Westchester Capital Management Inc. Buys 8,235 Shares of AbbVie Inc (NYSE:ABBV)
Westchester Capital Management Inc. boosted its stake in AbbVie Inc (NYSE:ABBV) by 7.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 113,414 shares of the company’s stock after acquiring an additional 8,235 shares during the period. AbbVie accounts for approximately 3.2% of Westchester Capital Management Inc.’s holdings, making the stock its 20th biggest holding. Westchester Capital Management Inc.’s holdings in AbbVie were worth $8,247,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the stock. Weaver Consulting Group purchased a new position in shares of AbbVie in the 1st quarter worth about $25,000. Prime Capital Investment Advisors LLC purchased a new position in shares of AbbVie in the 4th quarter worth about $27,000. Arbor Wealth Management LLC purchased a new position in shares of AbbVie in the 2nd quarter worth about $28,000. Lowe Wealth Advisors LLC raised its position in shares of AbbVie by 206.7% in the 2nd quarter. Lowe Wealth Advisors LLC now owns 460 shares of the company’s stock worth $33,000 after purchasing an additional 310 shares during the last quarter. Finally, Horrell Capital Management Inc. purchased a new position in shares of AbbVie in the 2nd quarter worth about $33,000. Institutional investors and hedge funds own 70.03% of the company’s stock.
In other AbbVie news, EVP William J. Chase purchased 30,400 shares of AbbVie stock in a transaction dated Wednesday, June 26th. The stock was purchased at an average price of $67.30 per share, with a total value of $2,045,920.00. Following the transaction, the executive vice president now directly owns 169,552 shares of the company’s stock, valued at $11,410,849.60. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Jeffrey Ryan Stewart purchased 15,552 shares of AbbVie stock in a transaction dated Friday, August 16th. The shares were acquired at an average cost of $64.44 per share, with a total value of $1,002,170.88. Following the transaction, the senior vice president now directly owns 65,304 shares in the company, valued at $4,208,189.76. The disclosure for this purchase can be found here. In the last three months, insiders acquired 152,452 shares of company stock valued at $10,128,541. 0.08% of the stock is owned by insiders.
NYSE:ABBV traded up $1.30 during mid-day trading on Wednesday, reaching $67.71. The company’s stock had a trading volume of 5,109,918 shares, compared to its average volume of 9,908,758. AbbVie Inc has a 12-month low of $62.66 and a 12-month high of $98.70. The firm’s fifty day moving average price is $67.95 and its two-hundred day moving average price is $76.28. The stock has a market cap of $95.26 billion, a P/E ratio of 8.56, a PEG ratio of 1.53 and a beta of 0.96.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 26th. The company reported $2.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.21 by $0.05. AbbVie had a negative return on equity of 182.70% and a net margin of 12.62%. The business had revenue of $8.26 billion during the quarter, compared to analyst estimates of $8.09 billion. During the same quarter in the previous year, the firm earned $2.00 EPS. AbbVie’s revenue was down .3% on a year-over-year basis. On average, sell-side analysts anticipate that AbbVie Inc will post 8.88 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were given a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 6.32%. The ex-dividend date of this dividend was Friday, July 12th. AbbVie’s dividend payout ratio (DPR) is 54.11%.
AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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