ACG Wealth boosted its holdings in AbbVie Inc. (NYSE:ABBV) by 18.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 33,629 shares of the company’s stock after purchasing an additional 5,272 shares during the quarter. ACG Wealth’s holdings in AbbVie were worth $3,252,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the business. Los Angeles Capital Management & Equity Research Inc. grew its holdings in AbbVie by 24.5% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 740,392 shares of the company’s stock worth $53,686,000 after buying an additional 145,691 shares in the last quarter. Spectrum Management Group Inc. grew its holdings in AbbVie by 11.5% during the second quarter. Spectrum Management Group Inc. now owns 28,100 shares of the company’s stock worth $2,038,000 after buying an additional 2,892 shares in the last quarter. AGF Investments America Inc. grew its holdings in AbbVie by 3.6% during the second quarter. AGF Investments America Inc. now owns 29,064 shares of the company’s stock worth $2,107,000 after buying an additional 1,017 shares in the last quarter. Ffcm LLC grew its holdings in AbbVie by 167.2% during the second quarter. Ffcm LLC now owns 1,539 shares of the company’s stock worth $111,000 after buying an additional 963 shares in the last quarter. Finally, Fiduciary Trust Co. grew its holdings in AbbVie by 3.2% during the second quarter. Fiduciary Trust Co. now owns 321,953 shares of the company’s stock worth $23,345,000 after buying an additional 10,113 shares in the last quarter. Institutional investors and hedge funds own 70.57% of the company’s stock.
In other news, 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 transaction of $119,347.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Robert A. Michael sold 4,294 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $119.43, for a total value of $512,832.42. Following the transaction, the vice president now directly owns 11,170 shares in the company, valued at approximately $1,334,033.10. The disclosure for this sale can be found here. Insiders have sold a total of 211,197 shares of company stock worth $24,585,575 in the last ninety days. Insiders own 0.07% of the company’s stock.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, January 26th. The company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.04. AbbVie had a return on equity of 158.15% and a net margin of 18.82%. The firm had revenue of $7.74 billion for the quarter, compared to analysts’ expectations of $7.53 billion. During the same quarter in the prior year, the firm earned $1.20 EPS. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. research analysts expect that AbbVie Inc. will post 7.55 EPS for the current fiscal year.
AbbVie declared that its Board of Directors has approved a share repurchase plan on Thursday, February 15th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign 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. Stockholders of record on Friday, April 13th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date is Thursday, April 12th. This is a boost from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio is currently 68.57%.
ABBV has been the subject of several recent research reports. Credit Suisse Group set a $135.00 price target on AbbVie and gave the stock a “hold” rating in a report on Monday, January 29th. Leerink Swann cut AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price objective on the stock. in a research report on Monday, January 29th. Jefferies Group set a $145.00 price objective on AbbVie and gave the stock a “buy” rating in a research report on Monday, February 26th. BMO Capital Markets set a $84.00 price objective on AbbVie and gave the stock a “hold” rating in a research report on Thursday, January 11th. Finally, Zacks Investment Research cut AbbVie from a “buy” rating to a “hold” rating in a research report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. AbbVie currently has a consensus rating of “Buy” and an average target price of $117.85.
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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