Cubic Asset Management LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 2.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,035 shares of the company’s stock after selling 1,225 shares during the period. Cubic Asset Management LLC’s holdings in AbbVie were worth $4,259,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Capital Research Global Investors lifted its position in AbbVie by 1.2% during the 2nd quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock worth $12,926,708,000 after acquiring an additional 2,130,919 shares in the last quarter. Vanguard Group Inc. lifted its position in AbbVie by 3.3% during the 2nd 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 in the last quarter. BlackRock Inc. lifted its position in AbbVie by 2.0% during the 2nd quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock worth $6,821,375,000 after acquiring an additional 1,864,418 shares in the last quarter. Orbis Allan Gray Ltd lifted its position in AbbVie by 35.7% during the 2nd 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 in the last quarter. Finally, Woodford Investment Management Ltd lifted its position in AbbVie by 8.6% during the 2nd quarter. Woodford Investment Management Ltd now owns 11,854,758 shares of the company’s stock worth $859,589,000 after acquiring an additional 937,500 shares in the last quarter. 70.54% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently commented on ABBV. ValuEngine raised AbbVie from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Credit Suisse Group set a $135.00 price target on AbbVie and gave the stock a “hold” rating in a research report on Monday, January 29th. Leerink Swann lowered AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price target on the stock. in a research report on Monday, January 29th. BMO Capital Markets reissued a “sell” rating and set a $95.00 price target 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 Monday, January 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $117.38.
Shares of ABBV traded down $2.43 during trading on Friday, reaching $89.78. The company’s stock had a trading volume of 6,760,581 shares, compared to its average volume of 8,547,277. AbbVie Inc. has a twelve month low of $63.12 and a twelve month high of $125.86. The firm has a market cap of $146,426.98, a price-to-earnings ratio of 16.03, a PEG ratio of 0.87 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 earnings results on Friday, January 26th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 for the quarter, compared to analyst estimates of $7.53 billion. During the same period in the prior year, the company posted $1.20 EPS. AbbVie’s quarterly revenue was up 13.9% on a year-over-year basis. equities analysts expect that AbbVie Inc. will post 7.51 earnings per share for the current fiscal year.
The company 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 $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.28%. This is an increase from AbbVie’s previous quarterly dividend of $0.71. The ex-dividend date is Thursday, April 12th. AbbVie’s payout ratio is 50.71%.
AbbVie declared that its Board of Directors has approved a share buyback program on Thursday, February 15th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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 stock was sold at an average price of $114.49, for a total value of $9,568,387.26. Following the completion of the sale, the executive vice president now directly owns 133,026 shares in the company, valued at approximately $15,230,146.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 value of $8,311,343.04. Following the completion of the sale, the chief financial officer now owns 203,391 shares of the company’s stock, valued at $23,833,357.38. The disclosure for this sale can be found here. Insiders sold a total of 211,197 shares of company stock valued at $24,585,575 over the last quarter. Company insiders own 0.07% of the company’s stock.
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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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