Terra Nova Asset Management LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 2.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 33,696 shares of the company’s stock after selling 716 shares during the period. AbbVie comprises approximately 3.6% of Terra Nova Asset Management LLC’s portfolio, making the stock its 2nd largest position. Terra Nova Asset Management LLC’s holdings in AbbVie were worth $2,086,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC boosted its position 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 worth $743,963,000 after buying an additional 93,719 shares in the last quarter. Franklin Resources Inc. boosted its position 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 worth $321,188,000 after buying an additional 115,458 shares in the last quarter. Orbis Allan Gray Ltd purchased a new position in shares of AbbVie during the first quarter worth approximately $281,766,000. Nordea Investment Management AB boosted its position in shares of AbbVie by 1.9% in the second quarter. Nordea Investment Management AB now owns 3,451,336 shares of the company’s stock worth $213,672,000 after buying an additional 63,274 shares in the last quarter. Finally, AXA boosted its position in shares of 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 in the last quarter. 68.36% of the stock is currently owned by institutional investors and hedge funds.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 1.60% during midday trading on Friday, reaching $60.17. The company had a trading volume of 5,606,474 shares. The firm has a market capitalization of $97.99 billion, a price-to-earnings ratio of 17.36 and a beta of 1.50. The stock has a 50-day moving average of $63.50 and a 200 day moving average of $62.68. AbbVie Inc. has a 52 week low of $45.45 and a 52 week high of $68.12.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, July 29th. The company reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.06. The company had revenue of $6.43 billion for 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%. AbbVie’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.08 earnings per share. On average, analysts anticipate that AbbVie Inc. will post $4.81 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Wednesday, October 12th. This represents a $2.28 annualized dividend and a yield of 3.79%. AbbVie’s dividend payout ratio (DPR) is presently 65.71%.
A number of research analysts have recently commented on ABBV shares. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $72.00 price target on the stock in a research report on Wednesday, September 28th. Jefferies Group reaffirmed a “buy” rating and set a $90.00 price target on shares of AbbVie in a research report on Wednesday, October 5th. Goldman Sachs Group Inc. reaffirmed a “buy” rating and set a $78.00 price target on shares of AbbVie in a research report on Tuesday, September 27th. JPMorgan Chase & Co. cut AbbVie from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $75.00 to $73.00 in a research report on Thursday, September 8th. They noted that the move was a valuation call. Finally, Vetr raised AbbVie from a “hold” rating to a “buy” rating and set a $67.63 price target on the stock in a research report on Thursday, August 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $70.68.
In related news, insider Laura J. Schumacher sold 50,000 shares of AbbVie 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 $9,368,970. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate 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.