Tocqueville Asset Management L.P. Sells 11,467 Shares of AbbVie Inc. (ABBV)

Tocqueville Asset Management L.P. lowered its holdings in AbbVie Inc. (NYSE:ABBV) by 2.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 531,678 shares of the company’s stock after selling 11,467 shares during the period. Tocqueville Asset Management L.P.’s holdings in AbbVie were worth $51,419,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Truewealth LLC acquired a new position in shares of AbbVie in the 4th quarter valued at approximately $126,000. Delpha Capital Management LLC acquired a new position in shares of AbbVie in the 4th quarter valued at approximately $131,000. Trustcore Financial Services LLC acquired a new position in shares of AbbVie in the 4th quarter valued at approximately $148,000. Acropolis Investment Management LLC raised its position in shares of AbbVie by 68.3% in the 4th quarter. Acropolis Investment Management LLC now owns 1,855 shares of the company’s stock valued at $179,000 after buying an additional 753 shares in the last quarter. Finally, Pinnacle Wealth Planning Services Inc. acquired a new position in shares of AbbVie in the 4th quarter valued at approximately $196,000. 70.30% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE ABBV opened at $104.18 on Monday. The company has a quick ratio of 1.10, a current ratio of 1.20 and a debt-to-equity ratio of 8.70. AbbVie Inc. has a 52-week low of $64.61 and a 52-week high of $125.86. The company has a market capitalization of $165.32 billion, a price-to-earnings ratio of 18.60, a price-to-earnings-growth ratio of 0.98 and a beta of 1.59.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, April 26th. The company reported $1.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.79 by $0.08. AbbVie had a net margin of 21.55% and a return on equity of 186.47%. The firm had revenue of $7.93 billion during the quarter, compared to analysts’ expectations of $7.60 billion. During the same period in the prior year, the company posted $1.28 EPS. The company’s revenue was up 21.4% on a year-over-year basis. research analysts expect that AbbVie Inc. will post 7.8 earnings per share for the current year.

AbbVie announced that its board has approved a share buyback plan on Thursday, February 15th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be given a $0.96 dividend. This is a boost from AbbVie’s previous quarterly dividend of $0.71. This represents a $3.84 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend is Thursday, April 12th. AbbVie’s dividend payout ratio is 68.57%.

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 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 directly owns 321,292 shares in the company, valued at approximately $37,873,900.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Robert A. Michael sold 992 shares of the company’s stock in a transaction that occurred 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. Over the last 90 days, insiders sold 211,197 shares of company stock valued at $24,585,575. Corporate insiders own 0.07% of the company’s stock.

Several equities analysts have recently commented on the stock. BMO Capital Markets restated a “sell” rating and issued a $81.00 target price on shares of AbbVie in a research report on Tuesday, May 1st. Morgan Stanley dropped their target price on shares of AbbVie from $131.00 to $110.00 and set an “equal weight” rating for the company in a research report on Monday, April 30th. Credit Suisse Group dropped their target price on shares of AbbVie from $109.00 to $104.00 and set a “neutral” rating for the company in a research report on Friday, April 27th. Jefferies Group set a $122.00 target price on shares of AbbVie and gave the company a “buy” rating in a research report on Friday, April 13th. Finally, Barclays lowered their price objective on shares of AbbVie from $120.00 to $102.00 and set an “equal weight” rating for the company in a research report on Thursday, April 5th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. AbbVie has a consensus rating of “Buy” and an average target price of $116.38.

About AbbVie

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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