James Investment Research Inc. acquired a new stake in AbbVie Inc (NYSE:ABBV) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 18,000 shares of the company’s stock, valued at approximately $1,741,000.
A number of other hedge funds and other institutional investors have also modified their holdings of ABBV. Jennison Associates LLC bought a new position in AbbVie in the 3rd quarter valued at approximately $544,418,000. Capital International Investors raised its holdings in AbbVie by 137.7% during the 3rd quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock worth $697,989,000 after purchasing an additional 4,550,954 shares during the last quarter. Vanguard Group Inc. raised its holdings in AbbVie by 3.3% during the 2nd quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after purchasing an additional 3,706,941 shares during the last quarter. Janus Henderson Group PLC raised its holdings in AbbVie by 1,949.7% during the 2nd quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock worth $277,967,000 after purchasing an additional 3,646,510 shares during the last quarter. Finally, Orbis Allan Gray Ltd raised its holdings in AbbVie by 35.7% during the 2nd quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after purchasing an additional 3,340,038 shares during the last quarter. Institutional investors and hedge funds own 70.63% of the company’s stock.
In related news, VP Robert A. Michael sold 992 shares of AbbVie stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $120.31, for a total value of $119,347.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Laura J. Schumacher sold 145,510 shares of AbbVie stock in a transaction on Friday, December 15th. The shares were 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 in the last quarter. 0.23% of the stock is currently owned by company insiders.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.04. The company had revenue of $7.74 billion during the quarter, compared to analyst estimates of $7.53 billion. AbbVie had a net margin of 18.82% and a return on equity of 158.15%. AbbVie’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 EPS. analysts expect that AbbVie Inc will post 7.48 earnings per share for the current fiscal year.
AbbVie announced that its board has initiated a stock repurchase plan on Thursday, February 15th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Friday, April 13th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Thursday, April 12th. This represents a $3.84 annualized dividend and a dividend yield of 3.25%. This is a positive change from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s payout ratio is currently 51.26%.
Several research analysts have issued reports on the stock. Piper Jaffray Companies raised their price target on shares of AbbVie from $115.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, January 26th. SunTrust Banks raised their price target on shares of AbbVie to $157.00 and gave the stock an “average” rating in a report on Monday, January 29th. Leerink Swann lowered shares of AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price target for the company. in a report on Monday, January 29th. BMO Capital Markets lowered shares of AbbVie from a “market perform” rating to an “underperform” rating and lowered their price target for the stock from $125.86 to $84.00 in a report on Monday, January 29th. They noted that the move was a valuation call. Finally, Evercore ISI restated a “buy” rating and set a $144.00 price target on shares of AbbVie in a report on Monday, January 29th. One 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 assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $120.96.
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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