Concert Wealth Management Inc. Has $4,042,000 Position in AbbVie Inc. (ABBV)
Concert Wealth Management Inc. cut its stake in AbbVie Inc. (NYSE:ABBV) by 0.2% during the third quarter, Holdings Channel reports. The institutional investor owned 64,157 shares of the company’s stock after selling 111 shares during the period. Concert Wealth Management Inc.’s holdings in AbbVie were worth $4,042,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Squarepoint Ops LLC bought a new stake in AbbVie during the first quarter valued at $1,491,000. Clear Harbor Asset Management LLC boosted its stake in AbbVie by 1.3% in the first quarter. Clear Harbor Asset Management LLC now owns 18,812 shares of the company’s stock valued at $1,075,000 after buying an additional 247 shares during the period. First Republic Investment Management Inc. boosted its stake in AbbVie by 10.2% in the first quarter. First Republic Investment Management Inc. now owns 975,222 shares of the company’s stock valued at $55,705,000 after buying an additional 90,068 shares during the period. Cullinan Associates Inc. boosted its stake in AbbVie by 14.4% in the first quarter. Cullinan Associates Inc. now owns 98,750 shares of the company’s stock valued at $5,641,000 after buying an additional 12,400 shares during the period. Finally, Kovitz Investment Group Partners LLC bought a new stake in AbbVie during the first quarter valued at $1,970,000. Hedge funds and other institutional investors own 66.67% of the company’s stock.
AbbVie Inc. (NYSE:ABBV) traded down 1.28% during midday trading on Wednesday, hitting $60.80. The company’s stock had a trading volume of 9,017,721 shares. The company has a market cap of $98.81 billion, a price-to-earnings ratio of 16.44 and a beta of 1.55. AbbVie Inc. has a one year low of $50.71 and a one year high of $68.12. The company’s 50-day moving average is $60.36 and its 200 day moving average is $62.70.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, October 28th. The company reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. AbbVie had a return on equity of 150.77% and a net margin of 24.08%. The business had revenue of $6.43 billion for the quarter, compared to the consensus estimate of $6.55 billion. During the same quarter in the prior year, the company earned $1.13 EPS. The business’s revenue was up 7.4% compared to the same quarter last year. On average, analysts predict that AbbVie Inc. will post $4.82 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 15th. Investors of record on Friday, January 13th will be given a dividend of $0.64 per share. The ex-dividend date is Wednesday, January 11th. This represents a $2.56 dividend on an annualized basis and a yield of 4.21%. This is an increase from AbbVie’s previous quarterly dividend of $0.57. AbbVie’s dividend payout ratio (DPR) is presently 61.62%.
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ABBV has been the topic of several recent analyst reports. Barclays PLC reiterated an “equal weight” rating and issued a $68.00 price target on shares of AbbVie in a report on Tuesday, August 2nd. Jefferies Group reissued a “buy” rating on shares of AbbVie in a research report on Thursday, August 4th. Argus reissued a “buy” rating and set a $85.00 price objective on shares of AbbVie in a research report on Monday, August 8th. Vetr raised AbbVie from a “hold” rating to a “buy” rating and set a $67.63 price objective for the company in a research report on Thursday, August 25th. Finally, Raymond James Financial Inc. began coverage on AbbVie in a research report on Thursday, September 1st. They set an “outperform” rating and a $82.00 price objective for the company. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $69.54.
In related news, insider Laura J. Schumacher sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $65.00, for a total transaction of $3,250,000.00. Following the sale, the insider now owns 144,138 shares of the company’s stock, valued at $9,368,970. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.11% of the company’s stock.
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company operates in pharmaceutical products segment. 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 (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, as well as other serious health conditions.
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