B. Riley Financial Inc. Invests $473,000 in AbbVie Inc (ABBV)
B. Riley Financial Inc. acquired a new position in shares of AbbVie Inc (NYSE:ABBV) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 5,326 shares of the company’s stock, valued at approximately $473,000.
Other large investors also recently modified their holdings of the company. Savant Capital LLC increased its stake in AbbVie by 1.3% in the 2nd quarter. Savant Capital LLC now owns 61,132 shares of the company’s stock valued at $4,433,000 after buying an additional 793 shares during the last quarter. Princeton Capital Management Inc. acquired a new stake in AbbVie in the 2nd quarter valued at $1,394,000. Palisade Asset Management LLC increased its stake in AbbVie by 17.9% in the 2nd quarter. Palisade Asset Management LLC now owns 68,311 shares of the company’s stock valued at $4,953,000 after buying an additional 10,381 shares during the last quarter. Beaton Management Co. Inc. acquired a new stake in AbbVie in the 2nd quarter valued at $528,000. Finally, Greatmark Investment Partners Inc. increased its stake in AbbVie by 3.7% in the 2nd quarter. Greatmark Investment Partners Inc. now owns 35,178 shares of the company’s stock valued at $2,551,000 after buying an additional 1,242 shares during the last quarter. Institutional investors and hedge funds own 69.33% of the company’s stock.
Several brokerages have issued reports on ABBV. Argus lifted their price target on shares of AbbVie from $120.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. ValuEngine upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Morgan Stanley lifted their price target on shares of AbbVie from $99.00 to $131.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 30th. Evercore ISI reiterated a “buy” rating and issued a $144.00 price target on shares of AbbVie in a research note on Monday, January 29th. Finally, Credit Suisse Group set a $135.00 price objective on shares of AbbVie and gave the company a “hold” rating in a research report on Monday, January 29th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. AbbVie presently has a consensus rating of “Buy” and an average price target of $117.26.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, January 26th. The company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.04. AbbVie had a net margin of 18.82% and a return on equity of 152.78%. The company had revenue of $7.74 billion during the quarter, compared to the consensus estimate of $7.53 billion. During the same quarter last year, the firm posted $1.20 EPS. The company’s quarterly revenue was up 13.9% on a year-over-year basis. sell-side analysts expect that AbbVie Inc will post 7.46 earnings per share for the current year.
In related news, Chairman Richard A. Gonzalez sold 218,193 shares of AbbVie stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $94.01, for a total transaction of $20,512,323.93. Following the completion of the sale, the chairman now owns 492,030 shares of the company’s stock, valued at approximately $46,255,740.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Laura J. Schumacher sold 145,510 shares of AbbVie stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $96.71, for a total transaction of $14,072,272.10. The disclosure for this sale can be found here. Insiders have sold a total of 450,743 shares of company stock valued at $43,153,684 in the last ninety days. 0.23% of the stock is currently owned by insiders.
WARNING: This report was first published by TheOlympiaReport and is owned by of TheOlympiaReport. If you are reading this report on another site, it was illegally stolen and reposted in violation of United States & international copyright & trademark laws. The legal version of this report can be viewed at https://theolympiareport.com/2018/02/14/b-riley-financial-inc-invests-473000-in-abbvie-inc-abbv.html.
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.
Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc (NYSE:ABBV).
Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.