Sumitomo Mitsui Asset Management Company LTD grew its stake in AbbVie Inc. (NYSE:ABBV) by 6.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 166,611 shares of the company’s stock after purchasing an additional 10,617 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in AbbVie were worth $16,112,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Beaton Management Co. Inc. purchased a new position in AbbVie during the second quarter worth about $528,000. Jennison Associates LLC purchased a new position in AbbVie during the third quarter worth about $544,418,000. Capital International Investors raised its stake 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 period. Parsec Financial Management Inc. raised its stake in AbbVie by 265.3% during the third quarter. Parsec Financial Management Inc. now owns 20,881 shares of the company’s stock worth $1,856,000 after purchasing an additional 15,165 shares during the period. Finally, First Merchants Corp raised its stake in AbbVie by 114.7% during the third quarter. First Merchants Corp now owns 71,497 shares of the company’s stock worth $6,352,000 after purchasing an additional 38,196 shares during the period. Institutional investors and hedge funds own 70.54% of the company’s stock.
Shares of AbbVie stock traded down $2.43 on Friday, reaching $89.78. The company had a trading volume of 6,761,246 shares, compared to its average volume of 8,547,277. The company has a market capitalization of $142,568.22, a price-to-earnings ratio of 16.03, a price-to-earnings-growth ratio of 0.85 and a beta of 1.61. AbbVie Inc. has a 52-week low of $63.12 and a 52-week high of $125.86. The company has a debt-to-equity ratio of 6.07, a quick ratio of 1.18 and a current ratio of 1.28.
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, beating analysts’ consensus estimates of $1.44 by $0.04. The business 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 business’s revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.20 EPS. equities analysts expect that AbbVie Inc. will post 7.51 earnings per share for the current year.
AbbVie declared that its board has approved a stock repurchase program on Thursday, February 15th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
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 issued 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 50.71%.
In related news, CFO William J. Chase sold 70,928 shares of AbbVie 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 transaction, the chief financial officer now owns 203,391 shares in the company, valued at $23,833,357.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $9,568,387.26. Following the transaction, the executive vice president now 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 90 days. Company insiders own 0.07% of the company’s stock.
ABBV has been the topic of a number of analyst reports. BMO Capital Markets downgraded shares of AbbVie from a “market perform” rating to an “underperform” rating and reduced their target price for the stock from $125.86 to $84.00 in a research note on Monday, January 29th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a research note on Monday, January 22nd. Piper Jaffray reaffirmed a “buy” rating on shares of AbbVie in a research note on Tuesday, January 2nd. Credit Suisse Group set a $98.00 target price on shares of AbbVie and gave the stock a “hold” rating in a research note on Monday, January 22nd. Finally, Vetr downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating and set a $113.08 target price on the stock. in a research note on Monday, January 8th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $117.38.
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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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