Rodgers Brothers Inc. Trims Stake in AbbVie Inc. (ABBV)

Rodgers Brothers Inc. trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 100,716 shares of the company’s stock after selling 721 shares during the period. AbbVie makes up about 3.2% of Rodgers Brothers Inc.’s investment portfolio, making the stock its 2nd biggest position. Rodgers Brothers Inc.’s holdings in AbbVie were worth $9,740,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Meadow Creek Investment Management LLC lifted its holdings in AbbVie by 316.9% in the fourth quarter. Meadow Creek Investment Management LLC now owns 86,380 shares of the company’s stock valued at $8,354,000 after buying an additional 65,660 shares during the period. Ladenburg Thalmann Financial Services Inc. lifted its holdings in AbbVie by 12.3% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 270,641 shares of the company’s stock valued at $26,178,000 after buying an additional 29,658 shares during the period. Greenwich Investment Management Inc. acquired a new position in AbbVie in the fourth quarter valued at approximately $217,000. Elkfork Partners LLC lifted its holdings in AbbVie by 203.2% in the fourth quarter. Elkfork Partners LLC now owns 49,360 shares of the company’s stock valued at $4,774,000 after buying an additional 33,080 shares during the period. Finally, TIAA CREF Investment Management LLC lifted its holdings in AbbVie by 3.5% in the fourth quarter. TIAA CREF Investment Management LLC now owns 10,321,140 shares of the company’s stock valued at $998,157,000 after buying an additional 347,642 shares during the period. Institutional investors own 70.30% of the company’s stock.

Shares of NYSE:ABBV opened at $105.98 on Friday. AbbVie Inc. has a 52 week low of $64.80 and a 52 week high of $125.86. The company has a quick ratio of 1.10, a current ratio of 1.20 and a debt-to-equity ratio of 8.70. The company has a market capitalization of $167.13 billion, a price-to-earnings ratio of 18.93, a PEG ratio of 1.00 and a beta of 1.59.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, April 26th. The company reported $1.87 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 the consensus estimate of $7.60 billion. During the same quarter in the prior year, the firm earned $1.28 earnings per share. The business’s quarterly revenue was up 21.4% on a year-over-year basis. research analysts anticipate that AbbVie Inc. will post 7.8 EPS for the current year.

AbbVie announced that its Board of Directors has initiated a stock buyback program on Thursday, February 15th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

In other news, VP Robert A. Michael sold 992 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Carlos Alban sold 83,574 shares of the stock in a transaction on Thursday, March 1st. The stock was 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 directly owns 133,026 shares of the company’s stock, valued at approximately $15,230,146.74. The disclosure for this sale can be found here. Insiders have sold 211,197 shares of company stock valued at $24,585,575 in the last three months. 0.07% of the stock is owned by insiders.

ABBV has been the topic of several analyst reports. Zacks Investment Research lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Monday, January 22nd. Credit Suisse Group set a $98.00 price objective on shares of AbbVie and gave the company a “hold” rating in a report on Monday, January 22nd. Piper Jaffray increased their price objective on shares of AbbVie from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, January 26th. Leerink Swann lowered shares of AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price objective on the stock. in a report on Monday, January 29th. Finally, SunTrust Banks increased their price objective on shares of AbbVie to $157.00 and gave the company an “average” rating in a report on Monday, January 29th. One 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 stock. AbbVie has a consensus rating of “Buy” and a consensus price target of $116.38.

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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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