Connor Clark & Lunn Investment Management Ltd. raised its position in shares of AbbVie Inc (NYSE:ABBV) by 68.5% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 261,625 shares of the company’s stock after purchasing an additional 106,350 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in AbbVie were worth $24,240,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Cornerstone Wealth Management LLC boosted its stake in AbbVie by 8,774.3% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,102,183 shares of the company’s stock valued at $11,837,000 after purchasing an additional 1,089,763 shares in the last quarter. Summit Trail Advisors LLC boosted its stake in AbbVie by 7,637.2% during the 1st quarter. Summit Trail Advisors LLC now owns 997,253 shares of the company’s stock valued at $997,000 after purchasing an additional 984,364 shares in the last quarter. Mackay Shields LLC bought a new position in AbbVie during the 1st quarter valued at $69,341,000. Rock Springs Capital Management LP bought a new position in AbbVie during the 1st quarter valued at $56,790,000. Finally, SG Americas Securities LLC boosted its stake in shares of AbbVie by 162.0% during the 1st quarter. SG Americas Securities LLC now owns 921,963 shares of the company’s stock worth $87,264,000 after acquiring an additional 570,075 shares in the last quarter. 69.35% of the stock is owned by hedge funds and other institutional investors.
Shares of ABBV traded up $0.54 during mid-day trading on Friday, reaching $94.38. The company’s stock had a trading volume of 4,190,130 shares, compared to its average volume of 7,127,849. The firm has a market capitalization of $143.22 billion, a P/E ratio of 16.85, a PEG ratio of 0.91 and a beta of 1.54. AbbVie Inc has a 1 year low of $85.24 and a 1 year high of $125.86. The company has a quick ratio of 0.71, a current ratio of 0.80 and a debt-to-equity ratio of -9.06.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, July 27th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.98 by $0.02. The company had revenue of $8.28 billion during the quarter, compared to analyst estimates of $8.22 billion. AbbVie had a return on equity of 362.05% and a net margin of 20.84%. The company’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.42 earnings per share. On average, analysts expect that AbbVie Inc will post 7.86 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 15th will be issued a $0.96 dividend. The ex-dividend date is Friday, October 12th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.07%. AbbVie’s payout ratio is currently 68.57%.
In other news, EVP Michael Severino sold 50,000 shares of the stock in a transaction on Friday, August 17th. The stock was sold at an average price of $97.52, for a total value of $4,876,000.00. Following the completion of the sale, the executive vice president now owns 111,481 shares in the company, valued at $10,871,627.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.07% of the stock is owned by corporate insiders.
Several equities research analysts have recently weighed in on ABBV shares. Bank of America raised their price objective on AbbVie from $105.00 to $107.00 and gave the stock a “buy” rating in a research note on Wednesday, August 22nd. Cowen set a $110.00 price objective on AbbVie and gave the stock a “buy” rating in a research note on Friday, July 27th. Jefferies Financial Group set a $100.00 price objective on AbbVie and gave the stock a “buy” rating in a research note on Sunday, July 15th. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $103.00 price objective for the company in a research note on Wednesday, June 27th. Finally, Argus reduced their price objective on AbbVie from $145.00 to $130.00 and set a “buy” rating for the company in a research note on Monday, June 11th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. AbbVie has a consensus rating of “Hold” and an average price target of $107.21.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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