Teachers Retirement System of The State of Kentucky Grows Stock Holdings in AbbVie Inc (NYSE:ABBV)

Teachers Retirement System of The State of Kentucky raised its position in AbbVie Inc (NYSE:ABBV) by 93.8% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 723,666 shares of the company’s stock after buying an additional 350,206 shares during the quarter. AbbVie comprises about 0.8% of Teachers Retirement System of The State of Kentucky’s portfolio, making the stock its 9th largest holding. Teachers Retirement System of The State of Kentucky’s holdings in AbbVie were worth $71,049,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Element Wealth LLC increased its holdings in AbbVie by 5.7% in the 2nd quarter. Element Wealth LLC now owns 5,524 shares of the company’s stock valued at $542,000 after buying an additional 296 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC grew its holdings in shares of AbbVie by 7.0% during the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,948 shares of the company’s stock valued at $289,000 after purchasing an additional 193 shares during the last quarter. Wesbanco Bank Inc. grew its holdings in shares of AbbVie by 72.8% during the 2nd quarter. Wesbanco Bank Inc. now owns 128,245 shares of the company’s stock valued at $12,591,000 after purchasing an additional 54,010 shares during the last quarter. Banco Santander S.A. grew its holdings in shares of AbbVie by 664.9% during the 2nd quarter. Banco Santander S.A. now owns 118,133 shares of the company’s stock valued at $11,599,000 after purchasing an additional 102,689 shares during the last quarter. Finally, Laidlaw Wealth Management LLC grew its holdings in shares of AbbVie by 74.7% during the 2nd quarter. Laidlaw Wealth Management LLC now owns 7,671 shares of the company’s stock valued at $753,000 after purchasing an additional 3,280 shares during the last quarter. 68.23% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE ABBV traded up $0.42 during midday trading on Tuesday, reaching $90.91. The stock had a trading volume of 5,212,400 shares, compared to its average volume of 10,071,334. The firm has a market cap of $159.70 billion, a price-to-earnings ratio of 19.34, a price-to-earnings-growth ratio of 1.44 and a beta of 0.75. AbbVie Inc has a twelve month low of $62.55 and a twelve month high of $101.28. The company has a debt-to-equity ratio of 5.57, a quick ratio of 0.70 and a current ratio of 0.86. The company’s 50 day moving average price is $93.82 and its 200 day moving average price is $89.39.

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

The company also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, October 15th will be given a $1.18 dividend. The ex-dividend date is Wednesday, October 14th. This represents a $4.72 dividend on an annualized basis and a dividend yield of 5.19%. AbbVie’s dividend payout ratio (DPR) is currently 52.80%.

In other news, Vice Chairman Carlos Alban sold 53,325 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $100.00, for a total value of $5,332,500.00. Following the transaction, the insider now owns 137,899 shares in the company, valued at approximately $13,789,900. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.09% of the stock is currently owned by insiders.

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada lifted their price target on shares of AbbVie from $125.00 to $127.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Mizuho lifted their price target on shares of AbbVie from $110.00 to $111.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Wolfe Research raised shares of AbbVie from a “peer perform” rating to an “outperform” rating in a report on Tuesday, June 9th. ValuEngine lowered shares of AbbVie from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 27th. Finally, Morgan Stanley boosted their target price on shares of AbbVie from $95.00 to $108.00 and gave the stock an “overweight” rating in a report on Thursday, August 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $108.33.

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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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