Crossvault Capital Management LLC Acquires 5,655 Shares of AbbVie Inc (NYSE:ABBV)

Crossvault Capital Management LLC grew its holdings in AbbVie Inc (NYSE:ABBV) by 9.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,252 shares of the company’s stock after acquiring an additional 5,655 shares during the period. AbbVie accounts for approximately 2.9% of Crossvault Capital Management LLC’s holdings, making the stock its 13th largest position. Crossvault Capital Management LLC’s holdings in AbbVie were worth $6,210,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of ABBV. Capstone Financial Group Inc. acquired a new stake in shares of AbbVie in the second quarter worth $25,000. Lion Street Advisors LLC acquired a new position in AbbVie during the 1st quarter valued at $29,000. Horrell Capital Management Inc. acquired a new position in AbbVie during the 1st quarter valued at $34,000. Lake Point Wealth Management raised its stake in AbbVie by 179.4% during the 1st quarter. Lake Point Wealth Management now owns 475 shares of the company’s stock valued at $36,000 after purchasing an additional 305 shares during the last quarter. Finally, NWK Group Inc. acquired a new position in AbbVie during the 1st quarter valued at $42,000. 72.40% of the stock is owned by institutional investors.

NYSE:ABBV traded down $0.83 during mid-day trading on Thursday, reaching $94.68. 6,002,426 shares of the company were exchanged, compared to its average volume of 10,502,634. AbbVie Inc has a 12 month low of $62.55 and a 12 month high of $101.28. The company has a fifty day moving average of $96.98 and a 200 day moving average of $88.72. The company has a quick ratio of 0.70, a current ratio of 0.86 and a debt-to-equity ratio of 5.57. The stock has a market cap of $167.09 billion, a PE ratio of 20.16, a PEG ratio of 1.48 and a beta of 0.83.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, July 31st. The company reported $2.34 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.14. AbbVie had a net margin of 19.20% and a negative return on equity of 628.57%. The firm had revenue of $10.43 billion for the quarter, compared to analyst estimates of $10.14 billion. During the same quarter in the prior year, the firm earned $2.26 EPS. The company’s revenue was up 26.3% on a year-over-year basis. On average, equities research analysts anticipate that AbbVie Inc will post 10.46 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be issued a dividend of $1.18 per share. This represents a $4.72 dividend on an annualized basis and a yield of 4.99%. The ex-dividend date of this dividend is Tuesday, July 14th. AbbVie’s dividend payout ratio is currently 52.80%.

In other AbbVie news, Vice Chairman Carlos Alban sold 53,325 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $100.00, for a total transaction of $5,332,500.00. Following the sale, the insider now owns 137,899 shares of the company’s stock, valued at approximately $13,789,900. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.09% of the stock is owned by corporate insiders.

Several research firms recently commented on ABBV. Royal Bank of Canada upped their target price on shares of AbbVie from $125.00 to $127.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Mizuho upped their target price on shares of AbbVie from $110.00 to $111.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Argus upgraded shares of AbbVie from a “hold” rating to a “buy” rating and upped their target price for the company from $91.40 to $115.00 in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. upgraded shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $105.00 target price for the company in a research note on Tuesday, May 12th. Finally, ValuEngine lowered shares of AbbVie from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company. AbbVie presently has an average rating of “Buy” and a consensus price target of $107.00.

About AbbVie

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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