Wedbush Securities Inc. Boosts Holdings in AbbVie Inc (NYSE:ABBV)

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Wedbush Securities Inc. grew its holdings in AbbVie Inc (NYSE:ABBV) by 6.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,620 shares of the company’s stock after acquiring an additional 3,960 shares during the quarter. AbbVie accounts for 0.8% of Wedbush Securities Inc.’s portfolio, making the stock its 16th largest holding. Wedbush Securities Inc.’s holdings in AbbVie were worth $6,450,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ABBV. Crescent Grove Advisors LLC increased its stake in shares of AbbVie by 4.2% in the first quarter. Crescent Grove Advisors LLC now owns 12,457 shares of the company’s stock valued at $1,179,000 after buying an additional 500 shares in the last quarter. Verition Fund Management LLC increased its stake in shares of AbbVie by 7.4% in the first quarter. Verition Fund Management LLC now owns 7,269 shares of the company’s stock valued at $688,000 after buying an additional 500 shares in the last quarter. Baxter Bros Inc. increased its stake in shares of AbbVie by 19.6% in the first quarter. Baxter Bros Inc. now owns 3,049 shares of the company’s stock valued at $289,000 after buying an additional 500 shares in the last quarter. Hanson & Doremus Investment Management increased its stake in shares of AbbVie by 7.4% in the first quarter. Hanson & Doremus Investment Management now owns 7,290 shares of the company’s stock valued at $690,000 after buying an additional 501 shares in the last quarter. Finally, Shepherd Financial Partners LLC increased its stake in shares of AbbVie by 1.6% in the first quarter. Shepherd Financial Partners LLC now owns 32,803 shares of the company’s stock valued at $3,105,000 after buying an additional 502 shares in the last quarter. 69.35% of the stock is owned by institutional investors.

A number of analysts have recently weighed in on ABBV shares. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $105.00 target price for the company in a research note on Monday, October 1st. Bank of America raised their target price on AbbVie from $105.00 to $107.00 and gave the company a “buy” rating in a research note on Wednesday, August 22nd. Cowen set a $110.00 target price on AbbVie and gave the company a “buy” rating in a research note on Friday, July 27th. Jefferies Financial Group set a $100.00 target price on AbbVie and gave the company a “buy” rating in a research note on Sunday, July 15th. Finally, Credit Suisse Group upgraded AbbVie to a “hold” rating and set a $89.00 target price for the company in a research note on Friday, July 13th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. AbbVie presently has a consensus rating of “Hold” and an average target price of $107.21.

In other news, EVP Michael Severino sold 50,000 shares of the business’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $97.52, for a total transaction of $4,876,000.00. Following the completion of the transaction, the executive vice president now directly owns 111,481 shares in the company, valued at approximately $10,871,627.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.07% of the stock is currently owned by insiders.

ABBV stock traded up $0.94 during midday trading on Friday, reaching $90.69. The stock had a trading volume of 5,692,147 shares, compared to its average volume of 7,089,003. The company has a quick ratio of 0.71, a current ratio of 0.80 and a debt-to-equity ratio of -9.06. The firm has a market cap of $143.22 billion, a price-to-earnings ratio of 16.19, a PEG ratio of 0.91 and a beta of 1.54. AbbVie Inc has a twelve month low of $85.24 and a twelve month high of $125.86.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 27th. The company reported $2.00 EPS for the quarter, topping the Zacks’ consensus estimate of $1.98 by $0.02. The firm had revenue of $8.28 billion during the quarter, compared to analyst estimates of $8.22 billion. AbbVie had a return on equity of 362.05% and a net margin of 20.84%. The company’s revenue was up 19.2% on a year-over-year basis. During the same period last year, the company earned $1.42 earnings per share. Sell-side analysts predict that AbbVie Inc will post 7.86 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 15th will be given a dividend of $0.96 per share. The ex-dividend date of this dividend is Friday, October 12th. This represents a $3.84 annualized dividend and a dividend yield of 4.23%. AbbVie’s payout ratio is currently 68.57%.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.

Further Reading: Ex-Dividend

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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