McKinley Carter Wealth Services Inc. increased its stake in shares of AbbVie Inc (NYSE:ABBV) by 2.4% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 13,571 shares of the company’s stock after acquiring an additional 318 shares during the period. McKinley Carter Wealth Services Inc.’s holdings in AbbVie were worth $987,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in AbbVie during the 4th quarter worth approximately $1,300,469,000. FMR LLC increased its holdings in AbbVie by 56.5% during 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 during the last quarter. Thoroughbred Financial Services LLC increased its holdings in AbbVie by 7,659.9% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 1,010,494 shares of the company’s stock worth $101,049,000 after purchasing an additional 997,472 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in AbbVie by 61.8% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 2,565,005 shares of the company’s stock worth $186,527,000 after purchasing an additional 979,638 shares during the last quarter. Finally, Bessemer Group Inc. increased its holdings in AbbVie by 3,115.3% during the 4th quarter. Bessemer Group Inc. now owns 947,643 shares of the company’s stock worth $87,362,000 after purchasing an additional 918,170 shares during the last quarter. 68.15% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have issued reports on ABBV shares. Goldman Sachs Group started coverage on AbbVie in a report on Tuesday, May 28th. They set a “neutral” rating and a $84.00 price objective on the stock. Svb Leerink upgraded AbbVie from a “market perform” rating to an “outperform” rating and set a $88.00 price objective on the stock in a report on Wednesday, June 26th. ValuEngine downgraded AbbVie from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 26th. Wolfe Research upgraded AbbVie from an “underperform” rating to a “peer perform” rating in a report on Thursday, June 27th. Finally, Leerink Swann upgraded AbbVie to a “buy” rating in a report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. AbbVie has a consensus rating of “Hold” and a consensus price target of $92.05.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 26th. The company reported $2.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.21 by $0.05. AbbVie had a negative return on equity of 182.70% and a net margin of 12.62%. The business had revenue of $8.26 billion during the quarter, compared to the consensus estimate of $8.09 billion. During the same period in the previous year, the business earned $2.00 EPS. The business’s quarterly revenue was down .3% on a year-over-year basis. On average, sell-side analysts expect that AbbVie Inc will post 8.88 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were issued a $1.07 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $4.28 dividend on an annualized basis and a dividend yield of 6.64%. AbbVie’s dividend payout ratio (DPR) is 54.11%.
In related news, Director Roxanne S. Austin acquired 55,000 shares of the stock in a transaction that occurred 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 purchase, the director now directly owns 92,114 shares in the company, valued at $6,066,628.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Henry O. Gosebruch acquired 30,000 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were bought at an average price 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 $5,097,334.64. The disclosure for this purchase can be found here. Insiders bought a total of 136,900 shares of company stock valued at $9,126,370 over the last quarter. Company insiders own 0.08% of the company’s stock.
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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