Chicago Partners Investment Group LLC reduced its position in AbbVie Inc (NYSE:ABBV) by 17.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,431 shares of the company’s stock after selling 2,838 shares during the period. Chicago Partners Investment Group LLC’s holdings in AbbVie were worth $1,193,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in ABBV. Aveo Capital Partners LLC purchased a new stake in AbbVie during the 2nd quarter valued at $200,000. Morse Asset Management Inc grew its position in shares of AbbVie by 38.3% during the 2nd quarter. Morse Asset Management Inc now owns 53,390 shares of the company’s stock valued at $3,871,000 after acquiring an additional 14,785 shares during the period. Summit Financial Strategies Inc. bought a new stake in shares of AbbVie during the 2nd quarter valued at $289,000. Palisade Asset Management LLC grew its position in shares of AbbVie by 17.9% during the 2nd quarter. Palisade Asset Management LLC now owns 68,311 shares of the company’s stock valued at $4,953,000 after acquiring an additional 10,381 shares during the period. Finally, Schwab Charles Investment Management Inc. grew its position in shares of AbbVie by 1.7% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 5,226,116 shares of the company’s stock valued at $378,946,000 after acquiring an additional 89,442 shares during the period. Institutional investors own 69.49% of the company’s stock.
In other AbbVie news, insider Laura J. Schumacher sold 145,510 shares of the stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $96.71, for a total transaction of $14,072,272.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $8,569,088.00. Following the transaction, the senior vice president now directly owns 113,118 shares of the company’s stock, valued at approximately $11,136,467.10. The disclosure for this sale can be found here. Insiders sold a total of 233,542 shares of company stock valued at $22,760,708 in the last ninety days. 0.23% of the stock is currently owned by insiders.
A number of brokerages have recently issued reports on ABBV. Argus boosted their price objective on shares of AbbVie from $120.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. BMO Capital Markets downgraded shares of AbbVie from a “market perform” rating to an “underperform” rating and cut their price objective for the company from $125.86 to $84.00 in a research report on Monday, January 29th. They noted that the move was a valuation call. Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $115.00 price objective for the company in a research report on Thursday, January 18th. Piper Jaffray Companies boosted their price objective on shares of AbbVie from $130.00 to $138.00 and gave the company an “overweight” rating in a research report on Thursday, February 15th. Finally, Evercore ISI reissued a “buy” rating and set a $144.00 price objective on shares of AbbVie in a research report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. AbbVie presently has an average rating of “Buy” and a consensus target price of $118.44.
AbbVie Inc (ABBV) opened at $118.75 on Friday. The firm has a market cap of $189,580.00, a price-to-earnings ratio of 35.98, a P/E/G ratio of 1.12 and a beta of 1.61. The company has a quick ratio of 1.32, a current ratio of 1.28 and a debt-to-equity ratio of 6.07. AbbVie Inc has a 1-year low of $61.45 and a 1-year high of $125.86.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.04. The company had revenue of $7.74 billion during the quarter, compared to the consensus estimate of $7.53 billion. AbbVie had a net margin of 18.82% and a return on equity of 158.15%. AbbVie’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.20 EPS. analysts expect that AbbVie Inc will post 7.47 earnings per share for the current fiscal year.
AbbVie declared that its board has approved a stock repurchase plan on Thursday, February 15th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
The company 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 $0.96 dividend. The ex-dividend date of this dividend is Thursday, April 12th. This represents a $3.84 annualized dividend and a yield of 3.23%. This is an increase from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio is currently 86.06%.
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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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