Quad Cities Investment Group LLC Lowers Position in AbbVie Inc (NYSE:ABBV)
Quad Cities Investment Group LLC lessened its stake in AbbVie Inc (NYSE:ABBV) by 9.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,608 shares of the company’s stock after selling 398 shares during the period. Quad Cities Investment Group LLC’s holdings in AbbVie were worth $264,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Weaver Consulting Group purchased a new position in shares of AbbVie during the 1st quarter valued at approximately $25,000. Prime Capital Investment Advisors LLC purchased a new position in shares of AbbVie during the 4th quarter valued at approximately $27,000. Arbor Wealth Management LLC purchased a new position in shares of AbbVie during the 2nd quarter valued at approximately $28,000. Penserra Capital Management LLC purchased a new position in shares of AbbVie during the 4th quarter valued at approximately $32,000. Finally, Lowe Wealth Advisors LLC raised its stake in AbbVie by 206.7% in the 2nd quarter. Lowe Wealth Advisors LLC now owns 460 shares of the company’s stock valued at $33,000 after purchasing an additional 310 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.
Shares of ABBV traded up $1.10 during midday trading on Friday, reaching $67.76. The company had a trading volume of 12,257,608 shares, compared to its average volume of 11,250,079. AbbVie Inc has a 1-year low of $65.06 and a 1-year high of $100.23. The company has a market capitalization of $100.17 billion, a PE ratio of 8.57, a PEG ratio of 1.36 and a beta of 0.98. The business has a 50 day simple moving average of $73.24.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 6.32%. The ex-dividend date of this dividend is Friday, July 12th. AbbVie’s dividend payout ratio (DPR) is presently 54.11%.
Several research firms recently commented on ABBV. Wolfe Research raised AbbVie from an “underperform” rating to a “peer perform” rating in a research note on Thursday, June 27th. Goldman Sachs Group set a $27.00 price objective on Melco Resorts & Entertainment and gave the company a “buy” rating in a research note on Tuesday, May 28th. Leerink Swann raised AbbVie to a “buy” rating in a research note on Tuesday, July 2nd. Svb Leerink raised 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. Finally, Credit Suisse Group set a $123.00 price objective on Hershey and gave the company a “hold” rating in a research note on Friday, April 26th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. AbbVie currently has a consensus rating of “Hold” and an average target price of $94.76.
In other AbbVie news, EVP William J. Chase acquired 30,400 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The stock was purchased at an average cost of $67.30 per share, with a total value of $2,045,920.00. Following the transaction, the executive vice president now owns 169,552 shares of the company’s stock, valued at $11,410,849.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Roxanne S. Austin acquired 11,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The shares were acquired at an average cost of $67.50 per share, with a total value of $776,250.00. Following the completion of the transaction, the director now directly owns 52,114 shares in the company, valued at approximately $3,517,695. The disclosure for this purchase can be found here. 0.08% of the stock is owned by company insiders.
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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