Founders Capital Management LLC Has $2,164,000 Stake in AbbVie Inc. (ABBV)
Founders Capital Management LLC maintained its position in shares of AbbVie Inc. (NYSE:ABBV) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,317 shares of the company’s stock at the end of the third quarter. AbbVie makes up approximately 1.2% of Founders Capital Management LLC’s portfolio, making the stock its 24th largest position. Founders Capital Management LLC’s holdings in AbbVie were worth $2,164,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of ABBV. Park National Corp OH boosted its position in shares of AbbVie by 6.7% in the second quarter. Park National Corp OH now owns 255,023 shares of the company’s stock worth $15,789,000 after buying an additional 16,095 shares during the last quarter. Cullinan Associates Inc. boosted its position in shares of AbbVie by 13.9% in the second quarter. Cullinan Associates Inc. now owns 112,500 shares of the company’s stock worth $6,965,000 after buying an additional 13,750 shares during the last quarter. Indiana Trust & Investment Management CO boosted its position in shares of AbbVie by 12.3% in the second quarter. Indiana Trust & Investment Management CO now owns 22,601 shares of the company’s stock worth $1,399,000 after buying an additional 2,481 shares during the last quarter. Integrated Investment Consultants LLC boosted its position in shares of AbbVie by 25.8% in the second quarter. Integrated Investment Consultants LLC now owns 12,734 shares of the company’s stock worth $788,000 after buying an additional 2,612 shares during the last quarter. Finally, Marshwinds Advisory Co. boosted its position in shares of AbbVie by 3.0% in the second quarter. Marshwinds Advisory Co. now owns 26,086 shares of the company’s stock worth $1,615,000 after buying an additional 750 shares during the last quarter. Institutional investors own 66.67% of the company’s stock.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 1.28% during midday trading on Wednesday, reaching $60.80. The company’s stock had a trading volume of 9,025,182 shares. The company’s 50-day moving average price is $60.36 and its 200 day moving average price is $62.70. AbbVie Inc. has a 12-month low of $50.71 and a 12-month high of $68.12. The company has a market capitalization of $98.81 billion, a P/E ratio of 16.44 and a beta of 1.55.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, October 28th. The company reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. The business had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.55 billion. AbbVie had a return on equity of 150.77% and a net margin of 24.08%. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.13 EPS. On average, equities research analysts forecast that AbbVie Inc. will post $4.82 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Friday, January 13th will be given a dividend of $0.64 per share. The ex-dividend date of this dividend is Wednesday, January 11th. This is a positive change from AbbVie’s previous quarterly dividend of $0.57. This represents a $2.56 annualized dividend and a dividend yield of 4.21%. AbbVie’s dividend payout ratio is 61.62%.
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Several research firms recently weighed in on ABBV. Barclays PLC reaffirmed an “equal weight” rating and issued a $68.00 price objective on shares of AbbVie in a research note on Tuesday, August 2nd. Jefferies Group reaffirmed a “buy” rating on shares of AbbVie in a research note on Thursday, August 4th. Argus reaffirmed a “buy” rating and issued a $85.00 price objective on shares of AbbVie in a research note on Monday, August 8th. Goldman Sachs Group Inc. reaffirmed a “buy” rating and issued a $78.00 price objective on shares of AbbVie in a research note on Thursday, September 8th. Finally, JPMorgan Chase & Co. lowered AbbVie from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $75.00 to $73.00 in a research note on Thursday, September 8th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $69.54.
In other news, insider Laura J. Schumacher sold 50,000 shares of the 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 transaction, the insider now directly owns 144,138 shares in the company, valued at approximately $9,368,970. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.11% of the company’s stock.
AbbVie Company Profile
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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