Great Lakes Advisors LLC decreased its position in AbbVie Inc (NYSE:ABBV) by 0.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 702,562 shares of the company’s stock after selling 2,589 shares during the quarter. AbbVie accounts for about 1.2% of Great Lakes Advisors LLC’s investment portfolio, making the stock its 21st largest holding. Great Lakes Advisors LLC’s holdings in AbbVie were worth $53,198,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Arbor Wealth Management LLC bought a new position in AbbVie during the second quarter worth $28,000. Lowe Wealth Advisors LLC lifted its stake in AbbVie by 206.7% during the second quarter. Lowe Wealth Advisors LLC now owns 460 shares of the company’s stock worth $33,000 after purchasing an additional 310 shares during the last quarter. Horrell Capital Management Inc. bought a new position in AbbVie during the second quarter worth $33,000. TD Capital Management LLC bought a new position in AbbVie during the second quarter worth $33,000. Finally, Financial Gravity Wealth Inc. lifted its stake in AbbVie by 82.9% during the second quarter. Financial Gravity Wealth Inc. now owns 503 shares of the company’s stock worth $37,000 after purchasing an additional 228 shares during the last quarter. 68.45% of the stock is owned by institutional investors.
Several equities analysts recently issued reports on ABBV shares. Cowen set a $90.00 price objective on AbbVie and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Citigroup upgraded AbbVie from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $87.00 to $90.00 in a research note on Thursday, September 26th. TheStreet lowered AbbVie from a “b-” rating to a “c” rating in a research report on Monday, August 26th. ValuEngine raised AbbVie from a “strong sell” rating to a “sell” rating in a research report on Monday, September 30th. Finally, UBS Group raised AbbVie from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $85.00 to $79.00 in a research report on Thursday, September 12th. Three analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. AbbVie has an average rating of “Hold” and a consensus target price of $84.88.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, November 1st. The company reported $2.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.29 by $0.04. AbbVie had a negative return on equity of 155.96% and a net margin of 9.90%. The firm had revenue of $8.48 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period last year, the company earned $2.14 earnings per share. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, equities research analysts expect that AbbVie Inc will post 8.93 earnings per share for the current fiscal year.
The firm also recently declared a — dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $1.07 per share. This represents a dividend yield of 6.4%. The ex-dividend date of this dividend is Friday, October 11th. AbbVie’s dividend payout ratio (DPR) is 54.11%.
In other news, EVP Timothy J. Richmond sold 15,515 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $75.02, for a total transaction of $1,163,935.30. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Istar Inc. purchased 40,000 shares of the stock in a transaction dated Thursday, August 15th. The shares were acquired at an average cost of $28.52 per share, for a total transaction of $1,140,800.00. Insiders have bought 88,077 shares of company stock worth $4,401,551 over the last three months. Corporate insiders own 0.08% of the company’s stock.
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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