AbbVie Inc. (NYSE:ABBV) Chairman Sells $13,712,301.00 in Stock
AbbVie Inc. (NYSE:ABBV) Chairman Richard A. Gonzalez sold 193,131 shares of AbbVie stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $71.00, for a total transaction of $13,712,301.00. Following the transaction, the chairman now owns 469,623 shares in the company, valued at $33,343,233. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
AbbVie Inc. (NYSE ABBV) traded up 0.35% during midday trading on Tuesday, hitting $71.47. 4,398,003 shares of the company traded hands. AbbVie Inc. has a 12-month low of $55.06 and a 12-month high of $75.04. The firm has a market capitalization of $113.75 billion, a PE ratio of 17.58 and a beta of 1.50. The stock’s 50-day moving average is $72.12 and its 200-day moving average is $66.41. AbbVie also was the target of some unusual options trading activity on Monday. Stock traders acquired 278 put options on the company. This is an increase of approximately 121% compared to the average daily volume of 126 put options.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. The business had revenue of $6.94 billion during the quarter, compared to the consensus estimate of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 154.76%. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.26 earnings per share. Analysts anticipate that AbbVie Inc. will post $5.52 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be given a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend is Wednesday, July 12th. AbbVie’s dividend payout ratio (DPR) is currently 62.90%.
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Several research firms have weighed in on ABBV. BidaskClub cut shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Friday. Piper Jaffray Companies reiterated a “buy” rating and set a $85.00 price objective on shares of AbbVie in a research report on Thursday, August 3rd. Cowen and Company set a $70.00 price objective on shares of AbbVie and gave the stock a “hold” rating in a research report on Sunday, July 30th. Vetr upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price objective on the stock in a research report on Wednesday, July 26th. Finally, Credit Suisse Group reiterated a “neutral” rating and set a $74.00 price objective (up from $65.00) on shares of AbbVie in a research report on Thursday, July 20th. Nine analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. AbbVie currently has a consensus rating of “Buy” and a consensus target price of $75.35.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acropolis Investment Management LLC purchased a new stake in shares of AbbVie during the second quarter worth approximately $106,000. Hudock Capital Group LLC boosted its stake in shares of AbbVie by 109.5% in the second quarter. Hudock Capital Group LLC now owns 1,542 shares of the company’s stock worth $111,000 after buying an additional 806 shares in the last quarter. First Command Financial Services Inc. boosted its stake in shares of AbbVie by 6.8% in the first quarter. First Command Financial Services Inc. now owns 1,565 shares of the company’s stock worth $102,000 after buying an additional 99 shares in the last quarter. BDO Wealth Advisors LLC purchased a new stake in shares of AbbVie during the second quarter worth approximately $115,000. Finally, Franklin Parlapiano Turner & Welch LLC purchased a new stake in shares of AbbVie during the first quarter worth approximately $108,000. 67.89% of the stock is owned by institutional investors and hedge funds.
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. 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 virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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