Chicago Equity Partners LLC Acquires 67,490 Shares of AbbVie Inc (ABBV)

Chicago Equity Partners LLC raised its holdings in AbbVie Inc (NYSE:ABBV) by 42.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 228,065 shares of the company’s stock after purchasing an additional 67,490 shares during the quarter. AbbVie accounts for approximately 0.6% of Chicago Equity Partners LLC’s investment portfolio, making the stock its 21st biggest holding. Chicago Equity Partners LLC’s holdings in AbbVie were worth $21,130,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Cornerstone Wealth Management LLC lifted its stake in AbbVie by 8,774.3% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,102,183 shares of the company’s stock valued at $11,837,000 after buying an additional 1,089,763 shares in the last quarter. SeaCrest Wealth Management LLC lifted its stake in AbbVie by 43.1% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 34,815 shares of the company’s stock valued at $3,226,000 after buying an additional 10,483 shares in the last quarter. Lynch & Associates IN lifted its stake in AbbVie by 1.8% in the 2nd quarter. Lynch & Associates IN now owns 60,094 shares of the company’s stock valued at $5,568,000 after buying an additional 1,037 shares in the last quarter. Highbridge Capital Management LLC lifted its stake in AbbVie by 2,285.6% in the 1st quarter. Highbridge Capital Management LLC now owns 120,206 shares of the company’s stock valued at $11,377,000 after buying an additional 125,706 shares in the last quarter. Finally, MUFG Securities EMEA plc purchased a new position in AbbVie in the 2nd quarter valued at about $157,000. 69.35% of the stock is currently owned by institutional investors.

A number of research analysts recently weighed in on the stock. Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $103.00 price target on the stock in a research note on Wednesday, June 27th. ValuEngine lowered shares of AbbVie from a “buy” rating to a “hold” rating in a research note on Friday, June 22nd. Berenberg Bank assumed coverage on shares of AbbVie in a research note on Thursday, July 12th. They issued a “hold” rating and a $105.00 price target on the stock. Jefferies Financial Group set a $100.00 price target on shares of AbbVie and gave the company a “buy” rating in a research note on Sunday, July 15th. Finally, Credit Suisse Group raised shares of AbbVie to a “hold” rating and set a $89.00 price target on the stock in a research note on Friday, July 13th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $107.21.

ABBV stock opened at $90.69 on Friday. The stock has a market capitalization of $143.22 billion, a price-to-earnings ratio of 16.19, a price-to-earnings-growth ratio of 0.91 and a beta of 1.54. The company has a debt-to-equity ratio of -9.06, a current ratio of 0.80 and a quick ratio of 0.71. AbbVie Inc has a 12 month low of $85.24 and a 12 month high of $125.86.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, July 27th. The company reported $2.00 EPS for the quarter, beating the Zacks’ consensus estimate of $1.98 by $0.02. The company had revenue of $8.28 billion during the quarter, compared to the consensus estimate of $8.22 billion. AbbVie had a net margin of 20.84% and a return on equity of 362.05%. AbbVie’s quarterly revenue was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.42 EPS. On average, sell-side analysts expect that AbbVie Inc will post 7.86 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 15th will be issued a $0.96 dividend. The ex-dividend date of this dividend is Friday, October 12th. This represents a $3.84 dividend on an annualized basis and a yield of 4.23%. AbbVie’s payout ratio is 68.57%.

In other AbbVie news, EVP Michael Severino sold 50,000 shares of the stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $97.52, for a total value of $4,876,000.00. Following the completion of the sale, the executive vice president now owns 111,481 shares in the company, valued at approximately $10,871,627.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.07% of the stock is currently owned by corporate insiders.

About AbbVie

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, to treat adults with genotype 1 chronic hepatitis C.

Further Reading: Diversification For Individual Investors

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc (NYSE:ABBV).

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply