Sei Investments Co. Has $44.90 Million Holdings in AbbVie Inc (ABBV)
Sei Investments Co. boosted its holdings in AbbVie Inc (NYSE:ABBV) by 5.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 484,633 shares of the company’s stock after acquiring an additional 22,949 shares during the quarter. Sei Investments Co.’s holdings in AbbVie were worth $44,902,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Crescent Grove Advisors LLC grew its stake in shares of AbbVie by 4.2% in the 1st quarter. Crescent Grove Advisors LLC now owns 12,457 shares of the company’s stock valued at $1,179,000 after buying an additional 500 shares in the last quarter. Verition Fund Management LLC boosted its position in AbbVie by 7.4% during the first quarter. Verition Fund Management LLC now owns 7,269 shares of the company’s stock worth $688,000 after purchasing an additional 500 shares during the period. Baxter Bros Inc. boosted its position in AbbVie by 19.6% during the first quarter. Baxter Bros Inc. now owns 3,049 shares of the company’s stock worth $289,000 after purchasing an additional 500 shares during the period. Hanson & Doremus Investment Management boosted its position in AbbVie by 7.4% during the first quarter. Hanson & Doremus Investment Management now owns 7,290 shares of the company’s stock worth $690,000 after purchasing an additional 501 shares during the period. Finally, Shepherd Financial Partners LLC boosted its position in AbbVie by 1.6% during the first quarter. Shepherd Financial Partners LLC now owns 32,803 shares of the company’s stock worth $3,105,000 after purchasing an additional 502 shares during the period. Hedge funds and other institutional investors own 69.35% of the company’s stock.
ABBV has been the subject of a number of research analyst reports. Zacks Investment Research lowered AbbVie from a “buy” rating to a “hold” rating in a report on Saturday, July 14th. Bank of America cut their price target on AbbVie from $112.00 to $105.00 and set a “buy” rating for the company in a report on Monday, July 30th. BMO Capital Markets restated a “sell” rating and issued a $78.00 target price on shares of AbbVie in a research note on Wednesday, August 22nd. Cowen set a $110.00 target price on AbbVie and gave the company a “buy” rating in a research note on Friday, July 27th. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $100.00 target price on shares of AbbVie in a research note on Friday, July 27th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $107.21.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, July 27th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.02. AbbVie had a return on equity of 362.05% and a net margin of 20.84%. The business had revenue of $8.28 billion for the quarter, compared to analysts’ expectations of $8.22 billion. During the same quarter last year, the business earned $1.42 earnings per share. The firm’s quarterly revenue was up 19.2% compared to the same quarter last year. As a group, sell-side analysts expect that AbbVie Inc will post 7.86 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 15th will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 4.23%. The ex-dividend date is Friday, October 12th. AbbVie’s payout ratio is 68.57%.
In other AbbVie news, EVP Michael Severino sold 50,000 shares of the stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $97.52, for a total value of $4,876,000.00. Following the transaction, the executive vice president now owns 111,481 shares of the company’s stock, valued at $10,871,627.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.07% of the company’s stock.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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