Crossvault Capital Management LLC lowered its position in AbbVie Inc. (NYSE:ABBV) by 2.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,382 shares of the company’s stock after selling 323 shares during the period. Crossvault Capital Management LLC’s holdings in AbbVie were worth $742,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. First Command Financial Services Inc. increased its stake in shares of AbbVie by 6.8% in the first quarter. First Command Financial Services Inc. now owns 1,565 shares of the company’s stock worth $102,000 after buying an additional 99 shares during the period. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of AbbVie during the fourth quarter worth about $137,000. American National Bank increased its stake in shares of AbbVie by 13.8% in the first quarter. American National Bank now owns 2,471 shares of the company’s stock worth $161,000 after buying an additional 299 shares during the period. Cable Hill Partners LLC increased its stake in shares of AbbVie by 7.4% in the first quarter. Cable Hill Partners LLC now owns 2,711 shares of the company’s stock worth $177,000 after buying an additional 186 shares during the period. Finally, First PREMIER Bank increased its stake in shares of AbbVie by 53.8% in the first quarter. First PREMIER Bank now owns 3,000 shares of the company’s stock worth $196,000 after buying an additional 1,050 shares during the period. 68.02% of the stock is currently owned by hedge funds and other institutional investors.
Shares of AbbVie Inc. (NYSE:ABBV) opened at 72.64 on Friday. The firm has a market capitalization of $115.61 billion, a PE ratio of 18.83 and a beta of 1.52. AbbVie Inc. has a 12 month low of $55.06 and a 12 month high of $73.49. The stock has a 50 day moving average of $67.41 and a 200-day moving average of $64.18.
AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, April 27th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.02. AbbVie had a net margin of 24.07% and a return on equity of 148.83%. The firm had revenue of $6.54 billion during the quarter, compared to the consensus estimate of $6.49 billion. During the same quarter in the previous year, the company posted $1.15 EPS. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, equities research analysts anticipate that AbbVie Inc. will post $5.53 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend is Wednesday, July 12th. AbbVie’s payout ratio is 66.32%.
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A number of analysts recently issued reports on the stock. Leerink Swann reissued a “market perform” rating on shares of AbbVie in a report on Thursday. Vetr cut shares of AbbVie from a “buy” rating to a “hold” rating and set a $72.72 price objective for the company. in a research report on Wednesday, June 14th. Jefferies Group LLC restated a “buy” rating and set a $90.00 price objective (up from $4.30) on shares of AbbVie in a research report on Tuesday, March 7th. Societe Generale upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, BidaskClub upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 10th. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $73.27.
In related news, Chairman Richard A. Gonzalez sold 71,235 shares of the business’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $65.49, for a total value of $4,665,180.15. Following the completion of the transaction, the chairman now owns 349,462 shares of the company’s stock, valued at approximately $22,886,266.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William J. Chase sold 38,300 shares of the business’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $65.35, for a total transaction of $2,502,905.00. Following the completion of the transaction, the chief financial officer now directly owns 209,043 shares of the company’s stock, valued at approximately $13,660,960.05. The disclosure for this sale can be found here. Insiders sold a total of 278,135 shares of company stock valued at $18,841,085 in the last three months. 0.23% of the stock is currently owned by corporate 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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