Assetmark Inc. increased its stake in AbbVie Inc (NYSE:ABBV) by 12.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 200,930 shares of the company’s stock after purchasing an additional 22,288 shares during the period. Assetmark Inc.’s holdings in AbbVie were worth $18,616,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Virtue Capital Management LLC purchased a new stake in shares of AbbVie during the fourth quarter valued at approximately $139,000. Fairfield Bush & CO. purchased a new stake in shares of AbbVie during the first quarter valued at approximately $146,000. We Are One Seven LLC purchased a new stake in shares of AbbVie during the fourth quarter valued at approximately $148,000. First Mercantile Trust Co. purchased a new stake in shares of AbbVie during the second quarter valued at approximately $150,000. Finally, Centaurus Financial Inc. purchased a new stake in shares of AbbVie during the first quarter valued at approximately $153,000. Institutional investors own 69.37% of the company’s stock.
Shares of ABBV stock opened at $96.33 on Friday. AbbVie Inc has a 52 week low of $83.19 and a 52 week high of $125.86. The firm has a market capitalization of $141.10 billion, a P/E ratio of 17.20, a price-to-earnings-growth ratio of 0.85 and a beta of 1.54. The company has a quick ratio of 0.71, a current ratio of 0.80 and a debt-to-equity ratio of -9.06.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, July 27th. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.02. AbbVie had a return on equity of 362.05% and a net margin of 20.84%. The company had revenue of $8.28 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter last year, the firm posted $1.42 earnings per share. The firm’s revenue was up 19.2% on a year-over-year basis. sell-side analysts anticipate that AbbVie Inc will post 7.86 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date is Friday, October 12th. AbbVie’s payout ratio is 68.57%.
A number of analysts have recently weighed in on ABBV shares. Goldman Sachs Group lowered AbbVie from a “conviction-buy” rating to a “buy” rating in a research note on Thursday, May 24th. Argus dropped their price objective on AbbVie from $145.00 to $130.00 and set a “buy” rating for the company in a research note on Monday, June 11th. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $103.00 price objective for the company in a research note on Wednesday, June 27th. Jefferies Financial Group set a $100.00 price objective on AbbVie and gave the company a “buy” rating in a research note on Sunday, July 15th. Finally, Cowen set a $110.00 price objective on AbbVie and gave the company a “buy” rating in a research note on Friday, July 27th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $106.31.
In other AbbVie news, EVP Michael Severino sold 50,000 shares of the stock in a transaction on Friday, August 17th. The stock was sold at an average price of $97.52, for a total value of $4,876,000.00. Following the completion of the transaction, the executive vice president now owns 111,481 shares in the company, valued at $10,871,627.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Edward J. Rapp acquired 1,013 shares of the firm’s stock in a transaction on Wednesday, June 20th. The stock was purchased at an average price of $98.63 per share, with a total value of $99,912.19. The disclosure for this purchase can be found here. Company insiders own 0.07% of the company’s stock.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.
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