Fiduciary Trust Co. lowered its stake in shares of AbbVie Inc (NYSE:ABBV) by 3.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 309,675 shares of the company’s stock after selling 9,473 shares during the quarter. AbbVie comprises about 0.9% of Fiduciary Trust Co.’s holdings, making the stock its 27th largest position. Fiduciary Trust Co.’s holdings in AbbVie were worth $28,691,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Crescent Grove Advisors LLC raised its position in shares of AbbVie by 4.2% during the 1st quarter. Crescent Grove Advisors LLC now owns 12,457 shares of the company’s stock valued at $1,179,000 after acquiring an additional 500 shares in the last quarter. Verition Fund Management LLC raised its position in shares of AbbVie by 7.4% during the 1st quarter. Verition Fund Management LLC now owns 7,269 shares of the company’s stock valued at $688,000 after acquiring an additional 500 shares in the last quarter. Baxter Bros Inc. raised its position in shares of AbbVie by 19.6% during the 1st quarter. Baxter Bros Inc. now owns 3,049 shares of the company’s stock valued at $289,000 after acquiring an additional 500 shares in the last quarter. Hanson & Doremus Investment Management raised its position in shares of AbbVie by 7.4% during the 1st quarter. Hanson & Doremus Investment Management now owns 7,290 shares of the company’s stock valued at $690,000 after acquiring an additional 501 shares in the last quarter. Finally, Shepherd Financial Partners LLC raised its position in shares of AbbVie by 1.6% during the 1st quarter. Shepherd Financial Partners LLC now owns 32,803 shares of the company’s stock valued at $3,105,000 after acquiring an additional 502 shares in the last quarter. 69.35% of the stock is owned by institutional investors.
Shares of NYSE:ABBV traded up $0.94 on Friday, hitting $90.69. The company’s stock had a trading volume of 5,692,147 shares, compared to its average volume of 7,089,003. AbbVie Inc has a 12 month low of $85.24 and a 12 month high of $125.86. The stock has a market cap of $143.22 billion, a price-to-earnings ratio of 16.19, a PEG ratio of 0.91 and a beta of 1.54. The company has a debt-to-equity ratio of -9.06, a quick ratio of 0.71 and a current ratio of 0.80.
AbbVie (NYSE:ABBV) last released 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. AbbVie had a return on equity of 362.05% and a net margin of 20.84%. The company had revenue of $8.28 billion during the quarter, compared to analysts’ expectations of $8.22 billion. During the same quarter in the prior year, the business posted $1.42 earnings per share. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year. On average, equities research analysts predict that AbbVie Inc will post 7.86 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be paid a dividend of $0.96 per share. The ex-dividend date is Friday, October 12th. This represents a $3.84 annualized dividend and a yield of 4.23%. AbbVie’s dividend payout ratio is currently 68.57%.
In related news, EVP Michael Severino sold 50,000 shares of the stock in a transaction on Friday, August 17th. The stock was sold at an average price of $97.52, for a total value of $4,876,000.00. Following the completion of the transaction, the executive vice president now owns 111,481 shares in the company, valued at approximately $10,871,627.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.07% of the company’s stock.
Several equities research analysts recently issued reports on the company. Bank of America upped their price target on AbbVie from $105.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, August 22nd. BMO Capital Markets reissued a “sell” rating and set a $78.00 price target on shares of AbbVie in a research report on Wednesday, August 22nd. Credit Suisse Group raised AbbVie to a “hold” rating and set a $89.00 price target on the stock in a research report on Friday, July 13th. Jefferies Financial Group set a $100.00 price target on AbbVie and gave the company a “buy” rating in a research report on Sunday, July 15th. Finally, Zacks Investment Research lowered AbbVie from a “buy” rating to a “hold” rating in a research report on Saturday, July 14th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $107.21.
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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