Security National Bank cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 38,607 shares of the company’s stock after selling 820 shares during the period. AbbVie comprises 2.4% of Security National Bank’s portfolio, making the stock its 12th biggest holding. Security National Bank’s holdings in AbbVie were worth $3,734,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. San Francisco Sentry Investment Group CA increased its position in shares of AbbVie by 15.3% during the fourth quarter. San Francisco Sentry Investment Group CA now owns 3,386 shares of the company’s stock valued at $327,000 after buying an additional 450 shares during the period. Annex Advisory Services LLC increased its position in shares of AbbVie by 1.1% during the fourth quarter. Annex Advisory Services LLC now owns 43,287 shares of the company’s stock valued at $4,186,000 after buying an additional 478 shares during the period. First Personal Financial Services increased its position in shares of AbbVie by 2.7% during the fourth quarter. First Personal Financial Services now owns 18,248 shares of the company’s stock valued at $1,765,000 after buying an additional 488 shares during the period. Bremer Trust National Association increased its position in shares of AbbVie by 2.7% during the fourth quarter. Bremer Trust National Association now owns 19,021 shares of the company’s stock valued at $1,839,000 after buying an additional 499 shares during the period. Finally, Stewart & Patten Co. LLC increased its position in shares of AbbVie by 3.2% during the fourth quarter. Stewart & Patten Co. LLC now owns 16,054 shares of the company’s stock valued at $1,552,000 after buying an additional 500 shares during the period. Hedge funds and other institutional investors own 70.36% of the company’s stock.
Several equities research analysts have recently weighed in on the company. Argus upped their price target on AbbVie from $120.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Zacks Investment Research lowered AbbVie from a “buy” rating to a “hold” rating in a report on Tuesday, March 20th. BMO Capital Markets lowered AbbVie from a “market perform” rating to an “underperform” rating and cut their price objective for the stock from $125.86 to $84.00 in a report on Monday, January 29th. They noted that the move was a valuation call. Bank of America set a $120.00 price objective on AbbVie and gave the stock a “hold” rating in a report on Monday, March 26th. Finally, Barclays cut their price objective on AbbVie from $120.00 to $102.00 and set an “equal weight” rating for the company in a report on Thursday, April 5th. 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 assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $116.38.
Shares of ABBV opened at $104.18 on Friday. The company has a market capitalization of $160.56 billion, a price-to-earnings ratio of 18.60, a PEG ratio of 0.96 and a beta of 1.59. The company has a quick ratio of 1.18, a current ratio of 1.20 and a debt-to-equity ratio of 8.70. AbbVie Inc. has a 1 year low of $102.06 and a 1 year high of $104.67.
AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, April 26th. The company reported $1.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.79 by $0.08. The business had revenue of $7.93 billion during the quarter, compared to analyst estimates of $7.60 billion. AbbVie had a return on equity of 186.47% and a net margin of 21.55%. AbbVie’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.28 earnings per share. sell-side analysts anticipate that AbbVie Inc. will post 7.8 earnings per share for the current fiscal year.
The company also recently announced 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. The ex-dividend date of this dividend is Thursday, April 12th. This represents a $3.84 annualized dividend and a yield of 3.69%. This is a positive change from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio is currently 68.57%.
AbbVie announced that its Board of Directors has initiated a stock buyback program on Thursday, February 15th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
In other AbbVie news, Chairman Richard A. Gonzalez sold 8,280 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $117.88, for a total value of $976,046.40. Following the completion of the sale, the chairman now owns 321,292 shares of the company’s stock, valued at $37,873,900.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Robert A. Michael sold 992 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $120.31, for a total value of $119,347.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 211,197 shares of company stock valued at $24,585,575. 0.07% of the stock is owned by insiders.
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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