Verus Financial Partners Inc. purchased a new position in shares of AbbVie Inc (NYSE:ABBV) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,687 shares of the company’s stock, valued at approximately $239,000.
Several other large investors have also recently bought and sold shares of the company. Biegel & Waller LLC purchased a new position in shares of AbbVie during the 3rd quarter valued at approximately $216,000. Chase Investment Counsel Corp purchased a new position in shares of AbbVie during the 3rd quarter valued at approximately $205,000. Global X MANAGEMENT CO LLC increased its holdings in shares of AbbVie by 5.3% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 23,397 shares of the company’s stock valued at $2,079,000 after purchasing an additional 1,172 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of AbbVie during the 3rd quarter valued at approximately $544,418,000. Finally, Hennessy Advisors Inc. grew its stake in AbbVie by 1.0% in the 3rd quarter. Hennessy Advisors Inc. now owns 117,400 shares of the company’s stock valued at $10,432,000 after acquiring an additional 1,200 shares during the period. 69.19% of the stock is owned by hedge funds and other institutional investors.
In other AbbVie news, insider Henry O. Gosebruch sold 18,300 shares of AbbVie stock in a transaction on Monday, October 30th. The shares were sold at an average price of $90.55, for a total transaction of $1,657,065.00. Following the sale, the insider now owns 81,287 shares of the company’s stock, valued at approximately $7,360,537.85. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Michael Severino sold 25,633 shares of AbbVie stock in a transaction on Friday, November 10th. The stock was sold at an average price of $94.69, for a total transaction of $2,427,188.77. Following the sale, the executive vice president now directly owns 114,922 shares in the company, valued at approximately $10,881,964.18. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 494,676 shares of company stock worth $47,237,938. 0.23% of the stock is currently owned by corporate insiders.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.02. AbbVie had a net margin of 24.38% and a return on equity of 153.80%. The company had revenue of $7 billion for the quarter, compared to analysts’ expectations of $7 billion. During the same quarter in the previous year, the company posted $1.21 EPS. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. sell-side analysts forecast that AbbVie Inc will post 5.54 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 2.74%. The ex-dividend date is Thursday, January 11th. This is a boost from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s payout ratio is 69.10%.
A number of research firms recently issued reports on ABBV. Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $115.00 price target on the stock in a research note on Thursday. Leerink Swann set a $106.00 price target on shares of AbbVie and gave the company a “buy” rating in a research note on Tuesday, December 5th. Argus lifted their price target on shares of AbbVie from $90.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, September 29th. UBS Group cut shares of AbbVie from a “buy” rating to a “neutral” rating and lifted their price target for the company from $79.00 to $92.00 in a research note on Monday, September 25th. Finally, Jefferies Group reissued a “buy” rating and issued a $107.00 price target on shares of AbbVie in a research note on Thursday, September 28th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $101.38.
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AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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