Schmidt P J Investment Management Inc. cut its stake in AbbVie Inc (NYSE:ABBV) by 7.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 66,466 shares of the company’s stock after selling 5,004 shares during the quarter. AbbVie accounts for about 1.4% of Schmidt P J Investment Management Inc.’s portfolio, making the stock its 27th biggest position. Schmidt P J Investment Management Inc.’s holdings in AbbVie were worth $4,833,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently modified their holdings of ABBV. Northern Trust Corp grew its holdings in AbbVie by 1.1% during the fourth quarter. Northern Trust Corp now owns 21,029,665 shares of the company’s stock valued at $1,938,725,000 after purchasing an additional 227,408 shares during the period. Geode Capital Management LLC grew its holdings in AbbVie by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 17,582,527 shares of the company’s stock valued at $1,617,957,000 after purchasing an additional 880,288 shares during the period. Bank of New York Mellon Corp grew its holdings 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 valued at $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 valued at $1,300,469,000. Finally, FMR LLC grew its holdings in AbbVie by 56.5% during the first quarter. FMR LLC now owns 13,200,141 shares of the company’s stock valued at $1,063,799,000 after purchasing an additional 4,765,946 shares during the period. 68.53% of the stock is owned by hedge funds and other institutional investors.
Shares of AbbVie stock traded down $0.23 during trading hours on Tuesday, reaching $65.00. The company had a trading volume of 3,156,341 shares, compared to its average volume of 10,947,081. AbbVie Inc has a one year low of $64.54 and a one year high of $100.23. The business has a fifty day moving average price of $70.90. The company has a market cap of $96.61 billion, a price-to-earnings ratio of 8.22, a PEG ratio of 1.56 and a beta of 0.96.
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders 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 dividend yield of 6.58%. The ex-dividend date of this dividend is Friday, July 12th. AbbVie’s payout ratio is currently 54.11%.
In other AbbVie news, Director Roxanne S. Austin acquired 55,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were bought at an average price of $65.86 per share, for a total transaction of $3,622,300.00. Following the completion of the transaction, the director now owns 92,114 shares of the company’s stock, valued at approximately $6,066,628.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Henry O. Gosebruch acquired 30,000 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was acquired at an average price of $67.28 per share, for a total transaction of $2,018,400.00. Following the transaction, the executive vice president now directly owns 75,763 shares of the company’s stock, valued at approximately $5,097,334.64. The disclosure for this purchase can be found here. Insiders bought 136,900 shares of company stock valued at $9,126,370 over the last ninety days. Corporate insiders own 0.08% of the company’s stock.
Several equities analysts have weighed in on ABBV shares. ValuEngine lowered AbbVie from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 26th. Wolfe Research raised AbbVie from an “underperform” rating to a “peer perform” rating in a report on Thursday, June 27th. BMO Capital Markets raised AbbVie from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $71.00 to $79.00 in a report on Sunday, April 28th. Citigroup reissued a “hold” rating on shares of AbbVie in a report on Wednesday, June 26th. Finally, Goldman Sachs Group assumed coverage on AbbVie in a report on Tuesday, May 28th. They issued a “neutral” rating and a $84.00 price target for the company. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price 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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