Letko Brosseau & Associates Inc. trimmed its position in shares of AbbVie Inc (NYSE:ABBV) by 3.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 696,382 shares of the company’s stock after selling 27,910 shares during the period. Letko Brosseau & Associates Inc.’s holdings in AbbVie were worth $50,641,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the company. Lavaca Capital LLC grew its stake in shares of AbbVie by 69.2% in the 2nd quarter. Lavaca Capital LLC now owns 49,404 shares of the company’s stock worth $3,593,000 after buying an additional 20,213 shares in the last quarter. Horseman Capital Management Ltd grew its stake in shares of AbbVie by 45.5% in the 2nd quarter. Horseman Capital Management Ltd now owns 16,000 shares of the company’s stock worth $1,164,000 after buying an additional 5,000 shares in the last quarter. Ironwood Investment Counsel LLC grew its stake in shares of AbbVie by 7.9% in the 2nd quarter. Ironwood Investment Counsel LLC now owns 9,171 shares of the company’s stock worth $666,000 after buying an additional 675 shares in the last quarter. Cedar Wealth Management LLC purchased a new position in shares of AbbVie in the 2nd quarter worth $44,000. Finally, Ballentine Partners LLC grew its stake in shares of AbbVie by 52.1% in the 2nd quarter. Ballentine Partners LLC now owns 12,168 shares of the company’s stock worth $886,000 after buying an additional 4,169 shares in the last quarter. Hedge funds and other institutional investors own 68.15% of the company’s stock.
A number of equities analysts have commented on ABBV shares. Wolfe Research raised shares of AbbVie from an “underperform” rating to a “peer perform” rating in a research note on Thursday, June 27th. Svb Leerink raised 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. Credit Suisse Group set a $78.00 price objective on shares of AbbVie and gave the stock a “sell” rating in a research note on Friday, April 26th. BMO Capital Markets raised shares of AbbVie from an “underperform” rating to a “market perform” rating and lifted their price objective for the stock from $71.00 to $79.00 in a research note on Sunday, April 28th. Finally, Leerink Swann raised shares of AbbVie to a “buy” rating in a research note on Tuesday, July 2nd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $92.05.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, July 26th. The company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.05. AbbVie had a net margin of 12.62% and a negative return on equity of 182.70%. The firm had revenue of $8.26 billion during the quarter, compared to analysts’ expectations of $8.09 billion. During the same period in the previous year, the company earned $2.00 EPS. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. Analysts expect that AbbVie Inc will post 8.88 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a dividend of $1.07 per share. The ex-dividend date is Friday, July 12th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 6.79%. AbbVie’s dividend payout ratio is presently 54.11%.
In other news, Director Roxanne S. Austin purchased 55,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was purchased at an average cost of $65.86 per share, with a total value of $3,622,300.00. Following the purchase, the director now owns 92,114 shares in the company, valued at $6,066,628.04. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Henry O. Gosebruch purchased 30,000 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were purchased at an average cost of $67.28 per share, with a total value of $2,018,400.00. Following the completion of the purchase, the executive vice president now owns 75,763 shares in the company, valued at approximately $5,097,334.64. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 136,900 shares of company stock valued at $9,126,370. 0.08% of the stock is owned by corporate insiders.
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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