 15.0% during the second quarter. Bank of New York Mellon Corp now owns 21,387,563 shares of the company’s stock worth $2,099,832,000 after acquiring an additional 2,797,448 shares during the period. Institutional investors own 68.23% of the company’s stock.
A number of research analysts recently issued reports on the company. Royal Bank of Canada lifted their target price on AbbVie from $125.00 to $127.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Argus raised AbbVie from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $91.40 to $115.00 in a research report on Tuesday, June 2nd. ValuEngine lowered shares of AbbVie from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 27th. UBS Group lifted their price target on shares of AbbVie from $96.00 to $109.00 in a research note on Wednesday, June 17th. Finally, Citigroup increased their price objective on shares of AbbVie from $98.00 to $105.00 and gave the company a “buy” rating in a research report on Wednesday, September 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and thirteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $108.33.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, July 31st. The company reported $2.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.20 by $0.14. AbbVie had a negative return on equity of 628.57% and a net margin of 19.20%. The company had revenue of $10.43 billion during the quarter, compared to the consensus estimate of $10.14 billion. During the same period in the previous year, the business earned $2.26 EPS. AbbVie’s revenue for the quarter was up 26.3% on a year-over-year basis. Research analysts forecast that AbbVie Inc will post 10.46 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be given a dividend of $1.18 per share. This represents a $4.72 annualized dividend and a yield of 5.21%. The ex-dividend date is Wednesday, October 14th. AbbVie’s dividend payout ratio (DPR) is 52.80%.
In other news, Vice Chairman Carlos Alban sold 53,325 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $100.00, for a total value of $5,332,500.00. Following the completion of the sale, the insider now directly owns 137,899 shares of the company’s stock, valued at $13,789,900. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.09% of the stock is currently owned by insiders.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
Recommended Story: What is an overbought condition?
Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc (NYSE:ABBV).
Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.