National Asset Management Inc. grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 5.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 27,745 shares of the company’s stock after purchasing an additional 1,554 shares during the period. National Asset Management Inc.’s holdings in AbbVie were worth $2,684,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Truewealth LLC purchased a new position in shares of AbbVie in the 4th quarter worth approximately $126,000. Delpha Capital Management LLC purchased a new stake in shares of AbbVie during the fourth quarter worth $131,000. Virtue Capital Management LLC purchased a new stake in shares of AbbVie during the fourth quarter worth $139,000. Trustcore Financial Services LLC bought a new position in shares of AbbVie in the fourth quarter worth $148,000. Finally, Premia Global Advisors LLC bought a new position in shares of AbbVie in the fourth quarter worth $155,000. 69.48% of the stock is owned by hedge funds and other institutional investors.
ABBV has been the topic of a number of research analyst reports. BMO Capital Markets reduced their target price on AbbVie from $95.00 to $80.00 and set an “underperform” rating on the stock in a research note on Friday, March 23rd. Jefferies Group set a $125.00 target price on shares of AbbVie and gave the stock a “buy” rating in a report on Friday, March 23rd. Credit Suisse Group dropped their target price on shares of AbbVie from $109.00 to $98.10 and set a “neutral” rating for the company in a report on Friday, March 23rd. Bank of America set a $120.00 target price on shares of AbbVie and gave the stock a “hold” rating in a report on Monday, March 26th. Finally, 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 report on Monday, April 30th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. AbbVie currently has a consensus rating of “Buy” and a consensus price target of $116.20.
Shares of NYSE ABBV opened at $105.60 on Thursday. AbbVie Inc. has a fifty-two week low of $65.57 and a fifty-two week high of $125.86. The company has a market cap of $168.57 billion, a price-to-earnings ratio of 18.86, a price-to-earnings-growth ratio of 1.00 and a beta of 1.59. 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 (NYSE:ABBV) last announced its earnings results on Thursday, April 26th. The company reported $1.87 earnings per share for the quarter, beating the Zacks’ 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 business had revenue of $7.93 billion during the quarter, compared to the consensus estimate of $7.60 billion. During the same quarter last year, the firm earned $1.28 earnings per share. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. sell-side analysts anticipate that AbbVie Inc. will post 7.8 EPS for the current year.
AbbVie announced that its Board of Directors has authorized a stock buyback plan on Thursday, February 15th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.
In other AbbVie news, EVP Carlos Alban sold 83,574 shares of the firm’s stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $114.49, for a total transaction of $9,568,387.26. Following the completion of the transaction, the executive vice president now owns 133,026 shares of the company’s stock, valued at $15,230,146.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William J. Chase sold 70,928 shares of the firm’s stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $117.18, for a total transaction of $8,311,343.04. Following the transaction, the chief financial officer now directly owns 203,391 shares of the company’s stock, valued at approximately $23,833,357.38. The disclosure for this sale can be found here. Insiders have sold 210,205 shares of company stock valued at $24,466,228 in the last ninety days. Insiders own 0.07% of the company’s stock.
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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