Northpointe Capital LLC Takes Position in AbbVie Inc (ABBV)

Northpointe Capital LLC purchased a new stake in AbbVie Inc (NYSE:ABBV) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 21,484 shares of the company’s stock, valued at approximately $2,032,000.

Other institutional investors have also bought and sold shares of the company. Cornerstone Wealth Management LLC increased its position in shares of AbbVie by 8,774.3% during the second quarter. Cornerstone Wealth Management LLC now owns 1,102,183 shares of the company’s stock worth $11,837,000 after purchasing an additional 1,089,763 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of AbbVie by 15.9% during the second quarter. Janus Henderson Group PLC now owns 5,243,956 shares of the company’s stock worth $485,867,000 after purchasing an additional 717,452 shares in the last quarter. Royal London Asset Management Ltd. acquired a new stake in shares of AbbVie during the second quarter worth about $62,780,000. Renaissance Technologies LLC increased its position in shares of AbbVie by 34.6% during the second quarter. Renaissance Technologies LLC now owns 2,362,283 shares of the company’s stock worth $218,866,000 after purchasing an additional 606,627 shares in the last quarter. Finally, CIBC World Markets Inc. increased its position in shares of AbbVie by 108.1% during the second quarter. CIBC World Markets Inc. now owns 1,095,619 shares of the company’s stock worth $101,509,000 after purchasing an additional 569,237 shares in the last quarter. Institutional investors own 69.26% of the company’s stock.

A number of analysts have recently commented on ABBV shares. BMO Capital Markets reiterated a “sell” rating and set a $78.00 target price on shares of AbbVie in a research report on Wednesday, August 22nd. ValuEngine cut AbbVie from a “hold” rating to a “sell” rating in a research report on Friday, October 19th. Bank of America boosted their price target on AbbVie from $105.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday, August 22nd. Credit Suisse Group set a $85.00 price target on AbbVie and gave the company a “hold” rating in a research report on Friday, November 2nd. Finally, Wolfe Research assumed coverage on AbbVie in a research report on Tuesday, October 23rd. They issued an “underperform” rating on the stock. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $103.68.

Shares of ABBV stock opened at $89.91 on Friday. The stock has a market capitalization of $133.79 billion, a P/E ratio of 16.06, a P/E/G ratio of 0.83 and a beta of 1.62. AbbVie Inc has a 52-week low of $77.50 and a 52-week high of $125.86. The company has a debt-to-equity ratio of 8.70, a quick ratio of 1.08 and a current ratio of 1.20.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, November 2nd. The company reported $2.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.01 by $0.13. AbbVie had a return on equity of 2,006.63% and a net margin of 23.50%. The firm had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $8.23 billion. During the same quarter in the previous year, the firm posted $1.41 EPS. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, equities research analysts forecast that AbbVie Inc will post 7.93 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 15th. Shareholders of record on Tuesday, January 15th will be issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 4.76%. The ex-dividend date of this dividend is Monday, January 14th. This is a positive change from AbbVie’s previous quarterly dividend of $0.96. AbbVie’s payout ratio is currently 68.57%.

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About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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