AbbVie Inc (NYSE:ABBV) declared a quarterly dividend on Friday, October 27th, Zacks reports. Stockholders of record on Friday, January 12th will be given a dividend of 0.71 per share on Thursday, February 15th. This represents a $2.84 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend is Thursday, January 11th. This is a boost from AbbVie’s previous quarterly dividend of $0.64.
AbbVie has increased its dividend payment by an average of 15.5% per year over the last three years and has raised its dividend annually for the last 45 consecutive years. AbbVie has a dividend payout ratio of 51.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect AbbVie to earn $6.56 per share next year, which means the company should continue to be able to cover its $2.84 annual dividend with an expected future payout ratio of 43.3%.
AbbVie (ABBV) opened at $101.11 on Friday. AbbVie has a 1 year low of $59.27 and a 1 year high of $101.20. The stock has a market capitalization of $161,180.00, a PE ratio of 24.54, a P/E/G ratio of 1.17 and a beta of 1.53. The company has a debt-to-equity ratio of 5.08, a quick ratio of 1.32 and a current ratio of 1.45.
Several brokerages recently issued reports on ABBV. Zacks Investment Research lowered AbbVie from a “buy” rating to a “hold” rating in a research report on Friday. Jefferies Group upped their target price on AbbVie from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday. Piper Jaffray Companies reaffirmed a “buy” rating on shares of AbbVie in a research report on Tuesday. BMO Capital Markets set a $84.00 target price on AbbVie and gave the company a “hold” rating in a research report on Wednesday, December 20th. Finally, Vetr raised AbbVie from a “buy” rating to a “strong-buy” rating and set a $113.08 target price on the stock in a research report on Wednesday, December 20th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $100.94.
In other news, Chairman Richard A. Gonzalez sold 218,193 shares of the company’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $94.01, for a total value of $20,512,323.93. Following the sale, the chairman now owns 492,030 shares in the company, valued at $46,255,740.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Laura J. Schumacher sold 145,510 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $96.71, for a total value of $14,072,272.10. The disclosure for this sale can be found here. Insiders sold 494,676 shares of company stock worth $47,237,938 over the last three months. Corporate insiders own 0.23% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Capital Research Global Investors boosted its stake in shares of AbbVie by 1.2% in the second quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock worth $12,926,708,000 after buying an additional 2,130,919 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of AbbVie by 3.3% in the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after buying an additional 3,706,941 shares during the last quarter. BlackRock Inc. boosted its stake in shares of AbbVie by 2.0% in the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock worth $6,821,375,000 after buying an additional 1,864,418 shares during the last quarter. Orbis Allan Gray Ltd boosted its stake in shares of AbbVie by 35.7% in the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after buying an additional 3,340,038 shares during the last quarter. Finally, Woodford Investment Management Ltd boosted its stake in shares of AbbVie by 8.6% in the second quarter. Woodford Investment Management Ltd now owns 11,854,758 shares of the company’s stock worth $859,589,000 after buying an additional 937,500 shares during the last quarter. Hedge funds and other institutional investors own 69.18% of the company’s stock.
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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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