Parsec Financial Management Inc. reduced its stake in AbbVie Inc. (NYSE:ABBV) by 4.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,906 shares of the company’s stock after selling 975 shares during the quarter. Parsec Financial Management Inc.’s holdings in AbbVie were worth $1,925,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of ABBV. Bristlecone Advisors LLC purchased a new position in AbbVie in the 3rd quarter worth approximately $113,000. Ffcm LLC raised its holdings in AbbVie by 167.2% in the 2nd quarter. Ffcm LLC now owns 1,539 shares of the company’s stock worth $111,000 after acquiring an additional 963 shares during the last quarter. Hudock Capital Group LLC raised its holdings in AbbVie by 109.5% in the 2nd 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 last quarter. Hershey Trust Co. purchased a new position in AbbVie in the 3rd quarter worth approximately $139,000. Finally, BDO Wealth Advisors LLC purchased a new position in AbbVie in the 2nd quarter worth approximately $115,000. 70.51% of the stock is currently owned by hedge funds and other institutional investors.
ABBV has been the subject of a number of recent analyst reports. Credit Suisse Group set a $135.00 price objective on shares of AbbVie and gave the stock a “hold” rating in a report on Monday, January 29th. Societe Generale boosted their price objective on shares of AbbVie in a report on Tuesday, November 21st. Leerink Swann lowered shares of AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price objective for the company. in a report on Monday, January 29th. Jefferies Group set a $145.00 price objective on shares of AbbVie and gave the stock a “buy” rating in a report on Monday, February 26th. Finally, BMO Capital Markets set a $84.00 price objective on shares of AbbVie and gave the stock a “hold” rating in a report on Thursday, January 11th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $120.96.
Shares of ABBV stock opened at $112.65 on Wednesday. The firm has a market cap of $177,900.61, a price-to-earnings ratio of 34.24, a price-to-earnings-growth ratio of 1.05 and a beta of 1.52. The company has a debt-to-equity ratio of 6.07, a quick ratio of 1.18 and a current ratio of 1.28. AbbVie Inc. has a 12 month low of $63.12 and a 12 month high of $125.86.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, January 26th. The company reported $1.48 EPS for the quarter, topping the consensus estimate of $1.44 by $0.04. The firm had revenue of $7.74 billion during the quarter, compared to analyst estimates 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 in the prior year, the business posted $1.20 EPS. equities research analysts predict that AbbVie Inc. will post 7.48 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Friday, April 13th will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.41%. This is a positive change from AbbVie’s previous quarterly dividend of $0.71. The ex-dividend date is Thursday, April 12th. AbbVie’s dividend payout ratio is 86.32%.
AbbVie declared that its Board of Directors has authorized a stock repurchase program on Thursday, February 15th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
In other news, EVP Carlos Alban sold 83,574 shares of the company’s 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 completion of the sale, the executive vice president now directly owns 133,026 shares in the company, valued at approximately $15,230,146.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 value of $119,347.52. The disclosure for this sale can be found here. Insiders sold a total of 211,197 shares of company stock valued at $24,585,575 over the last 90 days. 0.23% of the stock is currently owned by company insiders.
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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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