Todays Report: The AbbVie Inc. (ABBV) Stake Held by Provident Investment Management Inc.

The AbbVie Inc. (ABBV) Stake Held by Provident Investment Management Inc.

Provident Investment Management Inc. held its position in shares of AbbVie Inc. (NYSE:ABBV) during the second quarter, Holdings Channel reports. The firm owned 4,317 shares of the company’s stock at the end of the second quarter. Provident Investment Management Inc.’s holdings in AbbVie were worth $267,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Sanders Morris Harris Inc. purchased a new stake in AbbVie during the first quarter worth about $1,004,000. Sii Investments Inc. WI increased its stake in AbbVie by 25.2% in the first quarter. Sii Investments Inc. WI now owns 20,221 shares of the company’s stock worth $1,157,000 after buying an additional 4,072 shares in the last quarter. Investment Centers of America Inc. increased its stake in AbbVie by 43.9% in the first quarter. Investment Centers of America Inc. now owns 65,468 shares of the company’s stock worth $3,760,000 after buying an additional 19,967 shares in the last quarter. Inspirion Wealth Advisors LLC increased its stake in AbbVie by 2.5% in the first quarter. Inspirion Wealth Advisors LLC now owns 205,570 shares of the company’s stock worth $11,742,000 after buying an additional 4,922 shares in the last quarter. Finally, Glenmede Trust Co. NA increased its stake in AbbVie by 35.9% in the first quarter. Glenmede Trust Co. NA now owns 1,385,311 shares of the company’s stock worth $79,127,000 after buying an additional 365,960 shares in the last quarter. 68.36% of the stock is owned by institutional investors and hedge funds.

AbbVie Inc. (NYSE:ABBV) traded up 0.26% during mid-day trading on Wednesday, reaching $61.98. The company had a trading volume of 540,665 shares. The stock has a 50 day moving average of $63.89 and a 200 day moving average of $62.67. The stock has a market capitalization of $100.94 billion, a price-to-earnings ratio of 17.88 and a beta of 1.50. AbbVie Inc. has a 52 week low of $45.45 and a 52 week high of $68.12.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.06. The business earned $6.43 billion during the quarter, compared to the consensus estimate of $6.20 billion. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.08 EPS. Analysts anticipate that AbbVie Inc. will post $4.81 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s payout ratio is currently 65.71%.

A number of research firms have issued reports on ABBV. Barclays PLC restated an “equal weight” rating and set a $68.00 price target on shares of AbbVie in a research note on Tuesday, August 2nd. Jefferies Group restated a “buy” rating on shares of AbbVie in a research note on Thursday, August 4th. Argus restated a “buy” rating and set a $85.00 price target on shares of AbbVie in a research note on Monday, August 8th. Vetr downgraded AbbVie from a “buy” rating to a “hold” rating and set a $67.14 price objective for the company. in a research note on Tuesday, July 12th. Finally, Goldman Sachs Group Inc. reiterated a “buy” rating and set a $78.00 price objective on shares of AbbVie in a research note on Thursday, September 8th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. AbbVie has an average rating of “Buy” and an average price target of $70.68.

In related news, insider Laura J. Schumacher sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $65.00, for a total value of $3,250,000.00. Following the completion of the transaction, the insider now directly owns 144,138 shares of the company’s stock, valued at approximately $9,368,970. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.11% of the stock is owned by corporate insiders.

AbbVie Company Profile

AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company operates in pharmaceutical products segment. Its products are focused on treating conditions, such as chronic autoimmune diseases, in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, as well as other serious health conditions.

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