Donaldson Capital Management LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 97.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,804 shares of the company’s stock after selling 409,068 shares during the period. AbbVie comprises approximately 3.0% of Donaldson Capital Management LLC’s holdings, making the stock its 6th largest position. Donaldson Capital Management LLC’s holdings in AbbVie were worth $851,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the company. Beaton Management Co. Inc. purchased a new position in AbbVie during the second quarter valued at approximately $528,000. Jennison Associates LLC purchased a new position in AbbVie during the third quarter valued at approximately $544,418,000. Middleton & Co Inc MA grew its position in AbbVie by 7.2% during the fourth quarter. Middleton & Co Inc MA now owns 150,457 shares of the company’s stock valued at $14,551,000 after purchasing an additional 10,086 shares in the last quarter. 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 purchasing an additional 4,550,954 shares in the last quarter. Finally, Parsec Financial Management Inc. grew its position in AbbVie by 265.3% during the third quarter. Parsec Financial Management Inc. now owns 20,881 shares of the company’s stock valued at $1,856,000 after purchasing an additional 15,165 shares in the last quarter. 70.51% of the stock is currently owned by institutional investors and hedge funds.
Shares of AbbVie Inc. (ABBV) opened at $112.03 on Tuesday. The company has a debt-to-equity ratio of 6.07, a current ratio of 1.28 and a quick ratio of 1.18. AbbVie Inc. has a one year low of $63.12 and a one year high of $125.86. The firm has a market cap of $180,568.41, a price-to-earnings ratio of 34.05, a PEG ratio of 1.07 and a beta of 1.52.
AbbVie announced that its Board of Directors has authorized a share buyback program on Thursday, February 15th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The company 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 dividend on an annualized basis and a dividend yield of 3.43%. This is a boost from AbbVie’s previous quarterly dividend of $0.71. The ex-dividend date is Thursday, April 12th. AbbVie’s payout ratio is presently 86.32%.
In other news, VP Robert A. Michael sold 992 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $120.31, for a total value of $119,347.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Carlos Alban sold 83,574 shares of the business’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $114.49, for a total transaction of $9,568,387.26. Following the completion of the sale, the executive vice president now owns 133,026 shares of the company’s stock, valued at $15,230,146.74. The disclosure for this sale can be found here. Insiders sold 211,197 shares of company stock valued at $24,585,575 over the last 90 days. 0.23% of the stock is owned by corporate insiders.
A number of research analysts recently commented on ABBV shares. Jefferies Group set a $145.00 price objective on shares of AbbVie and gave the company a “buy” rating in a research report on Monday, February 26th. Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $115.00 price objective on the stock in a research report on Thursday, January 18th. Vetr upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $113.08 target price for the company in a research note on Wednesday, December 20th. Credit Suisse Group set a $98.00 target price on shares of AbbVie and gave the company a “hold” rating in a research note on Monday, January 22nd. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $84.00 target price on shares of AbbVie in a research note on Tuesday, November 21st. One investment 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 company. The company currently 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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