AbbVie Inc (NYSE:ABBV) Shares Purchased by Essex Savings Bank

Essex Savings Bank increased its stake in shares of AbbVie Inc (NYSE:ABBV) by 7.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,463 shares of the company’s stock after purchasing an additional 538 shares during the period. Essex Savings Bank’s holdings in AbbVie were worth $733,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Old North State Trust LLC raised its holdings in AbbVie by 1.6% in the 2nd quarter. Old North State Trust LLC now owns 7,033 shares of the company’s stock valued at $690,000 after acquiring an additional 110 shares during the last quarter. Halbert Hargrove Global Advisors LLC raised its holdings in AbbVie by 4.7% in the 1st quarter. Halbert Hargrove Global Advisors LLC now owns 2,789 shares of the company’s stock valued at $212,000 after acquiring an additional 125 shares during the last quarter. NovaPoint Capital LLC raised its holdings in AbbVie by 0.8% in the 1st quarter. NovaPoint Capital LLC now owns 15,707 shares of the company’s stock valued at $1,197,000 after acquiring an additional 125 shares during the last quarter. Carmichael Hill & Associates Inc. raised its holdings in AbbVie by 3.7% in the 1st quarter. Carmichael Hill & Associates Inc. now owns 3,535 shares of the company’s stock valued at $269,000 after acquiring an additional 126 shares during the last quarter. Finally, Obermeyer Wood Investment Counsel Lllp raised its holdings in AbbVie by 1.9% in the 2nd quarter. Obermeyer Wood Investment Counsel Lllp now owns 6,785 shares of the company’s stock valued at $666,000 after acquiring an additional 127 shares during the last quarter. Hedge funds and other institutional investors own 72.40% of the company’s stock.

A number of analysts have commented on the stock. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating and increased their price objective for the company from $91.40 to $115.00 in a report on Tuesday, June 2nd. Mizuho increased their price objective on shares of AbbVie from $101.00 to $110.00 and gave the company a “buy” rating in a report on Monday, June 29th. Morgan Stanley restated an “overweight” rating and set a $95.00 price target on shares of AbbVie in a report on Monday, May 11th. Atlantic Securities upgraded shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 price target for the company in a report on Tuesday, June 23rd. Finally, Evercore ISI initiated coverage on shares of AbbVie in a report on Wednesday, June 10th. They set a “buy” rating and a $111.00 price target for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. AbbVie currently has an average rating of “Buy” and a consensus price target of $106.80.

In other news, SVP Jeffrey Ryan Stewart sold 23,024 shares of AbbVie stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $90.00, for a total transaction of $2,072,160.00. Following the completion of the sale, the senior vice president now directly owns 52,760 shares of the company’s stock, valued at approximately $4,748,400. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Timothy J. Richmond sold 19,445 shares of AbbVie stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $85.00, for a total transaction of $1,652,825.00. The disclosure for this sale can be found here. Insiders sold a total of 95,794 shares of company stock valued at $9,057,485 in the last three months. 0.09% of the stock is currently owned by corporate insiders.

ABBV stock traded down $1.13 during midday trading on Friday, hitting $94.91. The company’s stock had a trading volume of 14,614,332 shares, compared to its average volume of 5,717,843. AbbVie Inc has a 52-week low of $62.55 and a 52-week high of $101.28. The firm has a market capitalization of $141.83 billion, a P/E ratio of 16.80, a PEG ratio of 1.65 and a beta of 0.86. The firm has a 50-day simple moving average of $97.25 and a 200-day simple moving average of $88.40.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 31st. The company reported $2.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.20 by $0.14. AbbVie had a net margin of 24.77% and a negative return on equity of 169.80%. The company had revenue of $10.43 billion during the quarter, compared to analysts’ expectations of $10.14 billion. During the same quarter last year, the company posted $2.26 EPS. The firm’s revenue was up 26.3% compared to the same quarter last year. On average, research analysts expect that AbbVie Inc will post 10.45 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be given a $1.18 dividend. The ex-dividend date is Tuesday, July 14th. This represents a $4.72 annualized dividend and a yield of 4.97%. AbbVie’s dividend payout ratio is presently 52.80%.

AbbVie 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.

Further Reading: Gross Domestic Product (GDP)

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc (NYSE:ABBV).

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.