Cobiz Wealth LLC lessened its position in shares of AbbVie Inc (NYSE:ABBV) by 15.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,888 shares of the company’s stock after selling 2,006 shares during the period. Cobiz Wealth LLC’s holdings in AbbVie were worth $1,053,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently bought and sold shares of the stock. Beaton Management Co. Inc. bought a new position in shares of AbbVie in the 2nd quarter worth $528,000. Jennison Associates LLC bought a new position in shares of AbbVie in the 3rd quarter worth $544,418,000. Parsec Financial Management Inc. increased its holdings in shares of AbbVie by 265.3% in the 3rd 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 during the last quarter. First Merchants Corp increased its holdings in shares of AbbVie by 114.7% in the 3rd 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 during the last quarter. Finally, Swiss National Bank increased its holdings in shares of AbbVie by 0.8% in the 3rd 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 during the last quarter. 70.63% of the stock is currently owned by institutional investors and hedge funds.
Shares of AbbVie Inc (NYSE ABBV) opened at $118.30 on Tuesday. The firm has a market cap of $187,860.00, a price-to-earnings ratio of 21.35, a price-to-earnings-growth ratio of 1.13 and a beta of 1.52. The company has a current ratio of 1.28, a quick ratio of 1.18 and a debt-to-equity ratio of 6.07. AbbVie Inc has a 12-month low of $63.12 and a 12-month high of $125.86.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be issued a $0.96 dividend. The ex-dividend date of this dividend is Thursday, April 12th. This is a positive change from AbbVie’s previous quarterly dividend of $0.71. This represents a $3.84 annualized dividend and a yield of 3.25%. AbbVie’s dividend payout ratio is 51.26%.
AbbVie declared that its Board of Directors has initiated a stock buyback program on Thursday, February 15th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.
ABBV has been the topic of a number of research analyst reports. Societe Generale increased their price target on shares of AbbVie in a report on Tuesday, November 21st. SunTrust Banks upped their price objective on shares of AbbVie to $157.00 and gave the company an “average” rating in a research note on Monday, January 29th. Jefferies Group upped their price objective on shares of AbbVie from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, January 4th. Piper Jaffray Companies reaffirmed a “buy” rating on shares of AbbVie in a research note on Tuesday, January 2nd. Finally, Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $108.00 price objective for the company in a research note on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. AbbVie has an average rating of “Buy” and an average target price of $120.96.
In other AbbVie news, CFO William J. Chase sold 70,928 shares of the company’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $117.18, for a total value of $8,311,343.04. Following the completion of the transaction, the chief financial officer now directly owns 203,391 shares in the company, valued at approximately $23,833,357.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Laura J. Schumacher sold 145,510 shares of the company’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $96.71, for a total transaction of $14,072,272.10. The disclosure for this sale can be found here. Insiders sold a total of 443,747 shares of company stock valued at $47,226,935 over the last 90 days. Company insiders own 0.23% 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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