E&G Advisors LP Grows Holdings in AbbVie Inc (NYSE:ABBV)
E&G Advisors LP boosted its holdings in AbbVie Inc (NYSE:ABBV) by 6.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,259 shares of the company’s stock after purchasing an additional 259 shares during the quarter. E&G Advisors LP’s holdings in AbbVie were worth $418,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. American National Bank increased its stake in AbbVie by 57.9% in the second quarter. American National Bank now owns 1,895 shares of the company’s stock worth $186,000 after purchasing an additional 695 shares during the period. Wiley BROS. Aintree Capital LLC purchased a new position in shares of AbbVie during the second quarter valued at $231,000. TRUE Private Wealth Advisors grew its stake in AbbVie by 1.8% in the second quarter. TRUE Private Wealth Advisors now owns 34,154 shares of the company’s stock valued at $3,353,000 after purchasing an additional 598 shares during the last quarter. Watchman Group Inc. acquired a new stake in AbbVie in the second quarter worth about $206,000. Finally, Tsfg LLC boosted its holdings in AbbVie by 16.2% in the second quarter. Tsfg LLC now owns 85,465 shares of the company’s stock worth $8,391,000 after acquiring an additional 11,946 shares in the last quarter. Hedge funds and other institutional investors own 72.44% of the company’s stock.
A number of research firms have recently commented on ABBV. Wolfe Research upgraded AbbVie from a “peer perform” rating to an “outperform” rating in a research report on Tuesday, June 9th. Argus raised AbbVie from a “hold” rating to a “buy” rating and upped their price target for the company from $91.40 to $115.00 in a research note on Tuesday, June 2nd. UBS Group increased their target price on AbbVie from $96.00 to $109.00 in a research note on Wednesday, June 17th. JPMorgan Chase & Co. upgraded AbbVie from a “neutral” rating to an “overweight” rating and set a $105.00 price target on the stock in a report on Tuesday, May 12th. Finally, Bank of America began coverage on AbbVie in a report on Monday, May 18th. They set a “neutral” rating and a $95.00 price target on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $106.80.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, May 1st. The company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.17. The firm had revenue of $8.62 billion during the quarter, compared to the consensus estimate of $8.31 billion. AbbVie had a negative return on equity of 169.80% and a net margin of 24.77%. AbbVie’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the business posted $2.14 EPS. Sell-side analysts expect that AbbVie Inc will post 10.54 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be given a dividend of $1.18 per share. This represents a $4.72 annualized dividend and a yield of 4.75%. The ex-dividend date of this dividend is Tuesday, July 14th. AbbVie’s payout ratio is 52.80%.
In other AbbVie news, EVP Timothy J. Richmond sold 19,445 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $85.00, for a total transaction of $1,652,825.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jeffrey Ryan Stewart sold 23,024 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $90.00, for a total value of $2,072,160.00. Following the transaction, the senior vice president now directly owns 52,760 shares of the company’s stock, valued at approximately $4,748,400. The disclosure for this sale can be found here. Company insiders own 0.09% of the company’s stock.
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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