Legacy Private Trust Co. grew its position in AbbVie Inc (NYSE:ABBV) by 3.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,319 shares of the company’s stock after buying an additional 1,478 shares during the quarter. Legacy Private Trust Co.’s holdings in AbbVie were worth $3,994,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in AbbVie by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 118,762,307 shares of the company’s stock worth $11,232,540,000 after purchasing an additional 912,625 shares in the last quarter. Vanguard Group Inc increased its position in AbbVie by 0.8% during the 3rd quarter. Vanguard Group Inc now owns 118,762,307 shares of the company’s stock worth $11,232,540,000 after purchasing an additional 912,625 shares in the last quarter. Capital International Investors increased its position in AbbVie by 266.4% during the 3rd quarter. Capital International Investors now owns 27,594,648 shares of the company’s stock worth $2,609,902,000 after purchasing an additional 20,063,435 shares in the last quarter. Capital World Investors increased its position in AbbVie by 74.9% during the 3rd quarter. Capital World Investors now owns 25,359,025 shares of the company’s stock worth $2,398,457,000 after purchasing an additional 10,858,432 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in AbbVie by 2.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 15,879,753 shares of the company’s stock worth $1,501,907,000 after purchasing an additional 382,597 shares in the last quarter. Institutional investors and hedge funds own 70.63% of the company’s stock.
AbbVie stock opened at $79.77 on Tuesday. The company has a market cap of $119.84 billion, a P/E ratio of 10.08, a P/E/G ratio of 1.20 and a beta of 1.17. AbbVie Inc has a one year low of $75.77 and a one year high of $122.00.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, January 25th. The company reported $1.90 EPS for the quarter, missing the consensus estimate of $1.92 by ($0.02). The company had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.37 billion. AbbVie had a negative return on equity of 1,343.27% and a net margin of 17.36%. The business’s revenue was up 7.3% on a year-over-year basis. During the same period last year, the firm posted $1.48 earnings per share. Analysts predict that AbbVie Inc will post 8.69 earnings per share for the current fiscal year.
AbbVie announced that its board has initiated a stock repurchase program on Thursday, December 13th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 3.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other AbbVie news, Chairman Richard A. Gonzalez sold 16,850 shares of AbbVie stock in a transaction that occurred on Tuesday, December 11th. The stock was sold at an average price of $88.75, for a total transaction of $1,495,437.50. Following the sale, the chairman now directly owns 286,203 shares in the company, valued at approximately $25,400,516.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Laura J. Schumacher sold 25,000 shares of AbbVie stock in a transaction that occurred on Friday, December 28th. The stock was sold at an average price of $90.00, for a total value of $2,250,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 263,440 shares of company stock worth $24,029,804 over the last three months. 0.07% of the stock is currently owned by corporate insiders.
ABBV has been the topic of a number of research analyst reports. ValuEngine lowered AbbVie from a “hold” rating to a “sell” rating in a research note on Friday, October 19th. Zacks Investment Research lowered AbbVie from a “buy” rating to a “hold” rating in a research note on Wednesday, January 23rd. Bank of America lowered AbbVie from a “buy” rating to a “neutral” rating in a research note on Thursday, January 3rd. Morgan Stanley set a $88.00 price target on AbbVie and gave the stock a “hold” rating in a research note on Thursday, December 20th. Finally, Credit Suisse Group raised AbbVie to a “hold” rating and set a $79.00 price target on the stock in a research note on Thursday, January 17th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $96.85.
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AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune diseases; IMBRUVICA, an oral therapy for treating chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C.
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