Resources Investment Advisors Inc. lowered its stake in AbbVie Inc (NYSE:ABBV) by 10.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 12,666 shares of the company’s stock after selling 1,462 shares during the quarter. Resources Investment Advisors Inc.’s holdings in AbbVie were worth $1,174,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in ABBV. Fairfield Bush & CO. bought a new position in shares of AbbVie during the first quarter valued at approximately $146,000. First Mercantile Trust Co. bought a new position in shares of AbbVie during the second quarter valued at approximately $150,000. MUFG Securities EMEA plc bought a new position in shares of AbbVie during the second quarter valued at approximately $157,000. Rainier Group Investment Advisory LLC bought a new position in AbbVie in the 1st quarter worth $161,000. Finally, Clearwater Capital Advisors LLC bought a new position in AbbVie in the 1st quarter worth $195,000. Hedge funds and other institutional investors own 69.44% of the company’s stock.
In other AbbVie news, EVP Michael Severino sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $97.52, for a total transaction of $4,876,000.00. Following the completion of the transaction, the executive vice president now owns 111,481 shares of the company’s stock, valued at $10,871,627.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.07% of the stock is currently owned by company insiders.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 27th. The company reported $2.00 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.98 by $0.02. The company had revenue of $8.28 billion during the quarter, compared to analyst estimates of $8.22 billion. AbbVie had a net margin of 20.84% and a return on equity of 362.05%. AbbVie’s quarterly revenue was up 19.2% compared to the same quarter last year. During the same period last year, the business earned $1.42 EPS. Equities research analysts expect that AbbVie Inc will post 7.86 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 15th will be paid a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.70%. The ex-dividend date of this dividend is Friday, October 12th. AbbVie’s dividend payout ratio is 68.57%.
Several brokerages have commented on ABBV. Bank of America upped their price objective on shares of AbbVie from $105.00 to $107.00 and gave the stock a “buy” rating in a report on Wednesday, August 22nd. BMO Capital Markets restated a “sell” rating and issued a $78.00 price objective on shares of AbbVie in a report on Wednesday, August 22nd. Credit Suisse Group upgraded shares of AbbVie to a “hold” rating and set a $89.00 price objective for the company in a report on Friday, July 13th. Jefferies Financial Group set a $100.00 price target on shares of AbbVie and gave the stock a “buy” rating in a research note on Sunday, July 15th. Finally, Zacks Investment Research downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a research note on Saturday, July 14th. Six equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $105.68.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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