Princeton Global Asset Management LLC lifted its position in AbbVie Inc (NYSE:ABBV) by 13.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,010 shares of the company’s stock after buying an additional 1,079 shares during the quarter. Princeton Global Asset Management LLC’s holdings in AbbVie were worth $660,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Shufro Rose & Co. LLC boosted its stake in AbbVie by 35.9% in the 2nd quarter. Shufro Rose & Co. LLC now owns 3,976 shares of the company’s stock worth $289,000 after purchasing an additional 1,051 shares during the period. Westside Investment Management Inc. purchased a new stake in shares of AbbVie during the 2nd quarter valued at $305,000. Logan Capital Management Inc. lifted its holdings in shares of AbbVie by 15.6% during the 2nd quarter. Logan Capital Management Inc. now owns 146,761 shares of the company’s stock worth $10,672,000 after acquiring an additional 19,770 shares during the last quarter. Greenleaf Trust lifted its holdings in shares of AbbVie by 8.1% during the 2nd quarter. Greenleaf Trust now owns 36,179 shares of the company’s stock worth $2,631,000 after acquiring an additional 2,708 shares during the last quarter. Finally, ZWJ Investment Counsel Inc. lifted its holdings in shares of AbbVie by 19.8% during the 2nd quarter. ZWJ Investment Counsel Inc. now owns 36,686 shares of the company’s stock worth $2,668,000 after acquiring an additional 6,071 shares during the last quarter. 70.48% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Vice Chairman Laura J. Schumacher acquired 25,000 shares of AbbVie stock in a transaction on Monday, September 16th. The shares were acquired at an average cost of $70.42 per share, with a total value of $1,760,500.00. Following the transaction, the insider now owns 164,838 shares in the company, valued at $11,607,891.96. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Timothy J. Richmond sold 15,515 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $75.02, for a total transaction of $1,163,935.30. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, November 1st. The company reported $2.33 earnings per share (EPS) for the quarter, beating the Zacks’ 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 analysts’ expectations of $8.37 billion. During the same period last year, the firm earned $2.14 earnings per share. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. Equities analysts forecast that AbbVie Inc will post 8.93 earnings per share for the current year.
The business also recently declared a — dividend, which will be paid on Friday, February 14th. Investors of record on Wednesday, January 15th will be given a dividend of $1.18 per share. This represents a yield of 5.93%. This is a positive change from AbbVie’s previous — dividend of $1.07. The ex-dividend date is Tuesday, January 14th. AbbVie’s dividend payout ratio (DPR) is presently 54.11%.
A number of research analysts recently commented on ABBV shares. UBS Group increased their target price on AbbVie from $79.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday, November 19th. Piper Jaffray Companies lifted their price target on AbbVie from $81.00 to $90.00 in a research note on Friday, November 1st. Citigroup upped their price objective on AbbVie from $90.00 to $98.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Cowen set a $90.00 price objective on AbbVie and gave the company a “buy” rating in a research report on Tuesday, September 24th. Finally, ValuEngine upgraded AbbVie from a “strong sell” rating to a “sell” rating in a research report on Monday, September 30th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $86.97.
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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