Investment Counselors of Maryland LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,410 shares of the company’s stock after selling 400 shares during the period. Investment Counselors of Maryland LLC’s holdings in AbbVie were worth $743,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Gyroscope Capital Management Group LLC boosted its stake in AbbVie by 5.9% in the fourth quarter. Gyroscope Capital Management Group LLC now owns 70,185 shares of the company’s stock worth $4,395,000 after buying an additional 3,926 shares in the last quarter. Toth Financial Advisory Corp boosted its position in shares of AbbVie by 2.6% in the first quarter. Toth Financial Advisory Corp now owns 61,012 shares of the company’s stock valued at $3,976,000 after buying an additional 1,536 shares during the last quarter. First Capital Advisors Group LLC. purchased a new position in shares of AbbVie during the fourth quarter valued at approximately $1,117,000. Orbis Allan Gray Ltd boosted its position in shares of AbbVie by 11.8% in the fourth quarter. Orbis Allan Gray Ltd now owns 5,485,407 shares of the company’s stock valued at $343,496,000 after buying an additional 579,378 shares during the last quarter. Finally, Baird Financial Group Inc. boosted its position in shares of AbbVie by 14.1% in the fourth quarter. Baird Financial Group Inc. now owns 2,291,438 shares of the company’s stock valued at $143,490,000 after buying an additional 283,099 shares during the last quarter. 68.04% of the stock is owned by institutional investors and hedge funds.
Shares of AbbVie Inc. (ABBV) opened at 72.70 on Tuesday. AbbVie Inc. has a 52 week low of $55.06 and a 52 week high of $73.67. The company has a 50-day moving average of $68.61 and a 200-day moving average of $64.71. The stock has a market capitalization of $115.70 billion, a P/E ratio of 18.84 and a beta of 1.51.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, April 27th. The company reported $1.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.26 by $0.02. AbbVie had a return on equity of 148.83% and a net margin of 24.07%. The company had revenue of $6.54 billion for the quarter, compared to analyst estimates of $6.49 billion. During the same quarter in the prior year, the firm posted $1.15 EPS. AbbVie’s quarterly revenue was up 9.7% compared to the same quarter last year. On average, analysts anticipate that AbbVie Inc. will post $5.53 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be given a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.52%. The ex-dividend date is Wednesday, July 12th. AbbVie’s dividend payout ratio (DPR) is presently 66.32%.
Several brokerages recently issued reports on ABBV. Jefferies Group LLC reaffirmed a “buy” rating and set a $94.00 price target (up from $92.00) on shares of AbbVie in a report on Monday. Zacks Investment Research raised shares of AbbVie from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Vetr raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $74.86 target price on the stock in a report on Thursday, July 6th. Deutsche Bank AG restated a “hold” rating and issued a $66.00 price target (up previously from $65.00) on shares of AbbVie in a research report on Monday. Finally, Leerink Swann set a $71.00 price target on shares of AbbVie and gave the stock a “hold” rating in a research report on Thursday, April 20th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $73.78.
In other AbbVie news, Chairman Richard A. Gonzalez sold 71,235 shares of the firm’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $65.49, for a total value of $4,665,180.15. Following the sale, the chairman now directly owns 349,462 shares of the company’s stock, valued at $22,886,266.38. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO William J. Chase sold 38,300 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $65.35, for a total value of $2,502,905.00. Following the completion of the sale, the chief financial officer now directly owns 209,043 shares in the company, valued at $13,660,960.05. The disclosure for this sale can be found here. Insiders sold a total of 278,135 shares of company stock worth $18,841,085 in the last ninety days. 0.23% of the stock is currently owned by corporate 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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