Westside Investment Management Inc. purchased a new stake in AbbVie Inc (NYSE:ABBV) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 4,206 shares of the company’s stock, valued at approximately $305,000.
Several other large investors have also modified their holdings of ABBV. Northern Trust Corp lifted its stake in AbbVie by 1.1% during the fourth quarter. Northern Trust Corp now owns 21,029,665 shares of the company’s stock worth $1,938,725,000 after purchasing an additional 227,408 shares during the period. Geode Capital Management LLC lifted its stake in AbbVie by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 17,582,527 shares of the company’s stock worth $1,617,957,000 after purchasing an additional 880,288 shares during the period. Bank of New York Mellon Corp lifted its stake in AbbVie by 0.3% during the fourth quarter. Bank of New York Mellon Corp now owns 15,921,433 shares of the company’s stock worth $1,467,797,000 after purchasing an additional 41,680 shares during the period. Norges Bank bought a new position in AbbVie during the fourth quarter worth about $1,300,469,000. Finally, FMR LLC lifted its stake in AbbVie by 56.5% during the first quarter. FMR LLC now owns 13,200,141 shares of the company’s stock worth $1,063,799,000 after purchasing an additional 4,765,946 shares during the period. 68.53% of the stock is currently owned by institutional investors.
In other AbbVie news, Director Roxanne S. Austin purchased 55,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was purchased at an average cost of $65.86 per share, for a total transaction of $3,622,300.00. Following the transaction, the director now owns 92,114 shares in the company, valued at approximately $6,066,628.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Roxanne S. Austin purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, July 30th. The stock was acquired at an average price of $66.35 per share, with a total value of $663,500.00. Following the completion of the transaction, the director now owns 62,114 shares in the company, valued at approximately $4,121,263.90. The disclosure for this purchase can be found here. Insiders acquired a total of 136,900 shares of company stock valued at $9,126,370 in the last three months. Insiders own 0.08% of the company’s stock.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, July 26th. The company reported $2.26 EPS for the quarter, beating the Zacks’ consensus estimate of $2.21 by $0.05. AbbVie had a net margin of 12.62% and a negative return on equity of 198.18%. The business had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same quarter in the prior year, the business earned $2.00 EPS. AbbVie’s quarterly revenue was down .3% on a year-over-year basis. On average, analysts predict that AbbVie Inc will post 8.88 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 6.56%. The ex-dividend date is Friday, July 12th. AbbVie’s dividend payout ratio is currently 54.11%.
ABBV has been the subject of a number of analyst reports. Piper Jaffray Companies set a $80.00 price target on shares of AbbVie and gave the stock a “hold” rating in a research note on Friday, July 26th. Wolfe Research upgraded shares of AbbVie from an “underperform” rating to a “peer perform” rating in a research note on Thursday, June 27th. Credit Suisse Group set a $78.00 price target on shares of AbbVie and gave the stock a “sell” rating in a research note on Friday, April 26th. Goldman Sachs Group started coverage on shares of AbbVie in a research note on Tuesday, May 28th. They set a “neutral” rating and a $84.00 price target for the company. Finally, Citigroup reaffirmed a “hold” rating on shares of AbbVie in a report on Wednesday, June 26th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. AbbVie currently has an average rating of “Hold” and a consensus price target of $92.05.
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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