Cadence Capital Management LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 6.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 182,039 shares of the company’s stock after selling 12,449 shares during the period. AbbVie makes up 0.9% of Cadence Capital Management LLC’s portfolio, making the stock its 11th largest holding. Cadence Capital Management LLC’s holdings in AbbVie were worth $13,200,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Savant Capital LLC boosted its position in AbbVie by 1.3% in the 2nd quarter. Savant Capital LLC now owns 61,132 shares of the company’s stock valued at $4,433,000 after buying an additional 793 shares during the period. Princeton Capital Management Inc. purchased a new stake in AbbVie in the 2nd quarter valued at about $1,394,000. Accident Compensation Corp boosted its position in AbbVie by 24.7% in the 1st quarter. Accident Compensation Corp now owns 66,200 shares of the company’s stock valued at $4,314,000 after buying an additional 13,100 shares during the period. Investec Asset Management LTD boosted its position in AbbVie by 3.6% in the 1st quarter. Investec Asset Management LTD now owns 166,978 shares of the company’s stock valued at $10,880,000 after buying an additional 5,801 shares during the period. Finally, Palisade Asset Management LLC boosted its position in AbbVie by 17.9% in the 2nd quarter. Palisade Asset Management LLC now owns 68,311 shares of the company’s stock valued at $4,953,000 after buying an additional 10,381 shares during the period. 68.16% of the stock is owned by institutional investors.
AbbVie Inc. (NYSE:ABBV) opened at $95.12 on Tuesday. The company has a debt-to-equity ratio of 5.08, a quick ratio of 1.32 and a current ratio of 1.45. AbbVie Inc. has a 52 week low of $58.60 and a 52 week high of $98.26. The stock has a market cap of $152,347.31, a P/E ratio of 17.97, a price-to-earnings-growth ratio of 1.32 and a beta of 1.51.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.02. AbbVie had a net margin of 24.38% and a return on equity of 153.80%. The business had revenue of $7 billion for the quarter, compared to analyst estimates of $7 billion. During the same quarter in the prior year, the business posted $1.21 EPS. AbbVie’s revenue for the quarter was up 8.8% compared to the same quarter last year. equities research analysts expect that AbbVie Inc. will post 5.55 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be paid a dividend of $0.71 per share. This is a positive change from AbbVie’s previous quarterly dividend of $0.64. The ex-dividend date is Thursday, January 11th. This represents a $2.84 dividend on an annualized basis and a yield of 2.99%. AbbVie’s dividend payout ratio is presently 62.29%.
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In other news, EVP Michael Severino sold 25,633 shares of the company’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $94.69, for a total value of $2,427,188.77. Following the sale, the executive vice president now directly owns 114,922 shares of the company’s stock, valued at approximately $10,881,964.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Azita Saleki-Gerhardt sold 8,300 shares of the company’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $85.02, for a total transaction of $705,666.00. Following the completion of the sale, the senior vice president now directly owns 93,099 shares in the company, valued at $7,915,276.98. The disclosure for this sale can be found here. Insiders have sold a total of 58,932 shares of company stock worth $5,379,432 in the last 90 days. 0.23% of the stock is currently owned by company insiders.
ABBV has been the subject of several research reports. BidaskClub cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. Vetr raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price target for the company in a research report on Wednesday, July 26th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $94.00 price target (up previously from $92.00) on shares of AbbVie in a research report on Monday, July 17th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $85.00 price target on shares of AbbVie in a research report on Thursday, August 3rd. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $100.00 price target (up previously from $85.00) on shares of AbbVie in a research report on Friday, September 8th. Eight investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $93.68.
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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