Lau Associates LLC lessened its holdings in AbbVie Inc (NYSE:ABBV) by 20.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,413 shares of the company’s stock after selling 2,666 shares during the quarter. Lau Associates LLC’s holdings in AbbVie were worth $1,007,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also made changes to their positions in ABBV. Beaton Management Co. Inc. purchased a new stake in shares of AbbVie during the 2nd quarter worth approximately $528,000. Jennison Associates LLC purchased a new stake in shares of AbbVie during the 3rd quarter worth approximately $544,418,000. Parsec Financial Management Inc. boosted its stake in shares of AbbVie by 265.3% during the 3rd quarter. Parsec Financial Management Inc. now owns 20,881 shares of the company’s stock worth $1,856,000 after acquiring an additional 15,165 shares in the last quarter. First Merchants Corp boosted its stake in shares of AbbVie by 114.7% during the 3rd quarter. First Merchants Corp now owns 71,497 shares of the company’s stock worth $6,352,000 after acquiring an additional 38,196 shares in the last quarter. Finally, Swiss National Bank boosted its stake in shares of AbbVie by 0.8% during the 3rd quarter. Swiss National Bank now owns 5,870,329 shares of the company’s stock worth $521,637,000 after acquiring an additional 46,500 shares in the last quarter. 70.63% of the stock is currently owned by institutional investors.
AbbVie Inc (NYSE ABBV) opened at $118.30 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 1.28 and a debt-to-equity ratio of 6.07. The firm has a market capitalization 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. AbbVie Inc has a twelve month low of $63.12 and a twelve month high of $125.86.
The firm also recently declared 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 an increase from AbbVie’s previous quarterly dividend of $0.71. This represents a $3.84 annualized dividend and a yield of 3.25%. AbbVie’s payout ratio is 51.26%.
AbbVie declared that its Board of Directors has authorized a stock buyback plan 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 plans are generally a sign that the company’s board believes its stock is undervalued.
ABBV has been the subject of several research reports. Argus lifted their price objective on AbbVie from $120.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. BMO Capital Markets downgraded AbbVie from a “market perform” rating to an “underperform” rating and cut their price objective for the stock from $125.86 to $84.00 in a research report on Monday, January 29th. They noted that the move was a valuation call. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $115.00 price objective for the company in a research report on Thursday, January 18th. Piper Jaffray Companies lifted their price objective on AbbVie from $130.00 to $138.00 and gave the stock an “overweight” rating in a research report on Thursday, February 15th. Finally, Evercore ISI restated a “buy” rating and set a $144.00 price objective on shares of AbbVie in a research report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus 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 business’s stock in a transaction on Thursday, March 1st. The stock was 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 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 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. Insiders sold a total of 443,747 shares of company stock valued at $47,226,935 over the last quarter. 0.23% of the stock is currently owned by 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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