MHI Funds LLC acquired a new position in AbbVie Inc. (NYSE:ABBV) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 25,944 shares of the company’s stock, valued at approximately $2,509,000. AbbVie accounts for approximately 2.2% of MHI Funds LLC’s portfolio, making the stock its 26th largest holding.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ABBV. Hudock Capital Group LLC raised its stake in shares of AbbVie by 109.5% during the 2nd quarter. Hudock Capital Group LLC now owns 1,542 shares of the company’s stock valued at $111,000 after buying an additional 806 shares during the last quarter. Ffcm LLC increased its stake in shares of AbbVie by 167.2% in the 2nd quarter. Ffcm LLC now owns 1,539 shares of the company’s stock valued at $111,000 after purchasing an additional 963 shares in the last quarter. Bristlecone Advisors LLC purchased a new position in shares of AbbVie in the 3rd quarter valued at about $113,000. BDO Wealth Advisors LLC purchased a new position in shares of AbbVie in the 2nd quarter valued at about $115,000. Finally, Hershey Trust Co. purchased a new position in shares of AbbVie in the 3rd quarter valued at about $139,000. 70.51% of the stock is owned by hedge funds and other institutional investors.
Several research firms have commented on ABBV. ValuEngine upgraded AbbVie from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Leerink Swann set a $106.00 price objective on AbbVie and gave the company a “buy” rating in a report on Tuesday, December 5th. Credit Suisse Group set a $135.00 price objective on AbbVie and gave the company a “hold” rating in a report on Monday, January 29th. BMO Capital Markets reissued a “sell” rating and issued a $95.00 target price on shares of AbbVie in a research report on Thursday, February 15th. Finally, Zacks Investment Research lowered AbbVie from a “buy” rating to a “hold” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $120.96.
Shares of ABBV stock traded down $0.39 on Wednesday, hitting $112.26. 803,671 shares of the company’s stock were exchanged, compared to its average volume of 6,594,130. The company has a debt-to-equity ratio of 6.07, a quick ratio of 1.18 and a current ratio of 1.28. The firm has a market cap of $177,900.61, a price-to-earnings ratio of 34.24, a PEG ratio of 1.05 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 quarterly earnings results on Friday, January 26th. The company reported $1.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 net margin of 18.82% and a return on equity of 158.15%. The firm’s quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.20 EPS. equities research analysts anticipate that AbbVie Inc. will post 7.48 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Friday, April 13th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend is Thursday, April 12th. This is an increase from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio is currently 86.32%.
AbbVie declared that its board has authorized a stock buyback plan on Thursday, February 15th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
In other AbbVie news, VP Robert A. Michael sold 992 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $120.31, for a total transaction of $119,347.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Carlos Alban sold 83,574 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $114.49, for a total transaction of $9,568,387.26. Following the completion of the sale, the executive vice president now directly owns 133,026 shares of the company’s stock, valued at $15,230,146.74. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 211,197 shares of company stock valued at $24,585,575. Insiders own 0.23% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: “25,944 Shares in AbbVie Inc. (ABBV) Purchased by MHI Funds LLC” was published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are accessing this article on another website, it was illegally copied and republished in violation of United States and international trademark and copyright law. The correct version of this article can be accessed at https://www.dispatchtribunal.com/2018/03/21/25944-shares-in-abbvie-inc-abbv-acquired-by-mhi-funds-llc.html.
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.
Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.