Harvey Investment Co. LLC lifted its holdings in shares of AbbVie Inc (NYSE:ABBV) by 0.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 110,648 shares of the company’s stock after acquiring an additional 280 shares during the period. AbbVie accounts for approximately 2.0% of Harvey Investment Co. LLC’s investment portfolio, making the stock its 19th biggest holding. Harvey Investment Co. LLC’s holdings in AbbVie were worth $10,201,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. HCR Wealth Advisors acquired a new position in shares of AbbVie in the fourth quarter worth $295,000. Wedbush Securities Inc. raised its holdings in shares of AbbVie by 3.3% in the fourth quarter. Wedbush Securities Inc. now owns 72,702 shares of the company’s stock worth $6,702,000 after acquiring an additional 2,300 shares during the last quarter. Signet Investment Advisory Group Inc. acquired a new position in shares of AbbVie in the fourth quarter worth $62,000. Banque Pictet & Cie SA raised its holdings in shares of AbbVie by 1.1% in the fourth quarter. Banque Pictet & Cie SA now owns 81,540 shares of the company’s stock worth $7,517,000 after acquiring an additional 875 shares during the last quarter. Finally, Eads & Heald Wealth Management acquired a new position in shares of AbbVie in the fourth quarter worth $285,000. 69.58% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on ABBV shares. UBS Group reissued a “neutral” rating and set a $91.00 price target (down previously from $97.00) on shares of AbbVie in a research report on Wednesday, January 23rd. Barclays reissued a “hold” rating and set a $86.00 price target on shares of AbbVie in a research report on Thursday, February 14th. Standpoint Research started coverage on AbbVie in a research report on Wednesday, December 26th. They set a “buy” rating for the company. ValuEngine downgraded AbbVie from a “hold” rating to a “sell” rating in a research report on Friday, January 25th. Finally, Credit Suisse Group raised AbbVie to a “hold” rating and set a $79.00 price target for the company in a research report on Thursday, January 17th. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $94.48.
In other news, EVP Azita Saleki-Gerhardt sold 15,797 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $79.03, for a total value of $1,248,436.91. Following the completion of the sale, the executive vice president now owns 93,312 shares of the company’s stock, valued at $7,374,447.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Laura J. Schumacher sold 25,000 shares of the company’s stock in a transaction dated Friday, December 28th. The stock was sold at an average price of $90.00, for a total value of $2,250,000.00. The disclosure for this sale can be found here. Insiders sold 90,797 shares of company stock valued at $7,748,437 in the last ninety days. Company insiders own 0.07% of the company’s stock.
Shares of NYSE ABBV opened at $80.65 on Tuesday. AbbVie Inc has a 1-year low of $75.77 and a 1-year high of $114.98. The stock has a market capitalization of $119.98 billion, a PE ratio of 10.20, a P/E/G ratio of 1.23 and a beta of 1.17.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, January 25th. The company reported $1.90 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.92 by ($0.02). AbbVie had a negative return on equity of 439.07% and a net margin of 17.36%. The company had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the previous year, the company earned $1.48 EPS. AbbVie’s quarterly revenue was up 7.3% on a year-over-year basis. As a group, research analysts expect that AbbVie Inc will post 8.68 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Monday, April 15th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 5.31%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s payout ratio is 54.11%.
AbbVie declared that its Board of Directors has approved a share repurchase plan on Thursday, December 13th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the company to reacquire up to 3.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.
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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 to treat adults with genotype 1 chronic hepatitis C.
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