Occidental Asset Management LLC boosted its holdings in shares of AbbVie Inc (NYSE:ABBV) by 19.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,665 shares of the company’s stock after purchasing an additional 1,231 shares during the quarter. Occidental Asset Management LLC’s holdings in AbbVie were worth $557,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the stock. Benedict Financial Advisors Inc. raised its stake in AbbVie by 11.0% during the second quarter. Benedict Financial Advisors Inc. now owns 3,046 shares of the company’s stock valued at $221,000 after purchasing an additional 302 shares in the last quarter. Sigma Planning Corp raised its stake in AbbVie by 9.3% during the second quarter. Sigma Planning Corp now owns 71,966 shares of the company’s stock valued at $5,233,000 after purchasing an additional 6,095 shares in the last quarter. Kavar Capital Partners LLC raised its stake in AbbVie by 12.3% during the second quarter. Kavar Capital Partners LLC now owns 33,696 shares of the company’s stock valued at $2,450,000 after purchasing an additional 3,700 shares in the last quarter. Stephens Inc. AR raised its stake in AbbVie by 17.6% during the second quarter. Stephens Inc. AR now owns 240,549 shares of the company’s stock valued at $17,493,000 after purchasing an additional 36,043 shares in the last quarter. Finally, Cohen Lawrence B purchased a new stake in AbbVie during the second quarter valued at $353,000. 68.15% of the stock is currently owned by institutional investors.
Shares of NYSE ABBV traded down $0.50 during mid-day trading on Thursday, reaching $63.00. The company had a trading volume of 5,846,899 shares, compared to its average volume of 10,238,484. The stock’s 50-day moving average price is $68.73. The firm has a market cap of $95.41 billion, a PE ratio of 7.96, a price-to-earnings-growth ratio of 1.54 and a beta of 0.96. AbbVie Inc has a 52 week low of $63.31 and a 52 week high of $100.23.
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 6.79%. The ex-dividend date of this dividend is Friday, July 12th. AbbVie’s payout ratio is presently 54.11%.
In other AbbVie news, Director Roxanne S. Austin bought 55,000 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were bought at an average cost of $65.86 per share, for a total transaction of $3,622,300.00. Following the acquisition, the director now directly owns 92,114 shares in the company, valued at $6,066,628.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Henry O. Gosebruch bought 30,000 shares of the company’s stock in a transaction on Monday, July 29th. The shares were acquired at an average price of $67.28 per share, for a total transaction of $2,018,400.00. Following the completion of the acquisition, the executive vice president now owns 75,763 shares in the company, valued at $5,097,334.64. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 136,900 shares of company stock worth $9,126,370. Company insiders own 0.08% of the company’s stock.
A number of research analysts have weighed in on ABBV shares. Piper Jaffray Companies set a $80.00 price objective on shares of AbbVie and gave the company a “hold” rating in a research report on Friday, July 26th. Goldman Sachs Group started coverage on shares of AbbVie in a research report on Tuesday, May 28th. They set a “neutral” rating and a $84.00 price objective on the stock. Leerink Swann upgraded shares of AbbVie to a “buy” rating in a research report on Tuesday, July 2nd. BMO Capital Markets upgraded shares of AbbVie from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $71.00 to $79.00 in a research report on Sunday, April 28th. Finally, Wolfe Research upgraded shares of AbbVie from an “underperform” rating to a “peer perform” rating in a research report on Thursday, June 27th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. The company 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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