Investors Sell Shares of AbbVie (ABBV) on Strength (ABBV)

Traders sold shares of AbbVie Inc. (NYSE:ABBV) on strength during trading on Thursday. $246.70 million flowed into the stock on the tick-up and $306.50 million flowed out of the stock on the tick-down, for a money net flow of $59.80 million out of the stock. Of all stocks tracked, AbbVie had the 30th highest net out-flow for the day. AbbVie traded up $5.57 for the day and closed at $97.44

A number of research firms have recently weighed in on ABBV. Credit Suisse Group set a $109.00 price objective on AbbVie and gave the stock a “hold” rating in a research report on Tuesday, April 10th. Jefferies Group set a $122.00 price objective on AbbVie and gave the stock a “buy” rating in a research report on Friday, April 13th. BMO Capital Markets reaffirmed a “sell” rating and set a $80.00 price objective on shares of AbbVie in a research report on Thursday, April 5th. Barclays cut their price objective on AbbVie from $120.00 to $102.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 5th. Finally, Evercore ISI reaffirmed a “buy” rating and set a $144.00 price objective on shares of AbbVie in a research report on Monday, January 29th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $117.85.

The firm has a market cap of $145,077.22, a P/E ratio of 17.40, a price-to-earnings-growth ratio of 0.87 and a beta of 1.61. The company has a debt-to-equity ratio of 6.07, a current ratio of 1.28 and a quick ratio of 1.18.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, April 26th. The company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.79 by $0.08. AbbVie had a return on equity of 158.15% and a net margin of 18.82%. The firm had revenue of $7.93 billion for the quarter, compared to analyst estimates of $7.60 billion. During the same quarter in the prior year, the company posted $1.28 earnings per share. AbbVie’s revenue for the quarter was up 21.4% compared to the same quarter last year. analysts anticipate that AbbVie Inc. will post 7.57 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend is Thursday, April 12th. This is an increase from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio is currently 68.57%.

AbbVie declared that its board has initiated a stock repurchase plan on Thursday, February 15th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

In other AbbVie news, Chairman Richard A. Gonzalez sold 8,280 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $117.88, for a total value of $976,046.40. Following the completion of the transaction, the chairman now owns 321,292 shares in the company, valued at $37,873,900.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Robert A. Michael sold 992 shares of the company’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 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. 0.07% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital Research Global Investors boosted its holdings in AbbVie by 1.2% in the second 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. increased its position in 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 acquiring an additional 3,706,941 shares during the last quarter. BlackRock Inc. increased its position in AbbVie by 2.8% during the fourth quarter. BlackRock Inc. now owns 101,322,201 shares of the company’s stock valued at $9,798,871,000 after acquiring an additional 2,714,857 shares during the last quarter. Geode Capital Management LLC increased its position in AbbVie by 4.5% during the fourth quarter. Geode Capital Management LLC now owns 16,042,851 shares of the company’s stock valued at $1,548,096,000 after acquiring an additional 697,191 shares during the last quarter. Finally, Orbis Allan Gray Ltd increased its position in 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 acquiring an additional 3,340,038 shares during the last quarter. Institutional investors own 70.65% of the company’s stock.

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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