Tompkins Financial Corp Reduces Position in AbbVie Inc. (ABBV)

Tompkins Financial Corp decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 65.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,843 shares of the company’s stock after selling 20,540 shares during the quarter. Tompkins Financial Corp’s holdings in AbbVie were worth $1,049,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Capital Research Global Investors increased its holdings in AbbVie by 1.2% in the 2nd quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock valued at $12,926,708,000 after buying an additional 2,130,919 shares during the period. Vanguard Group Inc. grew its holdings in shares of AbbVie by 3.3% during the 2nd quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after purchasing an additional 3,706,941 shares during the last quarter. BlackRock Inc. grew its holdings in shares of AbbVie by 2.0% during the 2nd quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock valued at $6,821,375,000 after purchasing an additional 1,864,418 shares during the last quarter. Orbis Allan Gray Ltd grew its holdings in shares of AbbVie by 35.7% during the 2nd quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after purchasing an additional 3,340,038 shares during the last quarter. Finally, Woodford Investment Management Ltd grew its holdings in shares of AbbVie by 8.6% during the 2nd quarter. Woodford Investment Management Ltd now owns 11,854,758 shares of the company’s stock valued at $859,589,000 after purchasing an additional 937,500 shares during the last quarter. Institutional investors and hedge funds own 70.54% of the company’s stock.

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Shares of NYSE ABBV traded down $2.43 during midday trading on Friday, reaching $89.78. The stock 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 P/E ratio of 16.03, a price-to-earnings-growth ratio of 0.85 and a beta of 1.61. AbbVie Inc. has a twelve month low of $63.12 and a twelve month 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 issued its quarterly earnings results on Friday, January 26th. The company reported $1.48 earnings per share (EPS) for the quarter, topping the Zacks’ 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 company’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.20 EPS. analysts forecast that AbbVie Inc. will post 7.51 earnings per share for the current year.

AbbVie declared that its board has initiated a share buyback plan on Thursday, February 15th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

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 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 an increase from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s payout ratio is 50.71%.

In related news, VP Robert A. Michael sold 992 shares of the business’s stock in a transaction on 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 filing with the SEC, which is available at this hyperlink. Also, CFO William J. Chase sold 70,928 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now owns 203,391 shares in the company, valued at approximately $23,833,357.38. The disclosure for this sale can be found here. Insiders sold a total of 211,197 shares of company stock worth $24,585,575 in the last 90 days. Corporate insiders own 0.07% of the company’s stock.

Several brokerages recently issued reports on ABBV. ValuEngine raised shares of AbbVie from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Credit Suisse Group set a $135.00 price target on shares of AbbVie and gave the company a “hold” rating in a report on Monday, January 29th. Leerink Swann lowered shares of AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price target on the stock. in a report on Monday, January 29th. BMO Capital Markets reaffirmed 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 lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Monday, January 22nd. One analyst has rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $117.38.

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AbbVie 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.

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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