AbbVie Inc (ABBV) Increases Dividend to $0.71 Per Share

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.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.02. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. The company had revenue of $7 billion for the quarter, compared to analyst estimates of $7 billion. During the same period in the prior year, the company posted $1.21 EPS. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. equities analysts predict that AbbVie will post 5.55 earnings per share for the current fiscal year.

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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About AbbVie

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.

Dividend History for AbbVie (NYSE:ABBV)

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