Te Ahumairangi Investment Management Ltd acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 21,083 shares of the company’s stock, valued at approximately $5,305,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position in shares of AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after purchasing an additional 3,401 shares during the period. Revolve Wealth Partners LLC lifted its holdings in shares of AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after buying an additional 3,064 shares during the period. Schnieders Capital Management LLC. lifted its holdings in shares of AbbVie by 5.0% in the second quarter. Schnieders Capital Management LLC. now owns 16,466 shares of the company’s stock valued at $3,056,000 after buying an additional 789 shares during the period. Ieq Capital LLC boosted its stake in AbbVie by 4.6% during the second quarter. Ieq Capital LLC now owns 120,035 shares of the company’s stock valued at $22,281,000 after buying an additional 5,274 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its stake in AbbVie by 117.3% during the second quarter. Worldquant Millennium Advisors LLC now owns 1,135,034 shares of the company’s stock valued at $210,685,000 after buying an additional 612,702 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.
AbbVie Stock Up 0.6%
Shares of NYSE ABBV opened at $261.50 on Thursday. The stock’s fifty day simple moving average is $254.23 and its 200 day simple moving average is $229.67. The stock has a market capitalization of $462.02 billion, a price-to-earnings ratio of 73.87, a PEG ratio of 1.18 and a beta of 0.29. AbbVie Inc. has a 52-week low of $190.75 and a 52-week high of $267.47.
AbbVie Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th were paid a dividend of $1.73 per share. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $6.92 dividend on an annualized basis and a yield of 2.6%. AbbVie’s dividend payout ratio is currently 195.48%.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on the stock. Sanford C. Bernstein reiterated a “market perform” rating on shares of AbbVie in a research report on Tuesday, June 23rd. Royal Bank Of Canada raised their price objective on shares of AbbVie from $260.00 to $280.00 and gave the company an “outperform” rating in a research report on Friday, July 10th. Morgan Stanley reaffirmed an “overweight” rating and issued a $296.00 price objective on shares of AbbVie in a research note on Monday, August 3rd. JPMorgan Chase & Co. boosted their target price on shares of AbbVie from $260.00 to $280.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Finally, Evercore set a $235.00 target price on shares of AbbVie in a research note on Friday, May 15th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $275.95.
Check Out Our Latest Stock Analysis on ABBV
Insider Buying and Selling
In other AbbVie news, EVP Nicholas Donoghoe sold 32,710 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $250.00, for a total value of $8,177,500.00. Following the completion of the transaction, the executive vice president directly owned 74,430 shares in the company, valued at $18,607,500. This trade represents a 30.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.06% of the company’s stock.
AbbVie Profile
AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.
AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.
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