Public Employees Retirement System of Ohio lifted its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,112,609 shares of the company’s stock after buying an additional 11,232 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in AbbVie were worth $107,600,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Aspen Investment Management Inc boosted its position in shares of AbbVie by 0.8% in the second quarter. Aspen Investment Management Inc now owns 5,210 shares of the company’s stock worth $378,000 after acquiring an additional 40 shares during the last quarter. Beaumont Financial Partners LLC boosted its position in shares of AbbVie by 1.0% in the second quarter. Beaumont Financial Partners LLC now owns 5,616 shares of the company’s stock worth $407,000 after acquiring an additional 56 shares during the last quarter. High Falls Advisors Inc boosted its position in shares of AbbVie by 1.4% in the second quarter. High Falls Advisors Inc now owns 4,376 shares of the company’s stock worth $317,000 after acquiring an additional 60 shares during the last quarter. Highland Private Wealth Management boosted its position in shares of AbbVie by 2.5% in the second quarter. Highland Private Wealth Management now owns 3,259 shares of the company’s stock worth $236,000 after acquiring an additional 79 shares during the last quarter. Finally, Jasper Ridge Partners L.P. boosted its position in shares of AbbVie by 1.0% in the second quarter. Jasper Ridge Partners L.P. now owns 9,948 shares of the company’s stock worth $721,000 after acquiring an additional 96 shares during the last quarter. Institutional investors and hedge funds own 70.57% of the company’s stock.
ABBV opened at $92.60 on Friday. The company has a market cap of $149,777.61, a PE ratio of 16.54, a PEG ratio of 0.91 and a beta of 1.61. AbbVie Inc. has a 52-week low of $63.55 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 posted its quarterly earnings data 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 company had revenue of $7.74 billion for the quarter, compared to analyst estimates of $7.53 billion. AbbVie had a net margin of 18.82% and a return on equity of 158.15%. The business’s quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.20 earnings per share. equities research analysts predict that AbbVie Inc. will post 7.55 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Friday, April 13th will be paid a dividend of $0.96 per share. The ex-dividend date is Thursday, April 12th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.15%. This is a positive change from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio (DPR) is currently 68.57%.
AbbVie announced that its Board of Directors has initiated a share repurchase program on Thursday, February 15th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
ABBV has been the topic of several research analyst reports. BMO Capital Markets decreased their target price on shares of AbbVie from $95.00 to $80.00 and set an “underperform” rating on the stock in a research report on Friday, March 23rd. Jefferies Group set a $125.00 price target on shares of AbbVie and gave the company a “buy” rating in a research report on Friday, March 23rd. Credit Suisse Group reduced their price target on shares of AbbVie from $109.00 to $98.10 and set a “neutral” rating on the stock in a research report on Friday, March 23rd. Bank of America set a $120.00 price target on shares of AbbVie and gave the company a “hold” rating in a research report on Monday, March 26th. Finally, Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $115.00 price target on the stock in a research report on Thursday, January 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. AbbVie currently has an average rating of “Buy” and an average target price of $117.85.
In other news, EVP Carlos Alban sold 83,574 shares of AbbVie stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $114.49, for a total transaction of $9,568,387.26. Following the sale, the executive vice president now owns 133,026 shares in the company, valued at $15,230,146.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $8,311,343.04. Following the sale, 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 have sold 211,197 shares of company stock worth $24,585,575 in the last quarter. 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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