Wealth Enhancement Advisory Services LLC acquired a new stake in shares of AbbVie Inc (NYSE:ABBV) during the fourth quarter, HoldingsChannel reports. The fund acquired 3,978 shares of the company’s stock, valued at approximately $399,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of ABBV. Jennison Associates LLC bought a new position in AbbVie during the 3rd quarter valued at $544,418,000. Capital International Investors lifted its position in shares of AbbVie by 137.7% in the 3rd quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock worth $697,989,000 after buying an additional 4,550,954 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of AbbVie by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after buying an additional 3,706,941 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of AbbVie by 1,949.7% in the 2nd quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock worth $277,967,000 after buying an additional 3,646,510 shares during the last quarter. Finally, Orbis Allan Gray Ltd lifted its position in shares of AbbVie by 35.7% in the 2nd quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after buying an additional 3,340,038 shares during the last quarter. Hedge funds and other institutional investors own 69.76% of the company’s stock.
ABBV has been the topic of a number of recent research reports. Societe Generale raised their price target on shares of AbbVie in a research report on Tuesday, November 21st. SunTrust Banks raised their price target on shares of AbbVie to $157.00 and gave the stock an “average” rating in a research report on Monday, January 29th. Jefferies Group raised their price target on shares of AbbVie from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, January 4th. Piper Jaffray Companies restated a “buy” rating on shares of AbbVie in a research report on Tuesday, January 2nd. Finally, Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $108.00 price target on the stock in a research report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $120.96.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.04. The firm had revenue of $7.74 billion for the quarter, compared to the consensus estimate of $7.53 billion. AbbVie had a net margin of 18.82% and a return on equity of 158.15%. AbbVie’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same period last year, the firm posted $1.20 EPS. equities analysts predict that AbbVie Inc will post 7.48 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Friday, April 13th will be given a $0.96 dividend. The ex-dividend date is Thursday, April 12th. This is an increase from AbbVie’s previous quarterly dividend of $0.71. This represents a $3.84 annualized dividend and a yield of 3.22%. AbbVie’s dividend payout ratio (DPR) is currently 86.32%.
AbbVie declared that its board has approved a stock buyback plan on Thursday, February 15th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In other AbbVie news, CFO William J. Chase sold 70,928 shares of the firm’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $117.18, for a total transaction of $8,311,343.04. Following the transaction, the chief financial officer now owns 203,391 shares of the company’s stock, valued at approximately $23,833,357.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Robert A. Michael sold 992 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $120.31, for a total transaction of $119,347.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 443,747 shares of company stock worth $47,226,935. 0.23% of the stock is currently owned by insiders.
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AbbVie Company Profile
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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