FinTrust Investment Advisory Services LLC boosted its position in shares of AbbVie Inc. (NYSE:ABBV) by 12.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,361 shares of the company’s stock after acquiring an additional 812 shares during the period. FinTrust Investment Advisory Services LLC’s holdings in AbbVie were worth $712,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. raised its holdings in shares of AbbVie by 10.6% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 196,238 shares of the company’s stock worth $14,229,000 after buying an additional 18,778 shares during the last quarter. Independence Trust CO raised its holdings in shares of AbbVie by 3.9% in the second quarter. Independence Trust CO now owns 26,173 shares of the company’s stock worth $1,898,000 after buying an additional 990 shares during the last quarter. Brighton Jones LLC purchased a new position in shares of AbbVie in the second quarter worth $499,000. OMERS ADMINISTRATION Corp raised its holdings in shares of AbbVie by 213.5% in the second quarter. OMERS ADMINISTRATION Corp now owns 30,100 shares of the company’s stock worth $2,183,000 after buying an additional 20,500 shares during the last quarter. Finally, Capital Analysts LLC raised its holdings in shares of AbbVie by 1.9% in the second quarter. Capital Analysts LLC now owns 16,061 shares of the company’s stock worth $1,165,000 after buying an additional 302 shares during the last quarter. 70.51% of the stock is owned by institutional investors.
A number of research analysts have issued reports on ABBV shares. BMO Capital Markets cut shares of AbbVie from a “market perform” rating to an “underperform” rating and decreased their price target for the stock from $125.86 to $84.00 in a report on Monday, January 29th. They noted that the move was a valuation call. Zacks Investment Research cut shares of AbbVie from a “buy” rating to a “hold” rating in a report on Monday, January 22nd. Credit Suisse Group set a $98.00 price target on shares of AbbVie and gave the stock a “hold” rating in a report on Monday, January 22nd. Piper Jaffray Companies reaffirmed a “buy” rating on shares of AbbVie in a report on Tuesday, January 2nd. Finally, SunTrust Banks raised their target price on shares of AbbVie to $157.00 and gave the stock an “average” rating in a report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $116.47.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, January 26th. The company reported $1.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.04. The company had revenue of $7.74 billion for the quarter, compared to analyst estimates of $7.53 billion. AbbVie had a net margin of 18.82% and a return on equity of 158.15%. The firm’s revenue was up 13.9% on a year-over-year basis. During the same quarter last year, the business earned $1.20 earnings per share. analysts forecast that AbbVie Inc. will post 7.5 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Friday, April 13th will be given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 3.94%. The ex-dividend date is Thursday, April 12th. This is a positive change from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio (DPR) is currently 86.32%.
AbbVie announced that its board has approved a stock buyback plan on Thursday, February 15th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, CFO William J. Chase sold 70,928 shares of the firm’s stock in a transaction on 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 sale, the chief financial officer now owns 203,391 shares in the company, valued at $23,833,357.38. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Carlos Alban sold 83,574 shares of the firm’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $114.49, for a total transaction of $9,568,387.26. Following the sale, the executive vice president now owns 133,026 shares in the company, valued at approximately $15,230,146.74. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 211,197 shares of company stock worth $24,585,575. 0.23% of the stock is owned by company insiders.
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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