Visionary Asset Management Inc. decreased its position in AbbVie Inc. (NYSE:ABBV) by 9.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,729 shares of the company’s stock after selling 4,963 shares during the period. AbbVie comprises about 1.0% of Visionary Asset Management Inc.’s portfolio, making the stock its 22nd largest position. Visionary Asset Management Inc.’s holdings in AbbVie were worth $3,316,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently modified their holdings of the company. Guggenheim Capital LLC increased its position in AbbVie by 4.5% in the fourth quarter. Guggenheim Capital LLC now owns 2,003,451 shares of the company’s stock valued at $125,458,000 after buying an additional 85,840 shares in the last quarter. Denver Investment Advisors LLC increased its position in AbbVie by 14.8% in the fourth quarter. Denver Investment Advisors LLC now owns 107,849 shares of the company’s stock valued at $7,030,000 after buying an additional 13,878 shares in the last quarter. Congress Asset Management Co. MA bought a new position in AbbVie during the fourth quarter valued at about $439,000. L & S Advisors Inc bought a new position in AbbVie during the fourth quarter valued at about $933,000. Finally, Cigna Investments Inc. New bought a new position in AbbVie during the fourth quarter valued at about $3,759,000. Hedge funds and other institutional investors own 68.00% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) remained flat at $70.99 on Friday. The stock had a trading volume of 4,732,537 shares. The company has a market cap of $112.98 billion, a price-to-earnings ratio of 17.46 and a beta of 1.50. The firm has a 50 day moving average price of $72.07 and a 200 day moving average price of $66.31. AbbVie Inc. has a 52 week low of $55.06 and a 52 week high of $75.04.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.02. AbbVie had a net margin of 24.77% and a return on equity of 154.76%. The company had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same period in the previous year, the firm earned $1.26 EPS. AbbVie’s revenue was up 7.6% on a year-over-year basis. On average, analysts predict that AbbVie Inc. will post $5.52 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be given a dividend of $0.64 per share. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.61%. AbbVie’s dividend payout ratio (DPR) is 62.90%.
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Several equities analysts have issued reports on ABBV shares. Vetr upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $74.38 price objective for the company in a research note on Monday, May 8th. Credit Suisse Group restated a “neutral” rating and issued a $74.00 price objective (up previously from $65.00) on shares of AbbVie in a research note on Thursday, July 20th. BMO Capital Markets set a $63.00 price objective on shares of AbbVie and gave the company a “hold” rating in a research note on Thursday, April 27th. BidaskClub raised shares of AbbVie from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 10th. Finally, Leerink Swann reaffirmed a “market perform” rating on shares of AbbVie in a report on Thursday, June 22nd. Nine investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $75.35.
In other AbbVie news, CEO Richard A. Gonzalez sold 65,861 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $71.00, for a total transaction of $4,676,131.00. Following the sale, the chief executive officer now directly owns 342,353 shares in the company, valued at approximately $24,307,063. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William J. Chase sold 38,300 shares of the business’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $65.35, for a total transaction of $2,502,905.00. Following the sale, the chief financial officer now owns 209,043 shares in the company, valued at $13,660,960.05. The disclosure for this sale can be found here. Insiders have sold a total of 406,895 shares of company stock worth $28,140,423 over the last 90 days. 0.23% of the stock is owned by insiders.
AbbVie Company Profile
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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