Norris Perne & French LLP MI Grows Stake in AbbVie Inc (NYSE:ABBV)

Norris Perne & French LLP MI grew its holdings in AbbVie Inc (NYSE:ABBV) by 1.2% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 27,750 shares of the company’s stock after acquiring an additional 325 shares during the quarter. Norris Perne & French LLP MI’s holdings in AbbVie were worth $2,018,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund lifted its holdings in shares of AbbVie by 4,385.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 15,195,586 shares of the company’s stock valued at $165,000 after buying an additional 14,856,786 shares during the period. Norges Bank acquired a new position in AbbVie during the fourth quarter worth $1,300,469,000. FMR LLC raised its holdings in AbbVie by 56.5% during the first quarter. FMR LLC now owns 13,200,141 shares of the company’s stock worth $1,063,799,000 after purchasing an additional 4,765,946 shares during the last quarter. Thoroughbred Financial Services LLC raised its holdings in AbbVie by 7,659.9% during the second quarter. Thoroughbred Financial Services LLC now owns 1,010,494 shares of the company’s stock worth $101,049,000 after purchasing an additional 997,472 shares during the last quarter. Finally, Bessemer Group Inc. raised its holdings in AbbVie by 3,115.3% during the fourth quarter. Bessemer Group Inc. now owns 947,643 shares of the company’s stock worth $87,362,000 after purchasing an additional 918,170 shares during the last quarter. Institutional investors and hedge funds own 68.52% of the company’s stock.

In related news, EVP William J. Chase bought 30,400 shares of the stock in a transaction dated Wednesday, June 26th. The stock was bought at an average cost of $67.30 per share, with a total value of $2,045,920.00. Following the completion of the acquisition, the executive vice president now owns 169,552 shares of the company’s stock, valued at $11,410,849.60. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Roxanne S. Austin acquired 11,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The stock was acquired at an average cost of $67.50 per share, with a total value of $776,250.00. Following the completion of the acquisition, the director now directly owns 52,114 shares in the company, valued at $3,517,695. The disclosure for this purchase can be found here. Insiders own 0.08% of the company’s stock.

ABBV has been the subject of several research reports. Piper Jaffray Companies set a $265.00 price objective on SVB Financial Group and gave the stock a “buy” rating in a report on Friday, July 26th. Goldman Sachs Group set a $27.00 price objective on Melco Resorts & Entertainment and gave the stock a “buy” rating in a report on Tuesday, May 28th. Citigroup reaffirmed a “hold” rating on shares of AbbVie in a report on Wednesday, June 26th. Svb Leerink raised AbbVie from a “market perform” rating to an “outperform” rating and set a $88.00 price objective for the company in a report on Wednesday, June 26th. Finally, BMO Capital Markets raised AbbVie from an “underperform” rating to a “market perform” rating and lifted their price objective for the stock from $71.00 to $79.00 in a report on Sunday, April 28th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $92.05.

AbbVie stock traded down $0.14 during mid-day trading on Wednesday, hitting $67.04. 114,435 shares of the company were exchanged, compared to its average volume of 10,793,975. The firm has a 50 day moving average price of $72.45. The firm has a market cap of $100.17 billion, a P/E ratio of 8.47, a P/E/G ratio of 1.37 and a beta of 0.99. AbbVie Inc has a 12-month low of $65.06 and a 12-month high of $100.23.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 26th. The company reported $2.26 EPS for the quarter, beating the Zacks’ consensus estimate of $2.21 by $0.05. The business had revenue of $8.26 billion during the quarter, compared to the consensus estimate of $8.09 billion. AbbVie had a negative return on equity of 198.18% and a net margin of 12.62%. The business’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.00 earnings per share. On average, research analysts anticipate that AbbVie Inc will post 8.9 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 6.38%. The ex-dividend date is Friday, July 12th. AbbVie’s dividend payout ratio (DPR) 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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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