Private Portfolio Partners LLC raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,995 shares of the company’s stock after acquiring an additional 276 shares during the period. Private Portfolio Partners LLC’s holdings in AbbVie were worth $1,126,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently bought and sold shares of the company. 4Thought Financial Group Inc. bought a new position in AbbVie during the second quarter valued at $25,000. Cowen Prime Advisors LLC bought a new position in shares of AbbVie in the second quarter worth about $34,000. ShoreHaven Wealth Partners LLC grew its holdings in shares of AbbVie by 150.4% in the first quarter. ShoreHaven Wealth Partners LLC now owns 318 shares of the company’s stock worth $35,000 after purchasing an additional 191 shares during the last quarter. KB Financial Partners LLC bought a new position in shares of AbbVie in the first quarter worth about $37,000. Finally, Centerpoint Advisors LLC bought a new position in shares of AbbVie in the second quarter worth about $39,000. Institutional investors and hedge funds own 65.82% of the company’s stock.
In related news, SVP Carrie C. Strom sold 5,057 shares of the stock in a transaction that occurred on Monday, August 23rd. The shares were sold at an average price of $120.00, for a total value of $606,840.00. Following the completion of the transaction, the senior vice president now directly owns 11,595 shares of the company’s stock, valued at approximately $1,391,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.09% of the company’s stock.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 29th. The company reported $3.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.09 by $0.02. The business had revenue of $13.96 billion during the quarter, compared to analyst estimates of $13.64 billion. AbbVie had a net margin of 12.40% and a return on equity of 154.24%. The company’s quarterly revenue was up 33.9% on a year-over-year basis. During the same period in the prior year, the firm posted $2.34 earnings per share. As a group, equities analysts forecast that AbbVie Inc. will post 12.64 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 15th. Investors of record on Friday, October 15th will be given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 4.87%. The ex-dividend date is Thursday, October 14th. AbbVie’s payout ratio is currently 49.24%.
ABBV has been the topic of a number of research analyst reports. Mizuho upped their price target on shares of AbbVie from $128.00 to $131.00 and gave the stock a “buy” rating in a report on Monday, August 2nd. Barclays upped their price target on shares of AbbVie from $105.00 to $112.00 and gave the stock an “equal weight” rating in a report on Monday, August 2nd. Daiwa Capital Markets assumed coverage on shares of AbbVie in a report on Friday, July 2nd. They issued an “outperform” rating on the stock. SVB Leerink lowered their price objective on shares of AbbVie from $148.00 to $142.00 and set an “outperform” rating for the company in a research note on Thursday, September 2nd. Finally, Morgan Stanley reaffirmed a “buy” rating and issued a $116.00 price objective on shares of AbbVie in a research note on Friday, August 20th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $123.47.
AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses 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; metabolic diseases, comprising thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; and other serious health conditions.
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