Arthur M. Cohen & Associates LLC acquired a new stake in AbbVie Inc. (NYSE:ABBV) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 7,372 shares of the company’s stock, valued at approximately $715,000.
Several other large investors have also made changes to their positions in the company. Jennison Associates LLC purchased a new stake in AbbVie during the third quarter valued at about $544,418,000. Capital International Investors grew its position in AbbVie by 137.7% during the third quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock valued at $697,989,000 after acquiring an additional 4,550,954 shares during the period. Vanguard Group Inc. grew its position in AbbVie by 3.3% during the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after acquiring an additional 3,706,941 shares during the period. Janus Henderson Group PLC grew its position in AbbVie by 1,949.7% during the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock valued at $277,967,000 after acquiring an additional 3,646,510 shares during the period. Finally, Orbis Allan Gray Ltd grew its position in AbbVie by 35.7% during the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after acquiring an additional 3,340,038 shares during the period. 70.51% of the stock is owned by institutional investors and hedge funds.
Shares of ABBV stock opened at $112.65 on Wednesday. AbbVie Inc. has a 1 year low of $63.12 and a 1 year 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. The firm has a market capitalization of $180,568.41, a PE ratio of 34.24, a PEG ratio of 1.07 and a beta of 1.52.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.04. AbbVie had a return on equity of 158.15% and a net margin of 18.82%. 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 business earned $1.20 earnings per share. The company’s revenue was up 13.9% compared to the same quarter last year. research analysts expect that AbbVie Inc. will post 7.48 EPS for the current fiscal year.
AbbVie declared that its board has approved a stock buyback program on Thursday, February 15th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Friday, April 13th will be given a $0.96 dividend. This is an increase from AbbVie’s previous quarterly dividend of $0.71. The ex-dividend date of this dividend is Thursday, April 12th. This represents a $3.84 annualized dividend and a dividend yield of 3.41%. AbbVie’s dividend payout ratio is presently 86.32%.
In other news, VP Robert A. Michael sold 992 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $120.31, for a total value of $119,347.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert A. Michael sold 4,294 shares of the company’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $119.43, for a total value of $512,832.42. Following the completion of the sale, the vice president now directly owns 11,170 shares of the company’s stock, valued at approximately $1,334,033.10. The disclosure for this sale can be found here. Insiders sold 211,197 shares of company stock valued at $24,585,575 in the last ninety days. Company insiders own 0.23% of the company’s stock.
ABBV has been the subject of a number of research reports. Credit Suisse Group set a $135.00 price target on AbbVie and gave the company a “hold” rating in a research report on Monday, January 29th. Societe Generale boosted their price target on AbbVie in a research report on Tuesday, November 21st. Leerink Swann downgraded AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price target for the company. in a research report on Monday, January 29th. Jefferies Group set a $145.00 price target on AbbVie and gave the company a “buy” rating in a research report on Monday, February 26th. Finally, BMO Capital Markets set a $84.00 price target on AbbVie and gave the company a “hold” rating in a research report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $120.96.
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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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