Eventide Asset Management LLC trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 33.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 555,300 shares of the company’s stock after selling 285,100 shares during the period. AbbVie makes up 2.4% of Eventide Asset Management LLC’s investment portfolio, making the stock its 8th largest holding. Eventide Asset Management LLC’s holdings in AbbVie were worth $36,183,000 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 ABBV. Adirondack Trust Co. grew its position in shares of AbbVie by 1.0% in the 1st quarter. Adirondack Trust Co. now owns 10,030 shares of the company’s stock valued at $654,000 after buying an additional 100 shares during the last quarter. TNB Financial purchased a new position in shares of AbbVie in the 1st quarter valued at $3,315,000. Verde Servicos Internacionais S.A. grew its position in shares of AbbVie by 2.0% in the 1st quarter. Verde Servicos Internacionais S.A. now owns 39,840 shares of the company’s stock valued at $2,595,000 after buying an additional 798 shares during the last quarter. Gierl Augustine Investment Management Inc grew its position in shares of AbbVie by 8.0% in the 1st quarter. Gierl Augustine Investment Management Inc now owns 54,762 shares of the company’s stock valued at $3,568,000 after buying an additional 4,058 shares during the last quarter. Finally, Weybosset Research & Management LLC grew its position in shares of AbbVie by 21.6% in the 1st quarter. Weybosset Research & Management LLC now owns 4,500 shares of the company’s stock valued at $293,000 after buying an additional 800 shares during the last quarter. 68.29% of the stock is currently owned by hedge funds and other institutional investors.
AbbVie Inc. (NYSE:ABBV) traded up 4.35% during mid-day trading on Friday, hitting $85.34. 14,809,087 shares of the stock traded hands. AbbVie Inc. has a 1-year low of $55.06 and a 1-year high of $86.09. The stock has a 50-day moving average of $72.74 and a 200 day moving average of $68.51. The firm has a market cap of $136.04 billion, a price-to-earnings ratio of 20.99 and a beta of 1.48.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.40 by $0.02. The business had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The company’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.26 earnings per share. On average, equities analysts expect that AbbVie Inc. will post $5.52 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Friday, July 14th were given a dividend of $0.64 per share. The ex-dividend date was Wednesday, July 12th. This represents a $2.56 annualized dividend and a dividend yield of 3.00%. AbbVie’s dividend payout ratio is currently 62.90%.
In other news, Chairman Richard A. Gonzalez sold 193,131 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $71.00, for a total transaction of $13,712,301.00. Following the completion of the transaction, the chairman now owns 469,623 shares in the company, valued at $33,343,233. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Carlos Alban sold 45,800 shares of the company’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $70.00, for a total transaction of $3,206,000.00. Following the transaction, the executive vice president now owns 160,545 shares of the company’s stock, valued at approximately $11,238,150. The disclosure for this sale can be found here. Insiders have sold 490,491 shares of company stock valued at $34,684,639 in the last 90 days. Insiders own 0.23% of the company’s stock.
A number of research firms recently commented on ABBV. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $85.00 target price on shares of AbbVie in a research report on Thursday, August 3rd. BidaskClub cut shares of AbbVie from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Jefferies Group LLC reiterated a “buy” rating and set a $94.00 price target on shares of AbbVie in a research note on Friday. Vetr upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price target for the company in a research note on Wednesday, July 26th. Finally, Cowen and Company set a $70.00 price target on shares of AbbVie and gave the stock a “hold” rating in a research note on Sunday, July 30th. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $77.33.
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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