Tiemann Investment Advisors LLC reduced its holdings in AbbVie Inc (NYSE:ABBV) by 2.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 16,065 shares of the company’s stock after selling 400 shares during the quarter. Tiemann Investment Advisors LLC’s holdings in AbbVie were worth $1,168,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in ABBV. Norges Bank acquired a new position in AbbVie in the fourth quarter valued at approximately $1,300,469,000. FMR LLC lifted its holdings in AbbVie by 56.5% in the first quarter. FMR LLC now owns 13,200,141 shares of the company’s stock valued at $1,063,799,000 after buying an additional 4,765,946 shares during the period. Renaissance Technologies LLC lifted its holdings in AbbVie by 83.4% in the second quarter. Renaissance Technologies LLC now owns 4,538,542 shares of the company’s stock valued at $330,043,000 after buying an additional 2,064,486 shares during the period. Panagora Asset Management Inc. lifted its holdings in AbbVie by 532.4% in the second quarter. Panagora Asset Management Inc. now owns 1,588,784 shares of the company’s stock valued at $115,536,000 after buying an additional 1,337,547 shares during the period. Finally, Natixis lifted its holdings in AbbVie by 182.4% in the second quarter. Natixis now owns 1,767,620 shares of the company’s stock valued at $128,541,000 after buying an additional 1,141,797 shares during the period. Institutional investors and hedge funds own 68.21% of the company’s stock.
ABBV has been the topic of several analyst reports. Citigroup restated a “hold” rating on shares of AbbVie in a report on Wednesday, June 26th. Goldman Sachs Group started coverage on shares of AbbVie in a research note on Tuesday, May 28th. They issued a “neutral” rating and a $84.00 target price for the company. UBS Group raised shares of AbbVie from a “neutral” rating to a “buy” rating and lowered their target price for the company from $85.00 to $79.00 in a research note on Thursday. Svb Leerink raised shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $88.00 target price for the company in a research note on Wednesday, June 26th. Finally, Piper Jaffray Companies upped their target price on shares of AbbVie from $80.00 to $81.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $91.20.
In other AbbVie news, SVP Nicholas Donoghoe bought 7,525 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was acquired at an average price of $66.19 per share, with a total value of $498,079.75. Following the completion of the transaction, the senior vice president now owns 13,090 shares in the company, valued at $866,427.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Henry O. Gosebruch bought 30,000 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was acquired 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 of the company’s stock, valued at approximately $5,097,334.64. The disclosure for this purchase can be found here. Insiders have bought 159,977 shares of company stock valued at $10,626,621 in the last three months. 0.08% of the stock is owned by insiders.
Shares of ABBV stock traded down $0.25 during trading hours on Friday, hitting $70.58. 5,799,138 shares of the company were exchanged, compared to its average volume of 7,832,565. The business has a 50 day moving average of $66.13 and a two-hundred day moving average of $74.81. AbbVie Inc has a 52 week low of $62.66 and a 52 week high of $96.60. The company has a market capitalization of $100.80 billion, a PE ratio of 8.92, a PEG ratio of 1.62 and a beta of 0.95.
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, topping the Thomson Reuters’ consensus estimate of $2.21 by $0.05. AbbVie had a net margin of 12.62% and a negative return on equity of 182.70%. The company had revenue of $8.26 billion during the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the prior year, the firm earned $2.00 earnings per share. The firm’s revenue was down .3% compared to the same quarter last year. As a group, sell-side analysts forecast that AbbVie Inc will post 8.9 earnings per share for the current fiscal year.
The business also recently disclosed a — dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $1.07 per share. This represents a dividend yield of 6.4%. The ex-dividend date is Friday, October 11th. AbbVie’s dividend payout ratio is 54.11%.
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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