First Quadrant L P CA lifted its holdings in shares of AbbVie Inc (NYSE:ABBV) by 96.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 360,613 shares of the company’s stock after purchasing an additional 176,870 shares during the quarter. AbbVie accounts for approximately 0.7% of First Quadrant L P CA’s portfolio, making the stock its 20th largest position. First Quadrant L P CA’s holdings in AbbVie were worth $34,875,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Beaton Management Co. Inc. purchased a new stake in AbbVie in the second quarter worth approximately $528,000. Jennison Associates LLC purchased a new stake in AbbVie in the third quarter worth approximately $544,418,000. Parsec Financial Management Inc. boosted its stake in AbbVie by 265.3% in the third quarter. Parsec Financial Management Inc. now owns 20,881 shares of the company’s stock worth $1,856,000 after buying an additional 15,165 shares in the last quarter. First Merchants Corp boosted its stake in AbbVie by 114.7% in the third quarter. First Merchants Corp now owns 71,497 shares of the company’s stock worth $6,352,000 after buying an additional 38,196 shares in the last quarter. Finally, Swiss National Bank boosted its stake in AbbVie by 0.8% in the third quarter. Swiss National Bank now owns 5,870,329 shares of the company’s stock worth $521,637,000 after buying an additional 46,500 shares in the last quarter. 70.63% of the stock is owned by institutional investors.
AbbVie Inc (NYSE ABBV) opened at $118.30 on Tuesday. The company has a debt-to-equity ratio of 6.07, a quick ratio of 1.18 and a current ratio of 1.28. The company has a market capitalization of $187,860.00, a P/E ratio of 21.35, a P/E/G ratio of 1.13 and a beta of 1.52. AbbVie Inc has a twelve month low of $63.12 and a twelve month high of $125.86.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Friday, April 13th will be issued a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend is Thursday, April 12th. This is an increase from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio is currently 51.26%.
AbbVie declared that its Board of Directors has approved a share repurchase plan on Thursday, February 15th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
Several analysts have issued reports on the company. Piper Jaffray Companies upped their target price on AbbVie from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 26th. SunTrust Banks increased their price objective on AbbVie to $157.00 and gave the company an “average” rating in a research note on Monday, January 29th. Leerink Swann lowered AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price objective for the company. in a research note on Monday, January 29th. BMO Capital Markets lowered AbbVie from a “market perform” rating to an “underperform” rating and dropped their price objective for the company from $125.86 to $84.00 in a research note on Monday, January 29th. They noted that the move was a valuation call. Finally, Evercore ISI reissued a “buy” rating and set a $144.00 price objective on shares of AbbVie in a research note on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. AbbVie currently has a consensus rating of “Buy” and an average target price of $120.96.
In related news, VP Robert A. Michael sold 4,294 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $119.43, for a total transaction of $512,832.42. Following the completion of the transaction, the vice president now owns 11,170 shares in the company, valued at $1,334,033.10. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Laura J. Schumacher sold 145,510 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The shares were 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. In the last 90 days, insiders have sold 443,747 shares of company stock valued at $47,226,935. 0.23% of the stock is owned by corporate insiders.
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AbbVie Company Profile
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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