Level Four Advisory Services LLC reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 58,773 shares of the company’s stock after selling 826 shares during the period. Level Four Advisory Services LLC’s holdings in AbbVie were worth $3,821,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the stock. Norges Bank purchased a new stake in AbbVie during the fourth quarter worth about $823,984,000. State Street Corp increased its stake in AbbVie by 2.4% in the first quarter. State Street Corp now owns 72,969,530 shares of the company’s stock worth $4,754,696,000 after buying an additional 1,696,042 shares during the period. Wedge Capital Management L L P NC purchased a new stake in AbbVie during the first quarter worth about $46,744,000. Orbis Allan Gray Ltd increased its stake in AbbVie by 11.8% in the fourth quarter. Orbis Allan Gray Ltd now owns 5,485,407 shares of the company’s stock worth $343,496,000 after buying an additional 579,378 shares during the period. Finally, Legal & General Group Plc increased its stake in AbbVie by 4.1% in the first quarter. Legal & General Group Plc now owns 7,918,192 shares of the company’s stock worth $515,956,000 after buying an additional 312,055 shares during the period. 67.89% of the stock is owned by institutional investors and hedge funds.
AbbVie Inc. (NYSE:ABBV) traded up 0.27% on Friday, hitting $70.63. The company had a trading volume of 3,248,300 shares. The firm’s 50 day moving average price is $72.05 and its 200 day moving average price is $66.76. The stock has a market cap of $112.59 billion, a P/E ratio of 17.37 and a beta of 1.50. AbbVie Inc. has a 12-month low of $55.06 and a 12-month high of $75.04.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The business had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same period last year, the business earned $1.26 earnings per share. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. Equities analysts predict that AbbVie Inc. will post $5.52 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend is Wednesday, July 12th. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.
A number of equities research analysts have issued reports on ABBV shares. BMO Capital Markets reissued a “hold” rating and set a $63.00 price target on shares of AbbVie in a research report on Tuesday, April 18th. Leerink Swann set a $71.00 price target on AbbVie and gave the company a “hold” rating in a research report on Thursday, April 20th. Deutsche Bank AG boosted their price target on AbbVie from $64.00 to $65.00 and gave the company a “hold” rating in a research report on Friday, April 28th. Vetr downgraded AbbVie from a “strong-buy” rating to a “buy” rating and set a $74.98 price target for the company. in a research report on Thursday, May 4th. Finally, Jefferies Group LLC reissued a “buy” rating on shares of AbbVie in a research report on Friday, May 26th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $74.66.
In related news, insider Laura J. Schumacher sold 79,800 shares of AbbVie stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $70.00, for a total transaction of $5,586,000.00. Following the sale, the insider now directly owns 187,625 shares of the company’s stock, valued at $13,133,750. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 193,131 shares of AbbVie stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $71.00, for a total value of $13,712,301.00. Following the sale, the chairman now directly owns 469,623 shares in the company, valued at $33,343,233. The disclosure for this sale can be found here. Over the last three months, insiders have sold 600,026 shares of company stock worth $41,852,724. 0.23% of the stock is owned by company insiders.
AbbVie Company Profile
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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