Rand Wealth LLC Has $4.32 Million Position in AbbVie Inc. (ABBV)

Rand Wealth LLC reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,714 shares of the company’s stock after selling 600 shares during the quarter. Rand Wealth LLC’s holdings in AbbVie were worth $4,324,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Los Angeles Capital Management & Equity Research Inc. grew its holdings in shares of 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 valued at $53,686,000 after purchasing an additional 145,691 shares in the last quarter. Spectrum Management Group Inc. grew its holdings in shares of AbbVie by 11.5% in the second quarter. Spectrum Management Group Inc. now owns 28,100 shares of the company’s stock valued at $2,038,000 after purchasing an additional 2,892 shares in the last quarter. AGF Investments America Inc. grew its holdings in shares of AbbVie by 3.6% in the second quarter. AGF Investments America Inc. now owns 29,064 shares of the company’s stock valued at $2,107,000 after purchasing an additional 1,017 shares in the last quarter. Ffcm LLC grew its holdings in shares of AbbVie by 167.2% in the second quarter. Ffcm LLC now owns 1,539 shares of the company’s stock valued at $111,000 after purchasing an additional 963 shares in the last quarter. Finally, Fiduciary Trust Co. grew its holdings in shares of AbbVie by 3.2% in the second quarter. Fiduciary Trust Co. now owns 321,953 shares of the company’s stock valued at $23,345,000 after purchasing an additional 10,113 shares in the last quarter. 70.54% of the stock is owned by institutional investors and hedge funds.

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In other news, VP Robert A. Michael sold 4,294 shares of AbbVie stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $119.43, for a total transaction of $512,832.42. Following the completion of the sale, the vice president now directly owns 11,170 shares in the company, valued at $1,334,033.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Robert A. Michael sold 992 shares of AbbVie stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $120.31, for a total value of $119,347.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 211,197 shares of company stock valued at $24,585,575. Corporate insiders own 0.07% of the company’s stock.

A number of research firms recently weighed in on ABBV. Barclays cut their target price on shares of AbbVie from $120.00 to $102.00 and set an “equal weight” rating for the company in a report on Thursday. BMO Capital Markets reissued a “sell” rating and issued a $80.00 target price on shares of AbbVie in a report on Thursday. ValuEngine lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Wednesday, March 28th. Bank of America set a $120.00 target price on shares of AbbVie and gave the company a “hold” rating in a report on Monday, March 26th. Finally, Jefferies Group set a $125.00 target price on shares of AbbVie and gave the company a “buy” rating in a report on Friday, March 23rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. AbbVie presently has a consensus rating of “Buy” and a consensus target price of $117.38.

Shares of ABBV opened at $89.78 on Friday. The firm has a market capitalization of $146,426.98, a P/E ratio of 16.03, a P/E/G ratio of 0.87 and a beta of 1.61. AbbVie Inc. has a 52-week low of $63.12 and a 52-week high of $125.86. The company has a quick ratio of 1.18, a current ratio of 1.28 and a debt-to-equity ratio of 6.07.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, January 26th. The company reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.04. The company had revenue of $7.74 billion during the quarter, compared to the consensus estimate of $7.53 billion. AbbVie had a return on equity of 158.15% and a net margin of 18.82%. AbbVie’s revenue was up 13.9% on a year-over-year basis. During the same period last year, the company earned $1.20 earnings per share. sell-side analysts anticipate that AbbVie Inc. will post 7.51 earnings per share for the current fiscal year.

AbbVie announced that its board has authorized a stock repurchase program on Thursday, February 15th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

The business 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 $0.96 dividend. The ex-dividend date of this dividend is Thursday, April 12th. This is an increase from AbbVie’s previous quarterly dividend of $0.71. This represents a $3.84 dividend on an annualized basis and a yield of 4.28%. AbbVie’s dividend payout ratio (DPR) is currently 50.71%.

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About AbbVie

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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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