Gateway Investment Advisers LLC decreased its stake in AbbVie Inc. (NYSE:ABBV) by 5.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 875,967 shares of the company’s stock after selling 54,778 shares during the period. Gateway Investment Advisers LLC owned approximately 0.05% of AbbVie worth $57,078,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Eagle Ridge Investment Management raised its position in shares of AbbVie by 22.2% in the third quarter. Eagle Ridge Investment Management now owns 97,170 shares of the company’s stock valued at $6,129,000 after buying an additional 17,666 shares during the period. SkyBridge Capital II LLC raised its position in shares of AbbVie by 10.5% in the third quarter. SkyBridge Capital II LLC now owns 238,614 shares of the company’s stock valued at $15,049,000 after buying an additional 22,769 shares during the period. Wellington Shields Capital Management LLC raised its position in shares of AbbVie by 13.7% in the third quarter. Wellington Shields Capital Management LLC now owns 63,934 shares of the company’s stock valued at $4,032,000 after buying an additional 7,700 shares during the period. Nordea Investment Management AB raised its position in shares of AbbVie by 3.4% in the third quarter. Nordea Investment Management AB now owns 3,569,664 shares of the company’s stock valued at $225,139,000 after buying an additional 118,328 shares during the period. Finally, Balasa Dinverno & Foltz LLC raised its position in shares of AbbVie by 5.0% in the third quarter. Balasa Dinverno & Foltz LLC now owns 15,045 shares of the company’s stock valued at $949,000 after buying an additional 721 shares during the period. 68.02% of the stock is owned by hedge funds and other institutional investors.
Shares of AbbVie Inc. (ABBV) traded up 0.41% on Monday, hitting $71.34. 6,396,250 shares of the stock traded hands. AbbVie Inc. has a 12-month low of $55.06 and a 12-month high of $71.59. The stock has a market cap of $113.54 billion, a price-to-earnings ratio of 18.49 and a beta of 1.52. The stock has a 50-day moving average price of $67.12 and a 200 day moving average price of $63.96.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, April 27th. The company reported $1.28 EPS for the quarter, beating the Zacks’ 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 company had revenue of $6.54 billion for the quarter, compared to analyst estimates of $6.49 billion. During the same quarter last year, the firm posted $1.15 earnings per share. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. On average, analysts anticipate that AbbVie Inc. will post $5.53 earnings per share for the current fiscal year.
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ABBV has been the subject of several research analyst reports. Vetr lowered shares of AbbVie from a “buy” rating to a “hold” rating and set a $63.36 price target for the company. in a research report on Tuesday, February 28th. Jefferies Group LLC reaffirmed a “buy” rating and set a $90.00 price target (up previously from $4.30) on shares of AbbVie in a research report on Tuesday, March 7th. Goldman Sachs Group, Inc. (The) raised shares of AbbVie from a “buy” rating to a “conviction-buy” rating and upped their price target for the stock from $74.00 to $80.00 in a research report on Saturday, March 11th. BMO Capital Markets reiterated a “hold” rating and set a $63.00 price objective on shares of AbbVie in a research note on Wednesday, March 22nd. Finally, Societe Generale upgraded shares of AbbVie from a “sell” rating to a “hold” rating in a research note on Wednesday, March 22nd. Nine equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. AbbVie has an average rating of “Buy” and an average price target of $73.27.
In other news, insider Laura J. Schumacher sold 79,800 shares of the firm’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $5,586,000.00. Following the sale, the insider now owns 187,625 shares in the company, valued at $13,133,750. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Carlos Alban sold 45,800 shares of the firm’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $70.00, for a total transaction of $3,206,000.00. Following the completion of the sale, the executive vice president now owns 160,545 shares in the company, valued at approximately $11,238,150. The disclosure for this sale can be found here. In the last three months, insiders sold 278,135 shares of company stock worth $18,841,085. Insiders own 0.23% of the company’s stock.
AbbVie Company Profile
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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