Woodstock Corp increased its stake in AbbVie Inc. (NYSE:ABBV) by 1.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 94,461 shares of the company’s stock after acquiring an additional 1,253 shares during the quarter. AbbVie makes up 1.7% of Woodstock Corp’s holdings, making the stock its 20th largest holding. Woodstock Corp’s holdings in AbbVie were worth $9,135,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Jennison Associates LLC purchased a new position in shares of AbbVie during the third quarter valued at $544,418,000. Capital International Investors grew its holdings in shares of AbbVie by 137.7% during the third quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock valued at $697,989,000 after buying an additional 4,550,954 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of AbbVie by 3.3% during the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after buying an additional 3,706,941 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of AbbVie by 1,949.7% during the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock valued at $277,967,000 after buying an additional 3,646,510 shares in the last quarter. Finally, Orbis Allan Gray Ltd grew its holdings in shares of AbbVie by 35.7% during the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after buying an additional 3,340,038 shares in the last quarter. Institutional investors and hedge funds own 70.54% of the company’s stock.
In related news, CFO William J. Chase sold 70,928 shares of the business’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $117.18, for a total transaction of $8,311,343.04. Following the completion of the transaction, the chief financial officer now owns 203,391 shares of the company’s stock, valued at approximately $23,833,357.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Carlos Alban sold 83,574 shares of the business’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $114.49, for a total value of $9,568,387.26. Following the transaction, the executive vice president now directly owns 133,026 shares of the company’s stock, valued at approximately $15,230,146.74. The disclosure for this sale can be found here. Insiders sold 211,197 shares of company stock valued at $24,585,575 in the last ninety days. Insiders own 0.07% of the company’s stock.
Shares of NYSE:ABBV opened at $89.78 on Friday. AbbVie Inc. has a fifty-two week low of $63.12 and a fifty-two week high of $125.86. The stock has a market capitalization of $147,586.22, a price-to-earnings ratio of 16.03, a P/E/G ratio of 0.88 and a beta of 1.61. The company has a quick ratio of 1.18, a current ratio of 1.28 and a debt-to-equity ratio of 6.07.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.04. AbbVie had a return on equity of 158.15% and a net margin of 18.82%. The company had revenue of $7.74 billion during the quarter, compared to analysts’ expectations of $7.53 billion. During the same quarter in the previous year, the firm earned $1.20 earnings per share. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. analysts predict that AbbVie Inc. will post 7.51 EPS for the current fiscal year.
AbbVie declared that its board has authorized a stock repurchase program on Thursday, February 15th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be given a $0.96 dividend. The ex-dividend date of this dividend is Thursday, April 12th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.28%. This is a boost from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s payout ratio is currently 50.71%.
A number of research analysts have recently weighed in on the company. Argus lifted their price target on AbbVie from $120.00 to $145.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research downgraded AbbVie from a “buy” rating to a “hold” rating in a report on Tuesday, March 20th. BMO Capital Markets downgraded AbbVie from a “market perform” rating to an “underperform” rating and lowered their price target for the company from $125.86 to $84.00 in a report on Monday, January 29th. They noted that the move was a valuation call. Bank of America set a $120.00 target price on AbbVie and gave the company a “hold” rating in a research note on Monday, March 26th. Finally, Barclays lowered their target price on AbbVie from $120.00 to $102.00 and set an “equal weight” rating on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $117.38.
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AbbVie Company Profile
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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