Aspen Investment Management Inc reduced its position in AbbVie Inc. (NYSE:ABBV) by 2.5% during the second quarter, Holdings Channel reports. The institutional investor owned 5,045 shares of the company’s stock after selling 130 shares during the period. Aspen Investment Management Inc’s holdings in AbbVie were worth $312,000 as of its most recent filing with the SEC.
Several other institutional investors also recently made changes to their positions in ABBV. Geode Capital Management LLC boosted its stake in shares of AbbVie by 0.7% in the first quarter. Geode Capital Management LLC now owns 13,051,181 shares of the company’s stock valued at $743,963,000 after buying an additional 93,719 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of AbbVie by 52.4% in the second quarter. Ameriprise Financial Inc. now owns 10,364,784 shares of the company’s stock valued at $641,739,000 after buying an additional 3,562,980 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of AbbVie by 2.1% in the first quarter. Franklin Resources Inc. now owns 5,623,069 shares of the company’s stock valued at $321,188,000 after buying an additional 115,458 shares in the last quarter. Orbis Allan Gray Ltd acquired a new stake in shares of AbbVie during the first quarter valued at approximately $281,766,000. Finally, Swiss National Bank boosted its stake in shares of AbbVie by 6.3% in the second quarter. Swiss National Bank now owns 4,516,229 shares of the company’s stock valued at $279,600,000 after buying an additional 269,100 shares in the last quarter. 68.36% of the stock is owned by institutional investors.
Shares of AbbVie Inc. (NYSE:ABBV) traded up 0.16% during mid-day trading on Wednesday, hitting $61.92. 399,948 shares of the stock were exchanged. The stock has a market capitalization of $100.84 billion, a P/E ratio of 17.86 and a beta of 1.50. AbbVie Inc. has a 12-month low of $45.45 and a 12-month high of $68.12. The stock’s 50 day moving average price is $63.89 and its 200-day moving average price is $62.67.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.06. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The business had revenue of $6.43 billion for the quarter, compared to analysts’ expectations of $6.20 billion. During the same period last year, the business earned $1.08 EPS. The business’s revenue was up 17.8% on a year-over-year basis. On average, equities research analysts expect that AbbVie Inc. will post $4.81 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Friday, October 14th will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.65%. The ex-dividend date is Wednesday, October 12th. AbbVie’s dividend payout ratio (DPR) is presently 65.71%.
Several brokerages have recently commented on ABBV. Barclays PLC reiterated an “equal weight” rating and set a $68.00 price target on shares of AbbVie in a research report on Tuesday, August 2nd. Jefferies Group reiterated a “buy” rating on shares of AbbVie in a research report on Thursday, August 4th. Argus restated a “buy” rating and set a $85.00 price objective on shares of AbbVie in a report on Monday, August 8th. Vetr cut shares of AbbVie from a “buy” rating to a “hold” rating and set a $67.14 price objective for the company. in a report on Tuesday, July 12th. Finally, Goldman Sachs Group Inc. restated a “buy” rating and set a $78.00 price objective on shares of AbbVie in a report on Thursday, September 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $70.68.
In other AbbVie news, insider Laura J. Schumacher sold 50,000 shares of the firm’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $65.00, for a total transaction of $3,250,000.00. Following the transaction, the insider now directly owns 144,138 shares in the company, valued at approximately $9,368,970. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.11% of the company’s stock.
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.