Trading Report: The Pitcairn Co. Raises its position in AbbVie Inc. (ABBV) as a favorable investment target.

The Pitcairn Co. Raises its position in AbbVie Inc. (ABBV) as a favorable investment target.

Pitcairn Co. increased its stake in AbbVie Inc. (NYSE:ABBV) by 2.6% during the second quarter, Holdings Channel reports. The firm owned 20,724 shares of the company’s stock after buying an additional 529 shares during the period. Pitcairn Co.’s holdings in AbbVie were worth $1,283,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ABBV. Orbis Allan Gray Ltd bought a new stake in shares of AbbVie during the first quarter valued at approximately $281,766,000. Bank of Montreal Can acquired a new stake in AbbVie during the second quarter worth about $93,942,000. AXA increased its stake in AbbVie by 74.3% in the first quarter. AXA now owns 3,061,184 shares of the company’s stock worth $174,855,000 after buying an additional 1,304,557 shares during the period. Renaissance Technologies LLC increased its stake in AbbVie by 168.2% in the first quarter. Renaissance Technologies LLC now owns 1,563,056 shares of the company’s stock worth $89,282,000 after buying an additional 980,300 shares during the period. Finally, NN Investment Partners Holdings N.V. acquired a new stake in AbbVie during the first quarter worth about $50,875,000. Hedge funds and other institutional investors own 68.36% of the company’s stock.

Shares of AbbVie Inc. (NYSE:ABBV) traded down 0.10% during midday trading on Thursday, hitting $61.15. 5,981,442 shares of the stock were exchanged. The firm has a market capitalization of $99.59 billion, a price-to-earnings ratio of 17.64 and a beta of 1.50. The stock’s 50-day moving average price is $63.75 and its 200-day moving average price is $62.66. AbbVie Inc. has a 1-year low of $45.45 and a 1-year high of $68.12.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 29th. The company reported $1.26 earnings per share (EPS) 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 firm earned $6.43 billion during the quarter, compared to analyst estimates of $6.20 billion. During the same period last year, the firm posted $1.08 EPS. The business’s revenue was up 17.8% compared to the same quarter last year. On average, analysts forecast that AbbVie Inc. will post $4.81 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s dividend payout ratio is presently 65.71%.

ABBV has been the topic of a number of recent research reports. Vetr downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating and set a $67.78 price objective on the stock. in a report on Thursday, June 16th. Zacks Investment Research upgraded shares of AbbVie from a “sell” rating to a “hold” rating in a report on Wednesday, June 29th. Credit Suisse Group AG reiterated an “outperform” rating and issued a $67.00 price objective on shares of AbbVie in a report on Wednesday, June 29th. BMO Capital Markets reiterated a “market perform” rating and issued a $66.00 price objective on shares of AbbVie in a report on Friday, July 29th. Finally, Barclays PLC reiterated an “equal weight” rating and issued a $68.00 price objective on shares of AbbVie in a report on Tuesday, August 2nd. 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 given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $70.68.

In other 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 completion of the sale, the insider now directly owns 144,138 shares of the company’s stock, valued at approximately $9,368,970. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 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.

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