Retirement Systems of Alabama Raises Position in AbbVie Inc. (ABBV)

Retirement Systems of Alabama boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 6.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,217,357 shares of the company’s stock after buying an additional 73,783 shares during the quarter. Retirement Systems of Alabama owned approximately 0.08% of AbbVie worth $88,271,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Princeton Capital Management Inc. bought a new position in AbbVie in the 2nd quarter valued at approximately $1,394,000. JLB & Associates Inc. bought a new position in AbbVie in the 2nd quarter valued at approximately $4,375,000. Eagle Ridge Investment Management raised its holdings in AbbVie by 12.2% in the 2nd quarter. Eagle Ridge Investment Management now owns 108,728 shares of the company’s stock valued at $6,849,000 after buying an additional 11,834 shares during the last quarter. Smithfield Trust Co. raised its holdings in AbbVie by 1.3% in the 2nd quarter. Smithfield Trust Co. now owns 14,490 shares of the company’s stock valued at $1,051,000 after buying an additional 181 shares during the last quarter. Finally, Korea Investment CORP raised its holdings in AbbVie by 2.3% in the 2nd quarter. Korea Investment CORP now owns 1,029,825 shares of the company’s stock valued at $74,673,000 after buying an additional 22,699 shares during the last quarter. Institutional investors and hedge funds own 68.25% of the company’s stock.

COPYRIGHT VIOLATION WARNING: This story was originally published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this story on another publication, it was stolen and republished in violation of U.S. and international copyright & trademark laws. The correct version of this story can be read at https://ledgergazette.com/2017/10/22/retirement-systems-of-alabama-raises-position-in-abbvie-inc-abbv.html.

In related news, Director Edward J. Rapp purchased 4,000 shares of AbbVie stock in a transaction dated Monday, July 31st. The stock was purchased at an average cost of $70.45 per share, with a total value of $281,800.00. Following the transaction, the director now owns 15,498 shares in the company, valued at approximately $1,091,834.10. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Robert A. Michael sold 6,699 shares of the business’s stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total value of $589,512.00. Following the completion of the transaction, the vice president now directly owns 10,007 shares of the company’s stock, valued at $880,616. The disclosure for this sale can be found here. Over the last three months, insiders sold 379,890 shares of company stock valued at $27,187,817. Corporate insiders own 0.23% of the company’s stock.

A number of research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Friday. UBS AG reiterated a “neutral” rating on shares of AbbVie in a report on Friday, October 13th. Barclays PLC raised their price objective on shares of AbbVie to $90.00 and gave the company an “equal weight” rating in a report on Friday, October 13th. Cowen and Company upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $91.17 to $105.00 in a report on Wednesday, October 11th. Finally, Jefferies Group LLC raised their price objective on shares of AbbVie from $107.00 to $115.00 and gave the company a “buy” rating in a report on Monday, October 16th. Eight investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. AbbVie currently has an average rating of “Buy” and a consensus target price of $92.79.

Shares of AbbVie Inc. (ABBV) opened at 96.10 on Friday. AbbVie Inc. has a 1-year low of $55.06 and a 1-year high of $98.26. The stock has a market capitalization of $153.19 billion, a PE ratio of 23.64 and a beta of 1.51. The stock has a 50 day moving average price of $88.06 and a 200-day moving average price of $73.89.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.02. The firm had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.93 billion. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.26 EPS. On average, analysts forecast that AbbVie Inc. will post $5.53 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s payout ratio is 62.90%.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Princeton Capital Management Inc. bought a new position in AbbVie in the 2nd quarter valued at approximately $1,394,000. JLB & Associates Inc. bought a new position in AbbVie in the 2nd quarter valued at approximately $4,375,000. Eagle Ridge Investment Management raised its holdings in AbbVie by 12.2% in the 2nd quarter. Eagle Ridge Investment Management now owns 108,728 shares of the company’s stock valued at $6,849,000 after buying an additional 11,834 shares during the last quarter. Smithfield Trust Co. raised its holdings in AbbVie by 1.3% in the 2nd quarter. Smithfield Trust Co. now owns 14,490 shares of the company’s stock valued at $1,051,000 after buying an additional 181 shares during the last quarter. Finally, Korea Investment CORP raised its holdings in AbbVie by 2.3% in the 2nd quarter. Korea Investment CORP now owns 1,029,825 shares of the company’s stock valued at $74,673,000 after buying an additional 22,699 shares during the last quarter. Institutional investors and hedge funds own 68.25% of the company’s stock.

COPYRIGHT VIOLATION WARNING: This story was originally published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this story on another publication, it was stolen and republished in violation of U.S. and international copyright & trademark laws. The correct version of this story can be read at https://ledgergazette.com/2017/10/22/retirement-systems-of-alabama-raises-position-in-abbvie-inc-abbv.html.

In related news, Director Edward J. Rapp purchased 4,000 shares of AbbVie stock in a transaction dated Monday, July 31st. The stock was purchased at an average cost of $70.45 per share, with a total value of $281,800.00. Following the transaction, the director now owns 15,498 shares in the company, valued at approximately $1,091,834.10. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Robert A. Michael sold 6,699 shares of the business’s stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total value of $589,512.00. Following the completion of the transaction, the vice president now directly owns 10,007 shares of the company’s stock, valued at $880,616. The disclosure for this sale can be found here. Over the last three months, insiders sold 379,890 shares of company stock valued at $27,187,817. Corporate insiders own 0.23% of the company’s stock.

A number of research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Friday. UBS AG reiterated a “neutral” rating on shares of AbbVie in a report on Friday, October 13th. Barclays PLC raised their price objective on shares of AbbVie to $90.00 and gave the company an “equal weight” rating in a report on Friday, October 13th. Cowen and Company upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $91.17 to $105.00 in a report on Wednesday, October 11th. Finally, Jefferies Group LLC raised their price objective on shares of AbbVie from $107.00 to $115.00 and gave the company a “buy” rating in a report on Monday, October 16th. Eight investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. AbbVie currently has an average rating of “Buy” and a consensus target price of $92.79.

Shares of AbbVie Inc. (ABBV) opened at 96.10 on Friday. AbbVie Inc. has a 1-year low of $55.06 and a 1-year high of $98.26. The stock has a market capitalization of $153.19 billion, a PE ratio of 23.64 and a beta of 1.51. The stock has a 50 day moving average price of $88.06 and a 200-day moving average price of $73.89.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.02. The firm had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.93 billion. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.26 EPS. On average, analysts forecast that AbbVie Inc. will post $5.53 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be given a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s payout ratio is 62.90%.

About AbbVie

AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. 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 virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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