Zions Bancorporation raised its position in AbbVie Inc (NYSE:ABBV) by 110.2% during the third quarter, HoldingsChannel.com reports. The firm owned 39,013 shares of the company’s stock after buying an additional 20,452 shares during the quarter. AbbVie comprises 0.5% of Zions Bancorporation’s portfolio, making the stock its 27th largest holding. Zions Bancorporation’s holdings in AbbVie were worth $3,467,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Hudock Capital Group LLC increased its position in shares of AbbVie by 109.5% during the second quarter. Hudock Capital Group LLC now owns 1,542 shares of the company’s stock worth $111,000 after acquiring an additional 806 shares during the period. Ffcm LLC increased its position in shares of AbbVie by 167.2% during the second quarter. Ffcm LLC now owns 1,539 shares of the company’s stock worth $111,000 after acquiring an additional 963 shares during the period. Bristlecone Advisors LLC purchased a new stake in shares of AbbVie during the third quarter worth $113,000. BDO Wealth Advisors LLC purchased a new stake in shares of AbbVie during the second quarter worth $115,000. Finally, Hershey Trust Co. purchased a new stake in shares of AbbVie during the third quarter worth $139,000. 69.49% of the stock is currently owned by institutional investors.
AbbVie Inc (ABBV) opened at $118.60 on Monday. The company has a debt-to-equity ratio of 5.08, a quick ratio of 1.32 and a current ratio of 1.45. The company has a market cap of $188,333.59, a price-to-earnings ratio of 36.05, a P/E/G ratio of 1.13 and a beta of 1.60. AbbVie Inc has a 12 month low of $61.17 and a 12 month high of $125.86.
AbbVie (NYSE:ABBV) last released its quarterly earnings data 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 152.78%. The company had revenue of $7.74 billion during the quarter, compared to the consensus estimate of $7.53 billion. During the same quarter in the prior year, the firm posted $1.20 earnings per share. AbbVie’s revenue for the quarter was up 13.9% on a year-over-year basis. analysts expect that AbbVie Inc will post 7.46 EPS for the current year.
AbbVie declared that its board has initiated a stock repurchase plan on Thursday, February 15th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 3.24%. The ex-dividend date is Thursday, April 12th. This is an increase from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio is currently 86.32%.
In other AbbVie news, SVP Timothy J. Richmond sold 87,040 shares of the company’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $98.45, for a total value of $8,569,088.00. Following the completion of the transaction, the senior vice president now owns 113,118 shares in the company, valued at $11,136,467.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 218,193 shares of the company’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $94.01, for a total transaction of $20,512,323.93. Following the completion of the transaction, the chairman now owns 492,030 shares of the company’s stock, valued at approximately $46,255,740.30. The disclosure for this sale can be found here. Insiders sold 450,743 shares of company stock valued at $43,153,684 in the last 90 days. 0.23% of the stock is currently owned by insiders.
ABBV has been the topic of a number of recent research reports. Societe Generale upped their price objective on AbbVie in a research report on Tuesday, November 21st. SunTrust Banks upped their price objective on AbbVie to $157.00 and gave the stock an “average” rating in a research report on Monday, January 29th. BidaskClub lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 25th. ValuEngine downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 1st. Finally, Leerink Swann set a $106.00 target price on shares of AbbVie and gave the stock a “buy” rating in a research note on Tuesday, December 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $118.44.
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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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