Penobscot Investment Management Company Inc. boosted its position in AbbVie Inc. (NYSE:ABBV) by 0.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 94,804 shares of the company’s stock after purchasing an additional 619 shares during the quarter. AbbVie comprises approximately 2.5% of Penobscot Investment Management Company Inc.’s investment portfolio, making the stock its 3rd biggest holding. Penobscot Investment Management Company Inc.’s holdings in AbbVie were worth $9,168,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. Los Angeles Capital Management & Equity Research Inc. lifted its position in AbbVie by 24.5% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 740,392 shares of the company’s stock worth $53,686,000 after purchasing an additional 145,691 shares during the period. Spectrum Management Group Inc. lifted its position in AbbVie by 11.5% in the second quarter. Spectrum Management Group Inc. now owns 28,100 shares of the company’s stock worth $2,038,000 after purchasing an additional 2,892 shares during the period. AGF Investments America Inc. lifted its position in shares of AbbVie by 3.6% during the 2nd quarter. AGF Investments America Inc. now owns 29,064 shares of the company’s stock valued at $2,107,000 after acquiring an additional 1,017 shares during the last quarter. Ffcm LLC lifted its position in shares of AbbVie by 167.2% during the 2nd quarter. Ffcm LLC now owns 1,539 shares of the company’s stock valued at $111,000 after acquiring an additional 963 shares during the last quarter. Finally, Fiduciary Trust Co. lifted its position in shares of AbbVie by 3.2% during the 2nd quarter. Fiduciary Trust Co. now owns 321,953 shares of the company’s stock valued at $23,345,000 after acquiring an additional 10,113 shares during the last quarter. Hedge funds and other institutional investors own 70.54% of the company’s stock.
In other news, Chairman Richard A. Gonzalez sold 8,280 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $117.88, for a total value of $976,046.40. Following the transaction, the chairman now directly owns 321,292 shares of the company’s stock, valued at $37,873,900.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert A. Michael sold 992 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was 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 three months, insiders have sold 211,197 shares of company stock worth $24,585,575. Company insiders own 0.07% of the company’s stock.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, January 26th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.04. AbbVie had a net margin of 18.82% and a return on equity of 158.15%. The company had revenue of $7.74 billion for the quarter, compared to the consensus estimate of $7.53 billion. During the same period in the previous year, the business earned $1.20 EPS. The company’s revenue was up 13.9% on a year-over-year basis. sell-side analysts forecast that AbbVie Inc. will post 7.51 earnings per share for the current fiscal year.
AbbVie declared that its board has authorized a share buyback program on Thursday, February 15th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be paid a dividend of $0.96 per share. This is an increase from AbbVie’s previous quarterly dividend of $0.71. This represents a $3.84 annualized dividend and a yield of 4.28%. The ex-dividend date of this dividend is Thursday, April 12th. AbbVie’s payout ratio is 50.71%.
A number of brokerages have recently commented on ABBV. SunTrust Banks increased their price objective on AbbVie to $157.00 and gave the company an “average” rating in a research report on Monday, January 29th. Piper Jaffray increased their price objective on AbbVie from $115.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. Leerink Swann downgraded AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price objective for the company. in a research report on Monday, January 29th. BMO Capital Markets downgraded AbbVie from a “market perform” rating to an “underperform” rating and cut their price objective for the company from $125.86 to $84.00 in a research report on Monday, January 29th. They noted that the move was a valuation call. Finally, Evercore ISI reiterated a “buy” rating and set a $144.00 price objective on shares of AbbVie in a research report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. AbbVie presently has a consensus rating of “Buy” and an average price target of $117.38.
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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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