Raab & Moskowitz Asset Management LLC grew its stake in AbbVie Inc. (NYSE:ABBV) by 151.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,256 shares of the company’s stock after buying an additional 17,035 shares during the quarter. AbbVie makes up 1.2% of Raab & Moskowitz Asset Management LLC’s portfolio, making the stock its 25th biggest holding. Raab & Moskowitz Asset Management LLC’s holdings in AbbVie were worth $3,057,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Norges Bank purchased a new stake in shares of AbbVie in the fourth quarter worth approximately $2,070,985,000. Boston Partners boosted its holdings in shares of AbbVie by 1,962.8% during the 4th quarter. Boston Partners now owns 2,881,764 shares of the company’s stock worth $308,781,000 after purchasing an additional 2,742,063 shares during the last quarter. Morgan Stanley increased its position in shares of AbbVie by 19.0% during the fourth quarter. Morgan Stanley now owns 16,336,505 shares of the company’s stock worth $1,750,457,000 after acquiring an additional 2,605,050 shares during the period. BlackRock Inc. boosted its stake in shares of AbbVie by 2.0% during the fourth quarter. BlackRock Inc. now owns 124,423,484 shares of the company’s stock worth $13,331,975,000 after buying an additional 2,406,847 shares during the period. Finally, UBS Asset Management Americas Inc. increased its holdings in AbbVie by 24.7% in the fourth quarter. UBS Asset Management Americas Inc. now owns 11,438,531 shares of the company’s stock valued at $1,225,639,000 after buying an additional 2,263,374 shares in the last quarter. Institutional investors and hedge funds own 67.49% of the company’s stock.
Several research firms recently weighed in on ABBV. BMO Capital Markets lifted their target price on shares of AbbVie from $127.00 to $129.00 and gave the company an “outperform” rating in a report on Monday. Morgan Stanley reduced their target price on shares of AbbVie from $120.00 to $116.00 and set an “overweight” rating for the company in a research note on Thursday, January 28th. SVB Leerink raised their price objective on shares of AbbVie from $140.00 to $144.00 and gave the company an “outperform” rating in a research report on Tuesday, March 30th. Royal Bank of Canada began coverage on shares of AbbVie in a research note on Wednesday, April 7th. They issued a $135.00 target price on the stock. Finally, Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $114.00 target price on the stock in a research note on Tuesday, February 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and fifteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $116.94.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, April 29th. The company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.12. AbbVie had a return on equity of 439.24% and a net margin of 18.16%. The company had revenue of $13.01 billion during the quarter, compared to analyst estimates of $12.84 billion. During the same quarter last year, the firm posted $2.42 EPS. The firm’s revenue for the quarter was up 50.9% on a year-over-year basis. As a group, equities analysts expect that AbbVie Inc. will post 10.48 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 14th. Shareholders of record on Thursday, April 15th will be paid a $1.30 dividend. The ex-dividend date of this dividend is Wednesday, April 14th. This represents a $5.20 annualized dividend and a yield of 4.50%. AbbVie’s dividend payout ratio is currently 58.17%.
In other news, CEO Richard A. Gonzalez sold 170,113 shares of AbbVie stock in a transaction dated Monday, March 1st. The stock was sold at an average price of $108.61, for a total transaction of $18,475,972.93. Following the completion of the sale, the chief executive officer now owns 450,981 shares in the company, valued at approximately $48,981,046.41. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Timothy J. Richmond sold 19,514 shares of AbbVie stock in a transaction dated Monday, March 1st. The shares were sold at an average price of $108.59, for a total value of $2,119,025.26. Following the sale, the executive vice president now owns 19,514 shares of the company’s stock, valued at approximately $2,119,025.26. The disclosure for this sale can be found here. In the last 90 days, insiders sold 198,067 shares of company stock valued at $21,511,667. 0.09% of the stock is owned by corporate insiders.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal BehÃ§et's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenstrÃ¶m's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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