Wealthsource Partners LLC trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 19.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,835 shares of the company’s stock after selling 941 shares during the quarter. Wealthsource Partners LLC’s holdings in AbbVie were worth $371,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. increased its position in shares of AbbVie by 2.8% during the fourth quarter. BlackRock Inc. now owns 101,322,201 shares of the company’s stock worth $9,798,871,000 after acquiring an additional 2,714,857 shares during the last quarter. Geode Capital Management LLC increased its position in shares of AbbVie by 4.5% during the fourth quarter. Geode Capital Management LLC now owns 16,042,851 shares of the company’s stock worth $1,548,096,000 after acquiring an additional 697,191 shares during the last quarter. Jennison Associates LLC increased its position in shares of AbbVie by 85.3% during the fourth quarter. Jennison Associates LLC now owns 11,353,745 shares of the company’s stock worth $1,098,021,000 after acquiring an additional 5,227,056 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in shares of AbbVie by 3.5% during the fourth quarter. TIAA CREF Investment Management LLC now owns 10,321,140 shares of the company’s stock worth $998,157,000 after acquiring an additional 347,642 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of AbbVie by 0.9% during the third quarter. Legal & General Group Plc now owns 8,117,840 shares of the company’s stock worth $721,349,000 after acquiring an additional 68,489 shares during the last quarter. 69.48% of the stock is currently owned by institutional investors and hedge funds.
AbbVie opened at $101.08 on Friday, MarketBeat reports. The company has a market cap of $163.67 billion, a PE ratio of 16.69, a P/E/G ratio of 0.97 and a beta of 1.59. AbbVie Inc. has a 52 week low of $65.61 and a 52 week high of $125.86. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.20 and a quick ratio of 1.10.
AbbVie (NYSE:ABBV) last posted 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. The company 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%. The business’s revenue was up 21.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.28 earnings per share. equities research analysts anticipate that AbbVie Inc. will post 7.8 EPS for the current year.
AbbVie declared that its Board of Directors has initiated a stock buyback program on Thursday, February 15th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Several brokerages recently weighed in on ABBV. Argus boosted their price objective on AbbVie from $120.00 to $145.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research lowered AbbVie from a “buy” rating to a “hold” rating in a report on Tuesday, March 20th. 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 report on Monday, January 29th. They noted that the move was a valuation call. Bank of America set a $120.00 price objective on AbbVie and gave the company a “hold” rating in a report on Monday, March 26th. Finally, Barclays lowered their price objective on AbbVie from $120.00 to $102.00 and set an “equal weight” rating for the company in a report on Thursday, April 5th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. AbbVie has a consensus rating of “Buy” and an average price target of $116.20.
In other news, insider Laura J. Schumacher sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $117.85, for a total transaction of $2,946,250.00. Following the completion of the transaction, the insider now directly owns 123,317 shares in the company, valued at $14,532,908.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Robert A. Michael sold 4,294 shares of the business’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders have sold 210,205 shares of company stock valued at $24,466,228 over the last ninety days. Corporate 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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