Westchester Capital Management Inc. increased its stake in shares of AbbVie Inc (NYSE:ABBV) by 2.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,767 shares of the company’s stock after buying an additional 2,353 shares during the quarter. AbbVie comprises approximately 3.4% of Westchester Capital Management Inc.’s investment portfolio, making the stock its 19th biggest position. Westchester Capital Management Inc.’s holdings in AbbVie were worth $8,766,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of ABBV. Vanguard Group Inc. boosted its holdings in shares of AbbVie by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 121,523,538 shares of the company’s stock valued at $8,837,192,000 after purchasing an additional 679,398 shares in the last quarter. BlackRock Inc. lifted its stake in shares of AbbVie by 3.3% in the 2nd quarter. BlackRock Inc. now owns 98,295,272 shares of the company’s stock valued at $7,148,030,000 after acquiring an additional 3,100,309 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in shares of AbbVie by 1,715.8% in the 2nd quarter. Nuveen Asset Management LLC now owns 9,593,845 shares of the company’s stock valued at $697,664,000 after acquiring an additional 9,065,487 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of AbbVie by 2.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 6,613,086 shares of the company’s stock valued at $480,904,000 after acquiring an additional 182,795 shares during the last quarter. Finally, LSV Asset Management lifted its stake in shares of AbbVie by 1.3% in the 2nd quarter. LSV Asset Management now owns 6,504,926 shares of the company’s stock valued at $473,038,000 after acquiring an additional 83,454 shares during the last quarter. 68.38% of the stock is currently owned by institutional investors and hedge funds.
In other AbbVie news, major shareholder Istar Inc. acquired 40,000 shares of the stock in a transaction dated Thursday, August 15th. The stock was purchased at an average cost of $28.52 per share, with a total value of $1,140,800.00. Also, SVP Jeffrey Ryan Stewart acquired 15,552 shares of the stock in a transaction dated Friday, August 16th. The stock was acquired at an average cost of $64.44 per share, with a total value of $1,002,170.88. Following the completion of the transaction, the senior vice president now owns 65,304 shares in the company, valued at approximately $4,208,189.76. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 88,077 shares of company stock valued at $4,401,551. 0.08% of the stock is owned by corporate insiders.
NYSE:ABBV traded up $3.20 during trading hours on Friday, hitting $85.21. 11,307,381 shares of the company were exchanged, compared to its average volume of 7,972,123. The stock has a market capitalization of $121.00 billion, a price-to-earnings ratio of 10.77, a price-to-earnings-growth ratio of 2.04 and a beta of 0.98. AbbVie Inc has a one year low of $62.66 and a one year high of $94.98. The company has a fifty day simple moving average of $76.28 and a 200 day simple moving average of $73.49.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, November 1st. The company reported $2.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.29 by $0.04. The business had revenue of $8.48 billion during the quarter, compared to analyst estimates of $8.37 billion. AbbVie had a negative return on equity of 155.71% and a net margin of 9.90%. AbbVie’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period last year, the company earned $2.14 EPS. On average, research analysts anticipate that AbbVie Inc will post 8.93 EPS for the current year.
The business also recently announced a — dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $1.07 per share. This represents a yield of 6.4%. The ex-dividend date is Friday, October 11th. AbbVie’s dividend payout ratio is currently 54.11%.
A number of brokerages have recently commented on ABBV. Piper Jaffray Companies increased their price target on AbbVie from $81.00 to $90.00 in a research note on Friday, November 1st. UBS Group upgraded AbbVie from a “neutral” rating to a “buy” rating and dropped their price target for the company from $85.00 to $79.00 in a research note on Thursday, September 12th. Citigroup upgraded AbbVie from a “neutral” rating to a “buy” rating and increased their price target for the company from $87.00 to $90.00 in a research note on Thursday, September 26th. ValuEngine upgraded AbbVie from a “strong sell” rating to a “sell” rating in a research note on Monday, September 30th. Finally, Cowen set a $90.00 price target on AbbVie and gave the company a “buy” rating in a research note on Tuesday, September 24th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $84.88.
AbbVie Company Profile
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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