Lathrop Investment Management Corp reduced its stake in AbbVie Inc (NYSE:ABBV) by 6.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,648 shares of the company’s stock after selling 235 shares during the period. Lathrop Investment Management Corp’s holdings in AbbVie were worth $358,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Capstone Financial Group Inc. acquired a new stake in shares of AbbVie during the second quarter valued at about $25,000. Efficient Wealth Management LLC acquired a new stake in shares of AbbVie during the first quarter valued at about $27,000. Lion Street Advisors LLC acquired a new stake in shares of AbbVie during the first quarter valued at about $29,000. Marquette Asset Management LLC grew its stake in AbbVie by 200.0% in the first quarter. Marquette Asset Management LLC now owns 450 shares of the company’s stock worth $34,000 after purchasing an additional 300 shares in the last quarter. Finally, Horrell Capital Management Inc. acquired a new position in AbbVie in the first quarter worth about $34,000. Hedge funds and other institutional investors own 72.40% of the company’s stock.
Shares of ABBV traded down $1.13 during mid-day trading on Friday, reaching $94.91. 14,614,332 shares of the company’s stock traded hands, compared to its average volume of 5,717,843. The business’s 50-day moving average price is $97.25 and its 200-day moving average price is $88.40. The stock has a market capitalization of $141.83 billion, a P/E ratio of 16.80, a price-to-earnings-growth ratio of 1.65 and a beta of 0.86. AbbVie Inc has a 12 month low of $62.55 and a 12 month high of $101.28.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Wednesday, July 15th will be issued a dividend of $1.18 per share. The ex-dividend date of this dividend is Tuesday, July 14th. This represents a $4.72 dividend on an annualized basis and a dividend yield of 4.97%. AbbVie’s dividend payout ratio (DPR) is presently 52.80%.
ABBV has been the subject of a number of research reports. Atlantic Securities upgraded AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 price target for the company in a research note on Tuesday, June 23rd. Royal Bank of Canada lifted their price target on AbbVie from $102.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, June 25th. They noted that the move was a valuation call. JPMorgan Chase & Co. upgraded AbbVie from a “neutral” rating to an “overweight” rating and set a $105.00 price target for the company in a research note on Tuesday, May 12th. SVB Leerink raised their target price on shares of AbbVie from $107.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Finally, Bank of America assumed coverage on shares of AbbVie in a report on Monday, May 18th. They issued a “neutral” rating and a $95.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $106.80.
In related news, EVP Timothy J. Richmond sold 19,445 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $85.00, for a total transaction of $1,652,825.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Jeffrey Ryan Stewart sold 23,024 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $90.00, for a total value of $2,072,160.00. Following the sale, the senior vice president now directly owns 52,760 shares in the company, valued at approximately $4,748,400. The disclosure for this sale can be found here. In the last three months, insiders have sold 95,794 shares of company stock worth $9,057,485. 0.09% of the stock is owned by corporate insiders.
AbbVie Company 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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