Eagle Ridge Investment Management decreased its position in AbbVie Inc (NYSE:ABBV) by 0.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 101,664 shares of the company’s stock after selling 861 shares during the quarter. Eagle Ridge Investment Management’s holdings in AbbVie were worth $7,393,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of AbbVie during the fourth quarter valued at $1,300,469,000. FMR LLC lifted its holdings in shares of AbbVie by 56.5% during the first quarter. FMR LLC now owns 13,200,141 shares of the company’s stock valued at $1,063,799,000 after purchasing an additional 4,765,946 shares during the last quarter. Thoroughbred Financial Services LLC lifted its holdings in shares of AbbVie by 7,659.9% during the second quarter. Thoroughbred Financial Services LLC now owns 1,010,494 shares of the company’s stock valued at $101,049,000 after purchasing an additional 997,472 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of AbbVie by 61.8% during the second quarter. Robeco Institutional Asset Management B.V. now owns 2,565,005 shares of the company’s stock valued at $186,527,000 after purchasing an additional 979,638 shares during the last quarter. Finally, Bessemer Group Inc. lifted its holdings in shares of AbbVie by 3,115.3% during the fourth quarter. Bessemer Group Inc. now owns 947,643 shares of the company’s stock valued at $87,362,000 after purchasing an additional 918,170 shares during the last quarter. Institutional investors and hedge funds own 68.15% of the company’s stock.
NYSE:ABBV traded down $0.30 during trading hours on Thursday, hitting $63.20. 4,340,080 shares of the company’s stock traded hands, compared to its average volume of 10,238,484. The stock has a market cap of $95.41 billion, a price-to-earnings ratio of 7.99, a P/E/G ratio of 1.54 and a beta of 0.96. AbbVie Inc has a twelve month low of $63.31 and a twelve month high of $100.23. The stock has a fifty day moving average price of $68.73.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 6.77%. The ex-dividend date is Friday, July 12th. AbbVie’s payout ratio is 54.11%.
In other news, Director Roxanne S. Austin bought 11,500 shares of the company’s stock in a transaction on Wednesday, June 26th. The shares were bought at an average cost of $67.50 per share, with a total value of $776,250.00. Following the transaction, the director now directly owns 52,114 shares in the company, valued at approximately $3,517,695. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Roxanne S. Austin bought 55,000 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was purchased at an average cost of $65.86 per share, for a total transaction of $3,622,300.00. Following the completion of the transaction, the director now owns 92,114 shares in the company, valued at $6,066,628.04. The disclosure for this purchase can be found here. Insiders have purchased 136,900 shares of company stock worth $9,126,370 over the last three months. 0.08% of the stock is owned by insiders.
Several equities research analysts have recently commented on ABBV shares. Svb Leerink raised AbbVie from a “market perform” rating to an “outperform” rating and set a $88.00 target price for the company in a report on Wednesday, June 26th. Citigroup reaffirmed a “hold” rating on shares of AbbVie in a report on Wednesday, June 26th. Goldman Sachs Group initiated coverage on AbbVie in a report on Tuesday, May 28th. They set a “neutral” rating and a $84.00 target price for the company. Wolfe Research raised AbbVie from an “underperform” rating to a “peer perform” rating in a research report on Thursday, June 27th. Finally, Piper Jaffray Companies set a $80.00 price target on AbbVie and gave the company a “hold” rating in a research report on Friday, July 26th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. AbbVie currently has an average rating of “Hold” and a consensus target price of $92.05.
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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