Pekin Singer Strauss Asset Management IL cut its stake in AbbVie Inc (NYSE:ABBV) by 3.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 36,196 shares of the company’s stock after selling 1,166 shares during the quarter. Pekin Singer Strauss Asset Management IL’s holdings in AbbVie were worth $3,423,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in ABBV. Morgan Stanley boosted its stake in AbbVie by 3.2% during the second quarter. Morgan Stanley now owns 11,134,470 shares of the company’s stock valued at $1,031,608,000 after buying an additional 348,882 shares during the period. Janus Henderson Group PLC boosted its stake in AbbVie by 15.9% during the second quarter. Janus Henderson Group PLC now owns 5,243,956 shares of the company’s stock valued at $485,867,000 after buying an additional 717,452 shares during the period. Bank of Montreal Can boosted its stake in AbbVie by 9.2% during the third quarter. Bank of Montreal Can now owns 5,210,247 shares of the company’s stock valued at $492,786,000 after buying an additional 438,201 shares during the period. Dimensional Fund Advisors LP boosted its stake in AbbVie by 3.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,824,617 shares of the company’s stock valued at $447,001,000 after buying an additional 157,594 shares during the period. Finally, US Bancorp DE boosted its stake in AbbVie by 0.5% during the third quarter. US Bancorp DE now owns 2,833,963 shares of the company’s stock valued at $268,037,000 after buying an additional 15,349 shares during the period. Institutional investors own 69.89% of the company’s stock.
ABBV has been the subject of several research analyst reports. BMO Capital Markets reissued a “sell” rating and set a $78.00 price objective on shares of AbbVie in a research note on Wednesday, August 22nd. Wolfe Research initiated coverage on AbbVie in a research note on Tuesday, October 23rd. They set an “underperform” rating for the company. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $105.00 price objective for the company in a research note on Monday, October 1st. Credit Suisse Group set a $85.00 price objective on AbbVie and gave the company a “hold” rating in a research note on Friday, November 2nd. Finally, Barclays reissued a “hold” rating and set a $90.00 price objective on shares of AbbVie in a research note on Sunday, November 4th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $103.68.
Shares of ABBV stock opened at $85.61 on Friday. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.20 and a quick ratio of 1.08. AbbVie Inc has a 12-month low of $77.50 and a 12-month high of $125.86. The stock has a market cap of $128.78 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 0.80 and a beta of 1.68.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, November 2nd. The company reported $2.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.01 by $0.13. AbbVie had a return on equity of 2,006.63% and a net margin of 23.50%. The firm had revenue of $8.24 billion during the quarter, compared to analyst estimates of $8.23 billion. During the same quarter in the previous year, the company posted $1.41 earnings per share. The company’s revenue was up 17.7% compared to the same quarter last year. Equities research analysts anticipate that AbbVie Inc will post 7.93 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Shareholders of record on Tuesday, January 15th will be paid a dividend of $1.07 per share. The ex-dividend date of this dividend is Monday, January 14th. This represents a $4.28 annualized dividend and a yield of 5.00%. This is a positive change from AbbVie’s previous quarterly dividend of $0.96. AbbVie’s payout ratio is 68.57%.
AbbVie declared that its board has approved a stock buyback program on Thursday, December 13th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, EVP Henry O. Gosebruch sold 42,450 shares of AbbVie stock in a transaction dated Thursday, November 29th. The stock was sold at an average price of $90.10, for a total value of $3,824,745.00. Following the transaction, the executive vice president now owns 30,350 shares in the company, valued at $2,734,535. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Laura J. Schumacher sold 94,140 shares of AbbVie stock in a transaction dated Tuesday, December 4th. The stock was sold at an average price of $93.58, for a total value of $8,809,621.20. Following the completion of the transaction, the insider now owns 192,398 shares in the company, valued at approximately $18,004,604.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 213,440 shares of company stock valued at $19,529,804. Corporate insiders own 0.07% of the company’s stock.
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AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune diseases; IMBRUVICA, an oral therapy for treating chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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