MetLife Investment Advisors LLC purchased a new stake in AbbVie Inc. (NYSE:ABBV) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 493,226 shares of the company’s stock, valued at approximately $47,700,000.
A number of other large investors also recently added to or reduced their stakes in ABBV. Jennison Associates LLC lifted its position in AbbVie by 85.3% during the fourth quarter. Jennison Associates LLC now owns 11,353,745 shares of the company’s stock valued at $1,098,021,000 after buying an additional 5,227,056 shares during the period. Capital International Investors lifted its position in AbbVie by 137.7% during the third quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock valued at $697,989,000 after buying an additional 4,550,954 shares during the period. BlackRock Inc. lifted 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 buying an additional 2,714,857 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new position in AbbVie during the fourth quarter valued at $135,027,000. Finally, Swedbank purchased a new position in AbbVie during the fourth quarter valued at $130,841,000. Institutional investors and hedge funds own 69.48% of the company’s stock.
In related news, CFO William J. Chase sold 70,928 shares of AbbVie stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $117.18, for a total value of $8,311,343.04. Following the completion of the sale, the chief financial officer now directly owns 203,391 shares in the company, valued at approximately $23,833,357.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Carlos Alban sold 83,574 shares of AbbVie stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $114.49, for a total value of $9,568,387.26. Following the completion of the sale, the executive vice president now owns 133,026 shares of the company’s stock, valued at $15,230,146.74. The disclosure for this sale can be found here. In the last ninety days, insiders sold 210,205 shares of company stock valued at $24,466,228. 0.07% of the stock is owned by insiders.
ABBV has been the subject of several recent research reports. Piper Jaffray Companies raised their price objective on AbbVie from $115.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. Leerink Swann lowered AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price objective for the company. in a research report on Monday, January 29th. SunTrust Banks raised their price objective on AbbVie to $157.00 and gave the company an “average” rating in a research report on Monday, January 29th. BMO Capital Markets lowered AbbVie from a “market perform” rating to an “underperform” rating and lowered their price objective for the company from $125.86 to $84.00 in a research report on Monday, January 29th. They noted that the move was a valuation call. Finally, Credit Suisse Group set a $135.00 price objective on AbbVie and gave the company a “hold” rating in a research report on Monday, January 29th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $116.20.
AbbVie opened at $106.23 on Wednesday, according to Marketbeat. 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 stock has a market capitalization of $168.57 billion, a PE ratio of 18.97, a P/E/G ratio of 1.00 and a beta of 1.59. AbbVie Inc. has a 1 year low of $65.43 and a 1 year high of $125.86.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, April 26th. The company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.08. The firm 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 quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.28 EPS. sell-side analysts forecast that AbbVie Inc. will post 7.8 earnings per share for the current fiscal year.
AbbVie announced that its board has approved a stock repurchase program on Thursday, February 15th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
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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