Phocas Financial Corp. Invests $3.51 Million in AbbVie Inc. (ABBV) Stock

Phocas Financial Corp. purchased a new position in AbbVie Inc. (NYSE:ABBV) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 36,313 shares of the company’s stock, valued at approximately $3,512,000.

A number of other hedge funds and other institutional investors have also modified their holdings of ABBV. Covington Capital Management increased its position in shares of AbbVie by 0.8% during the fourth quarter. Covington Capital Management now owns 55,518 shares of the company’s stock valued at $5,369,000 after purchasing an additional 449 shares during the period. 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 purchasing an additional 450 shares during the period. GHP Investment Advisors Inc. increased its position in shares of AbbVie by 8.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 5,970 shares of the company’s stock valued at $577,000 after purchasing an additional 455 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 purchasing an additional 478 shares during the period. Finally, 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 purchasing an additional 488 shares during the period. 69.48% of the stock is currently owned by institutional investors.

Shares of ABBV stock opened at $103.14 on Friday. The company has a current ratio of 1.20, a quick ratio of 1.10 and a debt-to-equity ratio of 8.70. The firm has a market capitalization of $167.57 billion, a P/E ratio of 18.42, a P/E/G ratio of 1.00 and a beta of 1.59. AbbVie Inc. has a one year low of $65.61 and a one year high of $125.86.

AbbVie (NYSE:ABBV) last announced its quarterly 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. The business had revenue of $7.93 billion for 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.28 EPS. research analysts expect that AbbVie Inc. will post 7.8 earnings per share for the current fiscal year.

AbbVie declared that its board has approved a share repurchase program on Thursday, February 15th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

A number of research firms have recently issued reports on ABBV. Goldman Sachs Group cut AbbVie from a “conviction-buy” rating to a “buy” rating in a research report on Thursday. BMO Capital Markets lowered their price objective on AbbVie from $81.00 to $78.00 and set an “underperform” rating on the stock in a research report on Wednesday. Morgan Stanley lowered their price objective on AbbVie from $131.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Monday, April 30th. Credit Suisse Group lowered their price objective on AbbVie from $109.00 to $104.00 and set a “neutral” rating on the stock in a research report on Friday, April 27th. Finally, Jefferies Group set a $122.00 price objective on AbbVie and gave the company a “buy” rating in a research report on Friday, April 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $116.20.

In other AbbVie news, VP Robert A. Michael sold 4,294 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $119.43, for a total value of $512,832.42. Following the transaction, the vice president now owns 11,170 shares of the company’s stock, valued at $1,334,033.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Timothy J. Richmond sold 18,129 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $118.67, for a total value of $2,151,368.43. Following the completion of the transaction, the senior vice president now directly owns 35,717 shares in the company, valued at approximately $4,238,536.39. The disclosure for this sale can be found here. In the last three months, insiders sold 210,205 shares of company stock worth $24,466,228. Insiders own 0.07% of the company’s stock.

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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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