Markston International LLC reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 8.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 139,687 shares of the company’s stock after selling 12,997 shares during the period. AbbVie makes up 1.4% of Markston International LLC’s investment portfolio, making the stock its 24th largest holding. Markston International LLC’s holdings in AbbVie were worth $13,509,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Jennison Associates LLC purchased a new position in AbbVie during the third quarter worth about $544,418,000. Capital International Investors boosted its holdings in AbbVie by 137.7% during the third quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock worth $697,989,000 after purchasing an additional 4,550,954 shares during the last quarter. Vanguard Group Inc. boosted its holdings in AbbVie by 3.3% during the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after purchasing an additional 3,706,941 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in AbbVie by 1,949.7% during the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock worth $277,967,000 after purchasing an additional 3,646,510 shares during the last quarter. Finally, Orbis Allan Gray Ltd boosted its holdings in AbbVie by 35.7% during the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after purchasing an additional 3,340,038 shares during the last quarter. Hedge funds and other institutional investors own 70.51% of the company’s stock.
In other news, EVP Carlos Alban sold 83,574 shares of the business’s stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $114.49, for a total value of $9,568,387.26. Following the sale, the executive vice president now owns 133,026 shares of the company’s stock, valued at $15,230,146.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO William J. Chase sold 70,928 shares of the business’s stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $117.18, for a total transaction of $8,311,343.04. Following the completion of the sale, the chief financial officer now directly owns 203,391 shares in the company, valued at approximately $23,833,357.38. The disclosure for this sale can be found here. In the last three months, insiders sold 211,197 shares of company stock worth $24,585,575. Insiders own 0.23% of the company’s stock.
AbbVie Inc. (ABBV) opened at $112.03 on Tuesday. The company has a debt-to-equity ratio of 6.07, a current ratio of 1.28 and a quick ratio of 1.18. The firm has a market cap of $180,568.41, a PE ratio of 34.05, a price-to-earnings-growth ratio of 1.07 and a beta of 1.52. AbbVie Inc. has a 52 week low of $63.12 and a 52 week high of $125.86.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.04. The firm had revenue of $7.74 billion for the quarter, compared to analysts’ expectations of $7.53 billion. AbbVie had a net margin of 18.82% and a return on equity of 158.15%. The company’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.20 earnings per share. equities research analysts anticipate that AbbVie Inc. will post 7.48 EPS for the current year.
AbbVie announced that its board has initiated a stock repurchase plan on Thursday, February 15th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 3.43%. This is a boost from AbbVie’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Thursday, April 12th. AbbVie’s payout ratio is presently 86.32%.
Several research analysts recently weighed in on the stock. ValuEngine upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Leerink Swann set a $106.00 price target on shares of AbbVie and gave the stock a “buy” rating in a report on Tuesday, December 5th. Credit Suisse Group set a $135.00 price target on shares of AbbVie and gave the stock a “hold” rating in a report on Monday, January 29th. BMO Capital Markets restated a “sell” rating and set a $95.00 price target on shares of AbbVie in a report on Thursday, February 15th. Finally, Zacks Investment Research cut shares of AbbVie from a “buy” rating to a “hold” rating in a report on Monday, January 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $120.96.
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AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.
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