Kayne Anderson Rudnick Investment Management LLC Sells 2,488 Shares of AbbVie Inc. (ABBV)
Kayne Anderson Rudnick Investment Management LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 43.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,300 shares of the company’s stock after selling 2,488 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in AbbVie were worth $239,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. MCF Advisors LLC boosted its holdings in shares of AbbVie by 15.3% in the first quarter. MCF Advisors LLC now owns 4,556 shares of the company’s stock valued at $297,000 after acquiring an additional 606 shares during the period. Greatmark Investment Partners Inc. boosted its holdings in shares of AbbVie by 1.7% in the first quarter. Greatmark Investment Partners Inc. now owns 33,936 shares of the company’s stock valued at $2,211,000 after acquiring an additional 560 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in shares of AbbVie by 33.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 461,768 shares of the company’s stock valued at $30,441,000 after acquiring an additional 115,550 shares during the period. Community Bank N.A. boosted its holdings in shares of AbbVie by 1.6% in the first quarter. Community Bank N.A. now owns 66,262 shares of the company’s stock valued at $4,317,000 after acquiring an additional 1,015 shares during the period. Finally, Massmutual Trust Co. FSB ADV boosted its holdings in shares of AbbVie by 16.8% in the first quarter. Massmutual Trust Co. FSB ADV now owns 98,704 shares of the company’s stock valued at $6,432,000 after acquiring an additional 14,194 shares during the period. Hedge funds and other institutional investors own 69.32% of the company’s stock.
In other AbbVie news, VP Robert A. Michael sold 6,699 shares of the stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total value of $589,512.00. Following the completion of the transaction, the vice president now owns 10,007 shares in the company, valued at $880,616. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Azita Saleki-Gerhardt sold 8,300 shares of the stock in a transaction on Monday, September 11th. The stock was sold at an average price of $85.02, for a total value of $705,666.00. Following the completion of the transaction, the senior vice president now owns 93,099 shares of the company’s stock, valued at approximately $7,915,276.98. The disclosure for this sale can be found here. Insiders sold 277,125 shares of company stock valued at $25,891,756 in the last quarter. 0.23% of the stock is currently owned by company insiders.
ABBV has been the subject of several research analyst reports. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a report on Tuesday, October 17th. BidaskClub downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 25th. Goldman Sachs Group reaffirmed a “buy” rating and set a $100.00 price target (up from $85.00) on shares of AbbVie in a report on Friday, September 8th. Deutsche Bank increased their price target on AbbVie to $88.00 and gave the stock a “hold” rating in a report on Thursday, September 28th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $107.00 price target (up from $94.00) on shares of AbbVie in a report on Friday, September 15th. Seven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $96.66.
AbbVie Inc. (ABBV) opened at $95.41 on Wednesday. The stock has a market capitalization of $152,012.06, a price-to-earnings ratio of 17.93, a price-to-earnings-growth ratio of 1.34 and a beta of 1.52. The company has a debt-to-equity ratio of 5.08, a current ratio of 1.45 and a quick ratio of 1.32. AbbVie Inc. has a 52-week low of $58.80 and a 52-week high of $98.52.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.39 by $0.02. The firm had revenue of $7 billion during the quarter, compared to analysts’ expectations of $7 billion. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. AbbVie’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.21 earnings per share. equities analysts expect that AbbVie Inc. will post 5.55 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be given a $0.71 dividend. This is a boost from AbbVie’s previous quarterly dividend of $0.64. The ex-dividend date is Thursday, January 11th. This represents a $2.84 annualized dividend and a yield of 2.98%. AbbVie’s dividend payout ratio is presently 62.29%.
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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