Meyer Handelman Co. lifted its stake in AbbVie Inc (NYSE:ABBV) by 7.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 101,981 shares of the company’s stock after buying an additional 6,765 shares during the quarter. Meyer Handelman Co.’s holdings in AbbVie were worth $9,062,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. State of New Jersey Common Pension Fund D raised its holdings in shares of AbbVie by 2.5% during the third quarter. State of New Jersey Common Pension Fund D now owns 2,021,000 shares of the company’s stock valued at $179,586,000 after acquiring an additional 50,000 shares during the last quarter. First National Bank Sioux Falls raised its holdings in shares of AbbVie by 29.9% during the third quarter. First National Bank Sioux Falls now owns 4,423 shares of the company’s stock valued at $393,000 after acquiring an additional 1,018 shares during the last quarter. Korea Investment CORP raised its holdings in shares of AbbVie by 4.5% during the third quarter. Korea Investment CORP now owns 1,076,165 shares of the company’s stock valued at $95,628,000 after acquiring an additional 46,340 shares during the last quarter. Aperio Group LLC raised its holdings in shares of AbbVie by 4.5% during the third quarter. Aperio Group LLC now owns 865,283 shares of the company’s stock valued at $76,889,000 after acquiring an additional 37,333 shares during the last quarter. Finally, New England Research & Management Inc. raised its holdings in shares of AbbVie by 102.0% during the third quarter. New England Research & Management Inc. now owns 9,308 shares of the company’s stock valued at $827,000 after acquiring an additional 4,700 shares during the last quarter. Hedge funds and other institutional investors own 69.18% of the company’s stock.
Several equities research analysts recently commented on the company. Vetr cut AbbVie from a “strong-buy” rating to a “buy” rating and set a $113.08 price target for the company. in a report on Monday, January 8th. Zacks Investment Research cut AbbVie from a “buy” rating to a “hold” rating in a report on Friday, January 5th. Jefferies Group increased their price target on AbbVie from $115.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, January 4th. BMO Capital Markets set a $84.00 target price on AbbVie and gave the stock a “hold” rating in a research note on Thursday. Finally, Piper Jaffray Companies reissued a “buy” rating on shares of AbbVie in a research note on Tuesday, January 2nd. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. AbbVie currently has a consensus rating of “Buy” and a consensus target price of $100.94.
AbbVie Inc (ABBV) opened at $100.34 on Friday. AbbVie Inc has a fifty-two week low of $59.27 and a fifty-two week high of $101.28. The company has a quick ratio of 1.32, a current ratio of 1.45 and a debt-to-equity ratio of 5.08. The stock has a market capitalization of $159,950.00, a price-to-earnings ratio of 24.35, a P/E/G ratio of 1.18 and a beta of 1.53.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, October 27th. The company reported $1.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.02. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. The company had revenue of $7 billion for the quarter, compared to analysts’ expectations of $7 billion. During the same period last year, the firm earned $1.21 earnings per share. AbbVie’s quarterly revenue was up 8.8% on a year-over-year basis. research analysts anticipate that AbbVie Inc will post 5.55 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Friday, January 12th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, January 11th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.83%. This is a boost from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s payout ratio is 68.93%.
In related news, SVP Timothy J. Richmond sold 87,040 shares of the business’s stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $98.45, for a total value of $8,569,088.00. Following the transaction, the senior vice president now owns 113,118 shares in the company, valued at approximately $11,136,467.10. The sale was disclosed in a legal 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 that occurred 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 have sold 494,676 shares of company stock worth $47,237,938 in the last quarter. Insiders own 0.23% of the company’s stock.
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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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