Founders Capital Management increased its stake in shares of AbbVie Inc (NYSE:ABBV) by 6.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 47,043 shares of the company’s stock after buying an additional 2,910 shares during the period. AbbVie accounts for about 2.8% of Founders Capital Management’s portfolio, making the stock its 12th largest holding. Founders Capital Management’s holdings in AbbVie were worth $3,562,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in AbbVie by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 121,523,538 shares of the company’s stock worth $8,837,192,000 after purchasing an additional 679,398 shares in the last quarter. BlackRock Inc. raised its stake in AbbVie by 3.3% in the 2nd quarter. BlackRock Inc. now owns 98,295,272 shares of the company’s stock worth $7,148,030,000 after purchasing an additional 3,100,309 shares in the last quarter. FMR LLC raised its stake in AbbVie by 56.5% in the 1st quarter. FMR LLC now owns 13,200,141 shares of the company’s stock worth $1,063,799,000 after purchasing an additional 4,765,946 shares in the last quarter. Nuveen Asset Management LLC raised its stake in AbbVie by 1,715.8% in the 2nd quarter. Nuveen Asset Management LLC now owns 9,593,845 shares of the company’s stock worth $697,664,000 after purchasing an additional 9,065,487 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in AbbVie by 2.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 6,613,086 shares of the company’s stock worth $480,904,000 after purchasing an additional 182,795 shares in the last quarter. 68.14% of the stock is owned by institutional investors and hedge funds.
Several brokerages have weighed in on ABBV. Svb Leerink upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $88.00 price objective for the company in a research note on Wednesday, June 26th. UBS Group upgraded shares of AbbVie from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $85.00 to $79.00 in a research note on Thursday, September 12th. Cowen set a $90.00 price objective on shares of AbbVie and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Wolfe Research upgraded shares of AbbVie from an “underperform” rating to a “peer perform” rating in a research note on Thursday, June 27th. Finally, Citigroup upgraded shares of AbbVie from a “neutral” rating to a “buy” rating and boosted their target price for the company from $87.00 to $90.00 in a research report on Thursday, September 26th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. AbbVie currently has an average rating of “Hold” and an average price target of $89.97.
In related news, Director Roxanne S. Austin acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, July 30th. The stock was acquired at an average cost of $66.35 per share, for a total transaction of $663,500.00. Following the transaction, the director now directly owns 62,114 shares in the company, valued at $4,121,263.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Istar Inc. acquired 40,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average price of $28.52 per share, with a total value of $1,140,800.00. Insiders bought a total of 183,077 shares of company stock valued at $10,705,751 over the last 90 days. Corporate insiders own 0.08% of the company’s stock.
Shares of NYSE:ABBV traded up $0.91 during midday trading on Thursday, hitting $74.21. The stock had a trading volume of 323,964 shares, compared to its average volume of 8,268,051. The company’s 50-day moving average price is $70.14 and its 200-day moving average price is $73.93. The company has a market capitalization of $109.90 billion, a P/E ratio of 9.38, a price-to-earnings-growth ratio of 1.52 and a beta of 0.99. AbbVie Inc has a fifty-two week low of $62.66 and a fifty-two week high of $95.39.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 26th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.21 by $0.05. The company had revenue of $8.26 billion during the quarter, compared to analysts’ expectations of $8.09 billion. AbbVie had a net margin of 12.62% and a negative return on equity of 182.70%. The business’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.00 EPS. As a group, equities research analysts expect that AbbVie Inc will post 8.9 earnings per share for the current fiscal year.
The company also recently announced a — dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a $1.07 dividend. This represents a dividend yield of 6.4%. The ex-dividend date is Friday, October 11th. AbbVie’s payout ratio is presently 54.11%.
AbbVie Company Profile
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.
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