Miller Howard Investments Inc. NY lowered its position in AbbVie Inc. (NYSE:ABBV) by 38.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,053,299 shares of the company’s stock after selling 668,025 shares during the period. AbbVie makes up approximately 1.3% of Miller Howard Investments Inc. NY’s investment portfolio, making the stock its 28th largest position. Miller Howard Investments Inc. NY owned 0.07% of AbbVie worth $68,633,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Bollard Group LLC boosted its stake in AbbVie by 0.5% in the first quarter. Bollard Group LLC now owns 3,745 shares of the company’s stock valued at $244,000 after buying an additional 20 shares in the last quarter. TRUE Private Wealth Advisors boosted its stake in AbbVie by 0.5% in the first quarter. TRUE Private Wealth Advisors now owns 4,787 shares of the company’s stock valued at $313,000 after buying an additional 24 shares in the last quarter. Country Club Trust Company n.a. boosted its stake in AbbVie by 0.6% in the first quarter. Country Club Trust Company n.a. now owns 4,434 shares of the company’s stock valued at $289,000 after buying an additional 26 shares in the last quarter. K.J. Harrison & Partners Inc boosted its stake in AbbVie by 0.6% in the first quarter. K.J. Harrison & Partners Inc now owns 5,031 shares of the company’s stock valued at $328,000 after buying an additional 31 shares during the period. Finally, Carroll Financial Associates Inc. boosted its stake in AbbVie by 0.8% in the first quarter. Carroll Financial Associates Inc. now owns 4,439 shares of the company’s stock valued at $289,000 after buying an additional 35 shares during the period. Institutional investors own 68.04% of the company’s stock.
Shares of AbbVie Inc. (ABBV) traded up 0.75% during midday trading on Wednesday, hitting $72.77. The stock had a trading volume of 3,904,137 shares. The company has a market cap of $115.82 billion, a P/E ratio of 18.86 and a beta of 1.51. AbbVie Inc. has a one year low of $55.06 and a one year high of $73.67. The firm has a 50 day moving average of $70.79 and a 200-day moving average of $65.65.
AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, April 27th. The company reported $1.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.26 by $0.02. AbbVie had a net margin of 24.07% and a return on equity of 148.83%. The business had revenue of $6.54 billion during the quarter, compared to analysts’ expectations of $6.49 billion. During the same quarter in the prior year, the company posted $1.15 earnings per share. The firm’s revenue was up 9.7% on a year-over-year basis. On average, analysts forecast that AbbVie Inc. will post $5.53 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 3.52%. The ex-dividend date is Wednesday, July 12th. AbbVie’s payout ratio is 66.32%.
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Several research firms have issued reports on ABBV. Leerink Swann reissued a “market perform” rating on shares of AbbVie in a research note on Thursday, June 22nd. Deutsche Bank AG reaffirmed a “hold” rating and issued a $66.00 price objective (up from $65.00) on shares of AbbVie in a research note on Monday. Jefferies Group LLC reaffirmed a “buy” rating and issued a $94.00 price objective (up from $92.00) on shares of AbbVie in a research note on Monday. Zacks Investment Research cut AbbVie from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. Finally, Vetr upgraded AbbVie from a “hold” rating to a “buy” rating and set a $74.86 target price for the company in a report on Thursday, July 6th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $73.78.
In other news, CFO William J. Chase sold 38,300 shares of the stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $65.35, for a total value of $2,502,905.00. Following the transaction, the chief financial officer now directly owns 209,043 shares of the company’s stock, valued at $13,660,960.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 71,235 shares of the firm’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $65.49, for a total transaction of $4,665,180.15. Following the transaction, the chairman now directly owns 349,462 shares in the company, valued at $22,886,266.38. The disclosure for this sale can be found here. Insiders have sold 278,135 shares of company stock valued at $18,841,085 in the last 90 days. 0.23% of the stock is currently owned by corporate insiders.
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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