Iowa State Bank Has $5.08 Million Position in AbbVie Inc. (ABBV)
Iowa State Bank cut its holdings in AbbVie Inc. (NYSE:ABBV) by 2.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,073 shares of the company’s stock after selling 1,815 shares during the period. AbbVie accounts for 2.4% of Iowa State Bank’s holdings, making the stock its 10th biggest holding. Iowa State Bank’s holdings in AbbVie were worth $5,081,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Acropolis Investment Management LLC purchased a new position in AbbVie in the 2nd quarter worth approximately $106,000. Franklin Parlapiano Turner & Welch LLC purchased a new position in AbbVie in the 1st quarter worth approximately $108,000. Atwood & Palmer Inc. lifted its holdings in AbbVie by 1,333.3% in the 1st quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock worth $140,000 after purchasing an additional 2,000 shares in the last quarter. Tradewinds Capital Management LLC lifted its holdings in AbbVie by 87.2% in the 1st quarter. Tradewinds Capital Management LLC now owns 2,269 shares of the company’s stock worth $148,000 after purchasing an additional 1,057 shares in the last quarter. Finally, Signature Estate & Investment Advisors LLC purchased a new position in AbbVie in the 1st quarter worth approximately $183,000. 68.26% of the stock is currently owned by institutional investors.
Several analysts have recently issued reports on the company. Societe Generale raised AbbVie from a “hold” rating to a “buy” rating in a report on Thursday, June 22nd. Vetr raised AbbVie from a “hold” rating to a “buy” rating and set a $74.86 price objective on the stock in a report on Thursday, July 6th. Jefferies Group LLC reaffirmed a “buy” rating and set a $94.00 price objective (up from $92.00) on shares of AbbVie in a report on Monday, July 17th. BidaskClub cut AbbVie from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $85.00 price objective on shares of AbbVie in a report on Thursday, August 3rd. Nine analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $89.90.
In other AbbVie news, VP Robert A. Michael sold 6,699 shares of AbbVie 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 sale, the vice president now owns 10,007 shares in the company, valued at $880,616. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Richard A. Gonzalez sold 65,861 shares of AbbVie stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $71.00, for a total value of $4,676,131.00. Following the completion of the sale, the chief executive officer now owns 342,353 shares in the company, valued at approximately $24,307,063. The disclosure for this sale can be found here. In the last quarter, insiders have sold 379,890 shares of company stock worth $27,187,817. 0.23% of the stock is currently owned by company insiders.
AbbVie Inc. (NYSE ABBV) traded up 0.61% during mid-day trading on Thursday, reaching $90.45. The company had a trading volume of 2,108,045 shares. The stock has a 50 day moving average of $81.10 and a 200 day moving average of $71.64. AbbVie Inc. has a 52 week low of $55.06 and a 52 week high of $90.95. The stock has a market capitalization of $144.19 billion, a price-to-earnings ratio of 22.25 and a beta of 1.51. AbbVie also was the recipient of unusually large options trading on Monday. Investors bought 278 put options on the company. This represents an increase of approximately 121% compared to the average volume of 126 put options.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 28th. The company reported $1.42 EPS for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.02. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The firm had revenue of $6.94 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter last year, the business posted $1.26 earnings per share. The firm’s revenue was up 7.6% compared to the same quarter last year. Analysts anticipate that AbbVie Inc. will post $5.52 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a dividend of $0.64 per share. The ex-dividend date is Thursday, October 12th. This represents a $2.56 dividend on an annualized basis and a yield of 2.85%. AbbVie’s payout ratio is 62.90%.
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.
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