U S Global Investors Inc. trimmed its position in AbbVie Inc (NYSE:ABBV) by 22.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 21,363 shares of the company’s stock after selling 6,300 shares during the period. U S Global Investors Inc.’s holdings in AbbVie were worth $1,898,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of ABBV. Jennison Associates LLC purchased a new stake in AbbVie in the third quarter worth $544,418,000. Capital International Investors grew its stake in shares of AbbVie by 137.7% in the third quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock worth $697,989,000 after acquiring an additional 4,550,954 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of AbbVie by 3.3% in the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after acquiring an additional 3,706,941 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of AbbVie by 1,949.7% in the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock worth $277,967,000 after acquiring an additional 3,646,510 shares during the last quarter. Finally, Orbis Allan Gray Ltd grew its stake in shares of AbbVie by 35.7% in the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after acquiring an additional 3,340,038 shares during the last quarter. 69.49% of the stock is currently owned by institutional investors.
In other AbbVie news, Chairman Richard A. Gonzalez sold 218,193 shares of the stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $94.01, for a total value of $20,512,323.93. Following the transaction, the chairman now owns 492,030 shares of the company’s stock, valued at $46,255,740.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Timothy J. Richmond sold 87,040 shares of the stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $98.45, for a total value of $8,569,088.00. Following the completion of the transaction, the senior vice president now directly owns 113,118 shares in the company, valued at approximately $11,136,467.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 450,743 shares of company stock worth $43,153,684. Corporate insiders own 0.23% of the company’s stock.
AbbVie Inc (NYSE ABBV) opened at $118.60 on Monday. The stock has a market capitalization of $188,333.59, a price-to-earnings ratio of 36.05, a PEG ratio of 1.13 and a beta of 1.60. The company has a current ratio of 1.45, a quick ratio of 1.32 and a debt-to-equity ratio of 5.08. AbbVie Inc has a 1-year low of $61.17 and a 1-year high of $125.86.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, January 26th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.04. The firm had revenue of $7.74 billion for the quarter, compared to the consensus estimate of $7.53 billion. AbbVie had a return on equity of 152.78% and a net margin of 18.82%. The company’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.20 earnings per share. analysts predict that AbbVie Inc will post 7.46 EPS for the current year.
AbbVie declared that its board has authorized a share repurchase plan on Thursday, February 15th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Friday, April 13th will be issued a dividend of $0.96 per share. This is an increase from AbbVie’s previous quarterly dividend of $0.71. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date of this dividend is Thursday, April 12th. AbbVie’s dividend payout ratio is presently 86.32%.
ABBV has been the topic of a number of recent research reports. BMO Capital Markets set a $66.00 target price on AbbVie and gave the stock a “hold” rating in a research note on Friday, October 27th. BidaskClub raised AbbVie from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 11th. Piper Jaffray Companies increased their target price on AbbVie to $115.00 and gave the stock an “overweight” rating in a research note on Friday, October 27th. SunTrust Banks reissued a “buy” rating on shares of AbbVie in a research note on Monday, October 30th. Finally, Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $108.00 target price on the stock in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. AbbVie currently has a consensus rating of “Buy” and an average price target of $118.44.
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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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