Cullen Frost Bankers Inc. raised its holdings in shares of AbbVie Inc (NYSE:ABBV) by 8.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 487,046 shares of the company’s stock after purchasing an additional 36,771 shares during the period. AbbVie accounts for 1.3% of Cullen Frost Bankers Inc.’s portfolio, making the stock its 15th largest position. Cullen Frost Bankers Inc.’s holdings in AbbVie were worth $47,818,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Janus Henderson Group PLC grew its holdings in shares of AbbVie by 82.6% during the first quarter. Janus Henderson Group PLC now owns 11,515,689 shares of the company’s stock valued at $877,346,000 after buying an additional 5,208,549 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of AbbVie by 23.0% during the first quarter. Bank of New York Mellon Corp now owns 18,590,115 shares of the company’s stock valued at $1,416,380,000 after buying an additional 3,480,190 shares during the last quarter. BlackRock Inc. grew its holdings in shares of AbbVie by 2.8% during the first quarter. BlackRock Inc. now owns 101,381,984 shares of the company’s stock valued at $7,724,294,000 after buying an additional 2,788,174 shares during the last quarter. Advisor Group Holdings Inc. purchased a new stake in shares of AbbVie during the first quarter valued at approximately $57,338,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of AbbVie by 24.8% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 8,194,271 shares of the company’s stock valued at $794,812,000 after buying an additional 1,630,022 shares during the last quarter. 72.40% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently issued reports on the stock. Evercore ISI assumed coverage on shares of AbbVie in a report on Wednesday, June 10th. They issued a “buy” rating and a $111.00 target price on the stock. TheStreet upgraded shares of AbbVie from a “c+” rating to a “b-” rating in a research note on Friday, June 12th. JPMorgan Chase & Co. upgraded shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $105.00 price target on the stock in a research note on Tuesday, May 12th. Atlantic Securities raised shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $115.00 price objective for the company in a research note on Tuesday, June 23rd. Finally, UBS Group lifted their price target on shares of AbbVie from $96.00 to $109.00 in a research note on Wednesday, June 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $107.00.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, July 31st. The company reported $2.34 EPS for the quarter, topping the consensus estimate of $2.20 by $0.14. The firm had revenue of $10.43 billion during the quarter, compared to analyst estimates of $10.14 billion. AbbVie had a net margin of 19.20% and a negative return on equity of 628.57%. AbbVie’s revenue was up 26.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.26 EPS. As a group, equities analysts anticipate that AbbVie Inc will post 10.46 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a dividend of $1.18 per share. The ex-dividend date is Tuesday, July 14th. This represents a $4.72 dividend on an annualized basis and a yield of 5.09%. AbbVie’s payout ratio is 52.80%.
In other news, Vice Chairman Carlos Alban sold 53,325 shares of the company’s 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 of the company’s stock, valued at approximately $13,789,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.09% of the stock is owned by corporate 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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