Alberta Investment Management Corp Raises Position in AbbVie Inc (NYSE:ABBV)

Alberta Investment Management Corp lifted its stake in AbbVie Inc (NYSE:ABBV) by 341.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 266,400 shares of the company’s stock after purchasing an additional 206,100 shares during the quarter. Alberta Investment Management Corp’s holdings in AbbVie were worth $19,373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Weaver Consulting Group bought a new position in AbbVie in the 1st quarter valued at $25,000. Arbor Wealth Management LLC purchased a new stake in shares of AbbVie during the 2nd quarter worth $28,000. Lowe Wealth Advisors LLC lifted its stake in shares of AbbVie by 206.7% during the 2nd quarter. Lowe Wealth Advisors LLC now owns 460 shares of the company’s stock worth $33,000 after purchasing an additional 310 shares during the last quarter. Horrell Capital Management Inc. purchased a new stake in shares of AbbVie during the 2nd quarter worth $33,000. Finally, TD Capital Management LLC purchased a new stake in shares of AbbVie during the 2nd quarter worth $33,000. Institutional investors and hedge funds own 68.14% of the company’s stock.

In other AbbVie news, EVP Timothy J. Richmond sold 15,515 shares of AbbVie stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $75.02, for a total value of $1,163,935.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Vice Chairman Laura J. Schumacher acquired 25,000 shares of AbbVie stock in a transaction that occurred on Monday, September 16th. The stock was acquired at an average cost of $70.42 per share, with a total value of $1,760,500.00. Following the purchase, the insider now owns 164,838 shares in the company, valued at approximately $11,607,891.96. The disclosure for this purchase can be found here. Insiders purchased 183,077 shares of company stock valued at $10,705,751 over the last quarter. Insiders own 0.08% of the company’s stock.

ABBV has been the subject of several research analyst reports. Svb Leerink upgraded AbbVie from a “market perform” rating to an “outperform” rating and set a $88.00 price objective for the company in a research note on Wednesday, June 26th. Cowen set a $90.00 target price on AbbVie and gave the company a “buy” rating in a research report on Tuesday, September 24th. TheStreet downgraded AbbVie from a “b-” rating to a “c” rating in a research report on Monday, August 26th. Citigroup upgraded AbbVie from a “neutral” rating to a “buy” rating and lifted their target price for the company from $87.00 to $90.00 in a research report on Thursday, September 26th. Finally, Piper Jaffray Companies boosted their target price on AbbVie from $80.00 to $81.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $89.97.

NYSE:ABBV traded up $0.25 during trading hours on Friday, reaching $73.63. 6,577,364 shares of the company traded hands, compared to its average volume of 7,846,677. AbbVie Inc has a 1-year low of $62.66 and a 1-year high of $94.98. The stock has a market cap of $108.86 billion, a P/E ratio of 9.31, a P/E/G ratio of 1.50 and a beta of 0.99. The firm’s 50-day moving average is $70.42 and its 200-day moving average is $73.88.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 26th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.05. AbbVie had a negative return on equity of 182.70% and a net margin of 12.62%. The business had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same period last year, the company posted $2.00 EPS. The business’s quarterly revenue was down .3% on a year-over-year basis. As a group, sell-side analysts predict that AbbVie Inc will post 8.9 EPS for the current year.

The company also recently declared a — dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $1.07 dividend. The ex-dividend date is Friday, October 11th. This represents a yield of 6.4%. AbbVie’s dividend payout ratio (DPR) is 54.11%.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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