Teachers Retirement System of The State of Kentucky grew its stake in shares of AbbVie Inc (NYSE:ABBV) by 93.8% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 723,666 shares of the company’s stock after buying an additional 350,206 shares during the period. AbbVie makes up 0.8% of Teachers Retirement System of The State of Kentucky’s investment portfolio, making the stock its 9th biggest holding. Teachers Retirement System of The State of Kentucky’s holdings in AbbVie were worth $71,049,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Public Employees Retirement Association of Colorado increased its stake in AbbVie by 4.0% in the first quarter. Public Employees Retirement Association of Colorado now owns 280,474 shares of the company’s stock valued at $21,369,000 after acquiring an additional 10,738 shares during the period. Premier Asset Management LLC grew its stake in AbbVie by 0.9% during the first quarter. Premier Asset Management LLC now owns 18,855 shares of the company’s stock worth $1,437,000 after buying an additional 175 shares during the last quarter. JGP Global Gestao de Recursos Ltda. bought a new stake in AbbVie during the first quarter worth about $312,000. Oakworth Capital Inc. grew its stake in AbbVie by 21.3% during the first quarter. Oakworth Capital Inc. now owns 9,853 shares of the company’s stock worth $750,000 after buying an additional 1,727 shares during the last quarter. Finally, Oppenheimer & Co. Inc. grew its stake in AbbVie by 10.0% during the first quarter. Oppenheimer & Co. Inc. now owns 213,731 shares of the company’s stock worth $16,283,000 after buying an additional 19,360 shares during the last quarter. 68.23% of the stock is owned by institutional investors and hedge funds.
ABBV traded up $0.42 during mid-day trading on Tuesday, hitting $90.91. The stock had a trading volume of 5,212,400 shares, compared to its average volume of 10,071,334. The stock’s fifty day simple moving average is $93.82 and its 200-day simple moving average is $89.39. The company has a debt-to-equity ratio of 5.57, a current ratio of 0.86 and a quick ratio of 0.70. The firm has a market capitalization of $159.70 billion, a price-to-earnings ratio of 19.34, a price-to-earnings-growth ratio of 1.44 and a beta of 0.75. AbbVie Inc has a 1-year low of $62.55 and a 1-year high of $101.28.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be issued a $1.18 dividend. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $4.72 annualized dividend and a yield of 5.19%. AbbVie’s dividend payout ratio (DPR) is presently 52.80%.
In other AbbVie news, Vice Chairman Carlos Alban sold 53,325 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $100.00, for a total value of $5,332,500.00. Following the sale, the insider now directly owns 137,899 shares in the company, valued at $13,789,900. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.09% of the company’s stock.
ABBV has been the topic of a number of research reports. UBS Group upped their target price on shares of AbbVie from $96.00 to $109.00 in a research report on Wednesday, June 17th. Citigroup upped their target price on shares of AbbVie from $98.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. ValuEngine lowered shares of AbbVie from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 27th. Evercore ISI initiated coverage on shares of AbbVie in a research report on Wednesday, June 10th. They set a “buy” rating and a $111.00 target price on the stock. Finally, Morgan Stanley upped their target price on shares of AbbVie from $95.00 to $108.00 and gave the stock an “overweight” rating in a research report on Thursday, August 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and thirteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $108.33.
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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