Univest Corp of Pennsylvania reduced its position in AbbVie Inc (NYSE:ABBV) by 5.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,216 shares of the company’s stock after selling 2,944 shares during the period. AbbVie makes up about 1.9% of Univest Corp of Pennsylvania’s investment portfolio, making the stock its 18th biggest position. Univest Corp of Pennsylvania’s holdings in AbbVie were worth $4,760,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Jennison Associates LLC purchased a new position in AbbVie during the third quarter valued at $544,418,000. Capital International Investors raised its holdings in AbbVie by 137.7% during the third quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock valued at $697,989,000 after acquiring an additional 4,550,954 shares during the period. Vanguard Group Inc. raised its holdings in AbbVie by 3.3% during the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after acquiring an additional 3,706,941 shares during the period. Janus Henderson Group PLC raised its holdings in AbbVie by 1,949.7% during the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock valued at $277,967,000 after acquiring an additional 3,646,510 shares during the period. Finally, Orbis Allan Gray Ltd raised its holdings in AbbVie by 35.7% during the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after acquiring an additional 3,340,038 shares during the period. Hedge funds and other institutional investors own 70.63% of the company’s stock.
Shares of AbbVie Inc (NYSE ABBV) opened at $119.29 on Monday. AbbVie Inc has a twelve month low of $63.12 and a twelve month high of $125.86. The company has a debt-to-equity ratio of 6.07, a current ratio of 1.28 and a quick ratio of 1.18. The stock has a market capitalization of $189,430.00, a PE ratio of 21.53, a PEG ratio of 1.13 and a beta of 1.52.
AbbVie announced that its Board of Directors has authorized a stock buyback program on Thursday, February 15th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Friday, April 13th will be issued a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.22%. This is a boost from AbbVie’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Thursday, April 12th. AbbVie’s payout ratio is 51.26%.
In other AbbVie news, EVP Carlos Alban sold 83,574 shares of the business’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $114.49, for a total transaction of $9,568,387.26. Following the sale, the executive vice president now directly owns 133,026 shares of the company’s stock, valued at $15,230,146.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Laura J. Schumacher sold 145,510 shares of the business’s stock in a transaction that occurred on 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 443,747 shares of company stock worth $47,226,935 over the last ninety days. Insiders own 0.23% of the company’s stock.
A number of equities research analysts have commented on the company. Vetr raised AbbVie from a “buy” rating to a “strong-buy” rating and set a $128.42 price target on the stock in a report on Tuesday, March 6th. Jefferies Group set a $145.00 price target on AbbVie and gave the company a “buy” rating in a report on Monday, February 26th. BMO Capital Markets set a $95.00 price target on AbbVie and gave the company a “sell” rating in a report on Wednesday, February 21st. Piper Jaffray Companies raised their price target on AbbVie from $130.00 to $138.00 and gave the company an “overweight” rating in a report on Thursday, February 15th. Finally, Argus raised their price target on AbbVie from $120.00 to $145.00 and gave the company a “buy” rating in a report on Friday, February 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $120.96.
WARNING: “Univest Corp of Pennsylvania Reduces Stake in AbbVie Inc (ABBV)” was published by American Banking News and is the sole property of of American Banking News. If you are reading this article on another publication, it was stolen and reposted in violation of United States & international copyright laws. The correct version of this article can be viewed at https://www.americanbankingnews.com/2018/03/12/univest-corp-of-pennsylvania-reduces-stake-in-abbvie-inc-abbv.html.
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.
Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.