State of New Jersey Common Pension Fund D cut its stake in AbbVie Inc (NYSE:ABBV) by 13.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,129,900 shares of the company’s stock after selling 180,100 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in AbbVie were worth $85,556,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in ABBV. Bath Savings Trust Co increased its stake in shares of AbbVie by 23.7% in the 2nd quarter. Bath Savings Trust Co now owns 9,198 shares of the company’s stock valued at $669,000 after acquiring an additional 1,760 shares during the last quarter. Cox Capital Mgt LLC increased its stake in shares of AbbVie by 49.1% in the 2nd quarter. Cox Capital Mgt LLC now owns 33,178 shares of the company’s stock valued at $2,413,000 after acquiring an additional 10,921 shares during the last quarter. Thomasville National Bank increased its stake in shares of AbbVie by 2.5% in the 2nd quarter. Thomasville National Bank now owns 45,013 shares of the company’s stock valued at $3,273,000 after acquiring an additional 1,118 shares during the last quarter. Park National Corp OH increased its stake in shares of AbbVie by 1.8% in the 2nd quarter. Park National Corp OH now owns 305,685 shares of the company’s stock valued at $22,229,000 after acquiring an additional 5,472 shares during the last quarter. Finally, Pensionfund DSM Netherlands bought a new stake in shares of AbbVie in the 2nd quarter valued at about $4,080,000. 68.22% of the stock is owned by institutional investors.
In other news, Director Roxanne S. Austin purchased 10,000 shares of AbbVie stock in a transaction on Tuesday, July 30th. The stock was purchased at an average price of $66.35 per share, with a total value of $663,500.00. Following the transaction, the director now directly owns 62,114 shares in the company, valued at approximately $4,121,263.90. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Henry O. Gosebruch purchased 30,000 shares of AbbVie stock in a transaction 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 transaction, 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 purchased a total of 183,077 shares of company stock valued at $10,705,751 over the last quarter. 0.08% of the stock is owned by insiders.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, July 26th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 analyst estimates of $8.09 billion. During the same period in the previous year, the firm earned $2.00 EPS. AbbVie’s quarterly revenue was down .3% compared to the same quarter last year. Sell-side analysts expect that AbbVie Inc will post 8.93 EPS for the current year.
The firm also recently disclosed a — dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a $1.07 dividend. The ex-dividend date is Friday, October 11th. This represents a dividend yield of 6.4%. AbbVie’s dividend payout ratio is presently 54.11%.
A number of brokerages have recently commented on ABBV. Cowen set a $90.00 price target on AbbVie and gave the company a “buy” rating in a research note on Tuesday, September 24th. Wolfe Research raised AbbVie from an “underperform” rating to a “peer perform” rating in a research note on Thursday, June 27th. TheStreet cut AbbVie from a “b-” rating to a “c” rating in a research note on Monday, August 26th. ValuEngine upgraded AbbVie from a “strong sell” rating to a “sell” rating in a research report on Monday, September 30th. Finally, UBS Group upgraded AbbVie from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $85.00 to $79.00 in a research report on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $86.51.
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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