Univest Corp of Pennsylvania decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 5.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 49,216 shares of the company’s stock after selling 2,944 shares during the quarter. AbbVie accounts for about 1.9% of Univest Corp of Pennsylvania’s investment portfolio, making the stock its 18th biggest position. Univest Corp of Pennsylvania’s holdings in AbbVie were worth $4,760,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Formidable Asset Management LLC raised its position in shares of AbbVie by 0.3% during the 2nd quarter. Formidable Asset Management LLC now owns 3,926 shares of the company’s stock valued at $285,000 after buying an additional 10 shares during the period. TRUE Private Wealth Advisors increased its holdings in AbbVie by 0.6% in the 2nd quarter. TRUE Private Wealth Advisors now owns 4,814 shares of the company’s stock valued at $349,000 after purchasing an additional 27 shares during the last quarter. Aspen Investment Management Inc grew its stake in shares of AbbVie by 0.8% in the second quarter. Aspen Investment Management Inc now owns 5,210 shares of the company’s stock worth $378,000 after acquiring an additional 40 shares in the last quarter. Beaumont Financial Partners LLC grew its stake in shares of AbbVie by 1.0% in the second quarter. Beaumont Financial Partners LLC now owns 5,616 shares of the company’s stock worth $407,000 after acquiring an additional 56 shares in the last quarter. Finally, Schulhoff & Co. Inc. grew its stake in shares of AbbVie by 0.3% in the second quarter. Schulhoff & Co. Inc. now owns 23,912 shares of the company’s stock worth $1,733,000 after acquiring an additional 60 shares in the last quarter. 70.51% of the stock is currently owned by hedge funds and other institutional investors.
In other AbbVie news, CFO William J. Chase sold 70,928 shares of the firm’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $117.18, for a total transaction of $8,311,343.04. Following the completion of the sale, the chief financial officer now owns 203,391 shares of the company’s stock, valued at approximately $23,833,357.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Carlos Alban sold 83,574 shares of AbbVie stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $114.49, for a total value of $9,568,387.26. Following the sale, the executive vice president now directly owns 133,026 shares of the company’s stock, valued at approximately $15,230,146.74. The disclosure for this sale can be found here. Insiders sold a total of 211,197 shares of company stock worth $24,585,575 over the last quarter. 0.23% of the stock is currently owned by corporate insiders.
AbbVie stock traded down $2.91 during trading hours on Monday, reaching $110.80. 4,198,004 shares of the company traded hands, compared to its average volume of 6,616,474. The company has a current ratio of 1.28, a quick ratio of 1.18 and a debt-to-equity ratio of 6.07. AbbVie Inc. has a 1 year low of $63.12 and a 1 year high of $125.86. The firm has a market cap of $180,568.41, a PE ratio of 33.74, a P/E/G ratio of 1.07 and a beta of 1.52.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, January 26th. The company reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.04. AbbVie had a net margin of 18.82% and a return on equity of 158.15%. The firm had revenue of $7.74 billion for the quarter, compared to analyst estimates of $7.53 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The company’s revenue was up 13.9% on a year-over-year basis. research analysts forecast that AbbVie Inc. will post 7.48 EPS for the current fiscal year.
AbbVie declared that its board has approved 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 an indication that the company’s board of directors believes its shares are undervalued.
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 $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.47%. This is an increase from AbbVie’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Thursday, April 12th. AbbVie’s dividend payout ratio (DPR) is currently 86.32%.
A number of equities analysts recently commented on ABBV shares. Societe Generale boosted their target price on shares of AbbVie in a research note on Tuesday, November 21st. BMO Capital Markets reaffirmed a “hold” rating and issued a $84.00 target price on shares of AbbVie in a report on Tuesday, November 21st. ValuEngine lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 1st. Leerink Swann set a $106.00 price target on shares of AbbVie and gave the company a “buy” rating in a research report on Tuesday, December 5th. Finally, Vetr upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $113.08 price target on the stock in a research report on Wednesday, December 20th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $120.96.
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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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