Cardinal Capital Management Inc. increased its holdings in shares of AbbVie Inc (NYSE:ABBV) by 996.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 7,185 shares of the company’s stock after purchasing an additional 6,530 shares during the period. Cardinal Capital Management Inc.’s holdings in AbbVie were worth $547,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Municipal Employees Retirement System of Michigan raised its stake in shares of AbbVie by 3.0% during the fourth quarter. Municipal Employees Retirement System of Michigan now owns 66,250 shares of the company’s stock worth $5,866,000 after purchasing an additional 1,940 shares during the last quarter. Korea Investment CORP increased its holdings in AbbVie by 4.1% during the 4th quarter. Korea Investment CORP now owns 1,081,280 shares of the company’s stock worth $95,737,000 after purchasing an additional 42,900 shares during the last quarter. Baxter Bros Inc. acquired a new position in shares of AbbVie in the 4th quarter worth approximately $352,000. Evercore Wealth Management LLC boosted its position in AbbVie by 1.9% during the 4th quarter. Evercore Wealth Management LLC now owns 103,953 shares of the company’s stock valued at $9,204,000 after purchasing an additional 1,955 shares during the period. Finally, Accurate Investment Solutions Inc. raised its stake in shares of AbbVie by 5.4% in the 4th quarter. Accurate Investment Solutions Inc. now owns 50,429 shares of the company’s stock worth $4,465,000 after buying an additional 2,595 shares in the last quarter. 72.20% of the stock is owned by hedge funds and other institutional investors.
NYSE:ABBV traded up $3.17 during trading hours on Wednesday, hitting $78.56. The company’s stock had a trading volume of 12,214,172 shares, compared to its average volume of 16,675,573. The company has a market capitalization of $108.34 billion, a PE ratio of 14.88, a PEG ratio of 1.55 and a beta of 0.84. AbbVie Inc has a 52-week low of $62.55 and a 52-week high of $97.86. The business’s 50-day moving average is $81.90 and its two-hundred day moving average is $83.39.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Wednesday, April 15th will be given a $1.18 dividend. The ex-dividend date is Tuesday, April 14th. This represents a $4.72 annualized dividend and a dividend yield of 6.01%. AbbVie’s payout ratio is 52.80%.
ABBV has been the topic of several analyst reports. Piper Sandler upped their price objective on AbbVie from to and gave the company an “overweight” rating in a research note on Friday, February 7th. Cowen boosted their price objective on shares of AbbVie from $98.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. Mizuho upped their price target on shares of AbbVie from $96.00 to $104.00 in a research report on Monday, February 10th. Societe Generale downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Monday, March 23rd. Finally, Royal Bank of Canada restated a “hold” rating and set a $86.00 price objective on shares of AbbVie in a research report on Thursday, January 23rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. AbbVie presently has a consensus rating of “Hold” and a consensus target price of $91.83.
In other AbbVie news, VP Brian L. Durkin purchased 2,200 shares of the stock in a transaction dated Wednesday, March 18th. The shares were acquired at an average price of $68.18 per share, for a total transaction of $149,996.00. Following the completion of the acquisition, the vice president now owns 15,294 shares of the company’s stock, valued at approximately $1,042,744.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Edward J. Rapp bought 2,875 shares of the stock in a transaction on Tuesday, March 3rd. The stock was purchased at an average price of $91.75 per share, for a total transaction of $263,781.25. In the last quarter, insiders bought 8,825 shares of company stock valued at $671,852. Insiders own 0.09% 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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