SkyBridge Capital II LLC cut its stake in AbbVie Inc (NYSE:ABBV) by 26.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 106,798 shares of the company’s stock after selling 38,540 shares during the quarter. AbbVie makes up 4.9% of SkyBridge Capital II LLC’s portfolio, making the stock its 2nd biggest holding. SkyBridge Capital II LLC’s holdings in AbbVie were worth $10,108,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. increased its position in AbbVie by 2.8% during the fourth quarter. BlackRock Inc. now owns 101,322,201 shares of the company’s stock worth $9,798,871,000 after buying an additional 2,714,857 shares during the last quarter. Geode Capital Management LLC increased its position in AbbVie by 4.5% during the fourth quarter. Geode Capital Management LLC now owns 16,042,851 shares of the company’s stock worth $1,548,096,000 after buying an additional 697,191 shares during the last quarter. Jennison Associates LLC increased its position in AbbVie by 85.3% during the fourth quarter. Jennison Associates LLC now owns 11,353,745 shares of the company’s stock worth $1,098,021,000 after buying an additional 5,227,056 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in AbbVie by 3.5% during the fourth quarter. TIAA CREF Investment Management LLC now owns 10,321,140 shares of the company’s stock worth $998,157,000 after buying an additional 347,642 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in AbbVie by 3.8% during the first quarter. Schwab Charles Investment Management Inc. now owns 6,088,016 shares of the company’s stock worth $576,231,000 after buying an additional 220,125 shares during the last quarter. 69.42% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have commented on the stock. Credit Suisse Group downgraded shares of AbbVie from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $104.00 to $89.00 in a research report on Tuesday, May 29th. ValuEngine cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 28th. Barclays decreased their price target on shares of AbbVie from $120.00 to $102.00 and set an “equal weight” rating for the company in a report on Thursday, April 5th. Argus decreased their price target on shares of AbbVie from $145.00 to $130.00 and set a “buy” rating for the company in a report on Monday, June 11th. Finally, Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $103.00 price target for the company in a report on Wednesday, June 27th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $105.85.
AbbVie opened at $94.48 on Friday, according to Marketbeat Ratings. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.20 and a quick ratio of 1.10. AbbVie Inc has a twelve month low of $69.38 and a twelve month high of $125.86. The stock has a market capitalization of $148.55 billion, a P/E ratio of 15.15, a P/E/G ratio of 0.87 and a beta of 1.61.
AbbVie (NYSE:ABBV) last released its earnings results on Thursday, April 26th. The company reported $1.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.79 by $0.08. AbbVie had a net margin of 21.55% and a return on equity of 186.47%. The business had revenue of $7.93 billion during the quarter, compared to analysts’ expectations of $7.60 billion. During the same quarter last year, the company earned $1.28 earnings per share. The firm’s revenue was up 21.4% on a year-over-year basis. sell-side analysts anticipate that AbbVie Inc will post 7.8 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 15th. Investors of record on Friday, July 13th will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 4.06%. The ex-dividend date of this dividend is Thursday, July 12th. AbbVie’s payout ratio is presently 68.57%.
In other AbbVie news, Director Edward J. Rapp purchased 1,013 shares of the business’s stock in a transaction on Wednesday, June 20th. The stock was purchased at an average price of $98.63 per share, for a total transaction of $99,912.19. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Glenn F. Tilton purchased 5,400 shares of the business’s stock in a transaction on Wednesday, June 27th. The shares were acquired at an average price of $91.90 per share, with a total value of $496,260.00. Following the purchase, the director now owns 39,735 shares of the company’s stock, valued at $3,651,646.50. The disclosure for this purchase can be found here. 0.07% of the stock is currently owned by company insiders.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.
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