MHI Funds LLC acquired a new stake in shares of AbbVie Inc (NYSE:ABBV) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 25,944 shares of the company’s stock, valued at approximately $2,509,000. AbbVie makes up about 2.2% of MHI Funds LLC’s investment portfolio, making the stock its 26th largest position.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ABBV. Jennison Associates LLC purchased a new stake in AbbVie during the third quarter valued at approximately $544,418,000. Capital International Investors lifted its position 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 last quarter. Vanguard Group Inc. lifted its position 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 last quarter. Janus Henderson Group PLC lifted its position 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 last quarter. Finally, Orbis Allan Gray Ltd lifted its position 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 last quarter. Hedge funds and other institutional investors own 70.63% of the company’s stock.
AbbVie Inc (NYSE ABBV) opened at $119.75 on Wednesday. The stock has a market cap of $187,857.22, a price-to-earnings ratio of 21.16, a price-to-earnings-growth ratio of 1.12 and a beta of 1.52. AbbVie Inc has a fifty-two week low of $63.12 and a fifty-two week high of $125.86. The company has a quick ratio of 1.18, a current ratio of 1.28 and a debt-to-equity ratio of 6.07.
AbbVie declared that its Board of Directors has initiated a stock buyback program on Thursday, February 15th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Thursday, April 12th. This is a boost from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio (DPR) is 86.32%.
In related news, EVP Carlos Alban sold 83,574 shares of the firm’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $114.49, for a total transaction of $9,568,387.26. Following the completion of the transaction, the executive vice president now owns 133,026 shares of the company’s stock, valued at $15,230,146.74. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Laura J. Schumacher sold 145,510 shares of the firm’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. In the last three months, insiders have sold 443,747 shares of company stock valued at $47,226,935. 0.23% of the stock is currently owned by corporate insiders.
A number of equities research analysts recently commented on ABBV shares. Credit Suisse Group set a $135.00 target price on shares of AbbVie and gave the company a “hold” rating in a research report on Monday, January 29th. Societe Generale increased their target price on shares of AbbVie in a research report on Tuesday, November 21st. Leerink Swann cut shares of AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 target price for the company. in a research report on Monday, January 29th. Jefferies Group set a $145.00 target price on shares of AbbVie and gave the company a “buy” rating in a research report on Monday, February 26th. Finally, BMO Capital Markets set a $84.00 target price on shares of AbbVie and gave the company a “hold” rating in a research report on Thursday, January 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. AbbVie has an average rating of “Buy” and a consensus price target of $120.96.
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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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