Dearborn Partners LLC raised its position in AbbVie Inc (NYSE:ABBV) by 6.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,570 shares of the company’s stock after buying an additional 851 shares during the period. Dearborn Partners LLC’s holdings in AbbVie were worth $1,431,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the company. Old North State Trust LLC lifted its position in shares of AbbVie by 1.6% during the second quarter. Old North State Trust LLC now owns 7,033 shares of the company’s stock worth $690,000 after purchasing an additional 110 shares in the last quarter. Halbert Hargrove Global Advisors LLC lifted its position in shares of AbbVie by 4.7% during the first quarter. Halbert Hargrove Global Advisors LLC now owns 2,789 shares of the company’s stock worth $212,000 after purchasing an additional 125 shares in the last quarter. NovaPoint Capital LLC lifted its position in shares of AbbVie by 0.8% during the first quarter. NovaPoint Capital LLC now owns 15,707 shares of the company’s stock worth $1,197,000 after purchasing an additional 125 shares in the last quarter. Carmichael Hill & Associates Inc. lifted its position in shares of AbbVie by 3.7% during the first quarter. Carmichael Hill & Associates Inc. now owns 3,535 shares of the company’s stock worth $269,000 after purchasing an additional 126 shares in the last quarter. Finally, Obermeyer Wood Investment Counsel Lllp lifted its position in shares of AbbVie by 1.9% during the second quarter. Obermeyer Wood Investment Counsel Lllp now owns 6,785 shares of the company’s stock worth $666,000 after purchasing an additional 127 shares in the last quarter. Institutional investors own 72.40% of the company’s stock.
NYSE:ABBV traded down $1.13 during trading hours on Friday, hitting $94.91. The stock had a trading volume of 14,614,332 shares, compared to its average volume of 5,717,843. AbbVie Inc has a one year low of $62.55 and a one year high of $101.28. The company has a market cap of $141.83 billion, a price-to-earnings ratio of 16.80, a P/E/G ratio of 1.65 and a beta of 0.86. The business’s 50 day moving average is $97.25 and its 200-day moving average is $88.40.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a $1.18 dividend. This represents a $4.72 annualized dividend and a yield of 4.97%. The ex-dividend date of this dividend is Tuesday, July 14th. AbbVie’s payout ratio is presently 52.80%.
In other news, Vice Chairman Carlos Alban sold 53,325 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $100.00, for a total transaction of $5,332,500.00. Following the completion of the sale, the insider now owns 137,899 shares of the company’s stock, valued at $13,789,900. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Timothy J. Richmond sold 19,445 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $85.00, for a total transaction of $1,652,825.00. The disclosure for this sale can be found here. Insiders have sold 95,794 shares of company stock valued at $9,057,485 in the last three months. 0.09% of the stock is owned by insiders.
A number of equities analysts have recently issued reports on ABBV shares. UBS Group upped their target price on shares of AbbVie from $96.00 to $109.00 in a research report on Wednesday, June 17th. Atlantic Securities upgraded shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 target price on the stock in a research report on Tuesday, June 23rd. Mizuho boosted their price target on shares of AbbVie from $101.00 to $110.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. JPMorgan Chase & Co. raised shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $105.00 price target for the company in a research note on Tuesday, May 12th. Finally, Royal Bank of Canada boosted their price target on shares of AbbVie from $102.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, June 25th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $106.80.
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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