AbbVie Inc (NYSE:ABBV) Holdings Boosted by Keudell Morrison Wealth Management
Keudell Morrison Wealth Management boosted its holdings in shares of AbbVie Inc (NYSE:ABBV) by 4.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,935 shares of the company’s stock after buying an additional 1,144 shares during the quarter. AbbVie makes up approximately 2.3% of Keudell Morrison Wealth Management’s investment portfolio, making the stock its 5th biggest holding. Keudell Morrison Wealth Management’s holdings in AbbVie were worth $2,743,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the stock. BlackRock Inc. grew its holdings in AbbVie by 2.8% in the first quarter. BlackRock Inc. now owns 101,381,984 shares of the company’s stock worth $7,724,294,000 after purchasing an additional 2,788,174 shares during the last quarter. Geode Capital Management LLC grew its holdings in AbbVie by 5.5% in the first quarter. Geode Capital Management LLC now owns 25,773,505 shares of the company’s stock worth $1,960,934,000 after purchasing an additional 1,344,728 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in AbbVie by 23.0% in the first quarter. Bank of New York Mellon Corp now owns 18,590,115 shares of the company’s stock worth $1,416,380,000 after purchasing an additional 3,480,190 shares during the last quarter. Norges Bank purchased a new position in AbbVie in the fourth quarter worth $1,352,805,000. Finally, Nuveen Asset Management LLC grew its holdings in AbbVie by 24.8% in the fourth quarter. Nuveen Asset Management LLC now owns 13,041,659 shares of the company’s stock worth $1,154,709,000 after purchasing an additional 2,592,492 shares during the last quarter. 72.40% of the stock is currently owned by institutional investors.
In related news, Vice Chairman Carlos Alban sold 53,325 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $100.00, for a total transaction of $5,332,500.00. Following the completion of the transaction, the insider now owns 137,899 shares in the company, valued at approximately $13,789,900. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Timothy J. Richmond sold 19,445 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $85.00, for a total transaction of $1,652,825.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 95,794 shares of company stock valued at $9,057,485. Insiders own 0.09% of the company’s stock.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, May 1st. The company reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.25 by $0.17. The company had revenue of $8.62 billion during the quarter, compared to the consensus estimate of $8.31 billion. AbbVie had a net margin of 24.77% and a negative return on equity of 169.80%. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.14 earnings per share. On average, analysts expect that AbbVie Inc will post 10.5 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be given a $1.18 dividend. The ex-dividend date is Tuesday, July 14th. This represents a $4.72 dividend on an annualized basis and a dividend yield of 4.77%. AbbVie’s dividend payout ratio (DPR) is currently 52.80%.
Several equities analysts have issued reports on the stock. ValuEngine lowered shares of AbbVie from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 27th. Atlantic Securities raised shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 price objective on the stock in a report on Tuesday, June 23rd. Royal Bank of Canada boosted their price objective on shares of AbbVie from $102.00 to $125.00 and gave the company an “outperform” rating in a report on Thursday, June 25th. They noted that the move was a valuation call. TheStreet raised shares of AbbVie from a “c+” rating to a “b-” rating in a report on Friday, June 12th. Finally, Wolfe Research raised shares of AbbVie from a “peer perform” rating to an “outperform” rating in a report on Tuesday, June 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $106.80.
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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