Pinebridge Investments L.P. lifted its position in shares of AbbVie Inc. (NYSE:ABBV) by 131.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,141 shares of the company’s stock after buying an additional 52,862 shares during the period. Pinebridge Investments L.P.’s holdings in AbbVie were worth $9,007,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of ABBV. Ffcm LLC raised 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 acquiring an additional 963 shares in the last quarter. Hershey Trust Co. bought a new stake in AbbVie during the third quarter worth about $139,000. Harvest Fund Management Co. Ltd raised its holdings in AbbVie by 1,172.6% during the second quarter. Harvest Fund Management Co. Ltd now owns 2,227 shares of the company’s stock worth $161,000 after acquiring an additional 2,052 shares in the last quarter. Acropolis Investment Management LLC raised its holdings in AbbVie by 68.3% during the fourth quarter. Acropolis Investment Management LLC now owns 1,855 shares of the company’s stock worth $179,000 after acquiring an additional 753 shares in the last quarter. Finally, Acrospire Investment Management LLC raised its holdings in AbbVie by 223.9% during the second quarter. Acrospire Investment Management LLC now owns 2,604 shares of the company’s stock worth $189,000 after acquiring an additional 1,800 shares in the last quarter. 70.65% of the stock is owned by institutional investors.
Several analysts recently issued reports on the company. Argus upped their target price on AbbVie from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research lowered AbbVie from a “buy” rating to a “hold” rating in a report on Tuesday, March 20th. BMO Capital Markets lowered AbbVie from a “market perform” rating to an “underperform” rating and dropped their target price for the stock from $125.86 to $84.00 in a report on Monday, January 29th. They noted that the move was a valuation call. Bank of America set a $120.00 target price on AbbVie and gave the stock a “hold” rating in a report on Monday, March 26th. Finally, Barclays dropped their target price on AbbVie from $120.00 to $102.00 and set an “equal weight” rating on the stock in a report on Thursday, April 5th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $117.85.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, January 26th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.04. The firm had revenue of $7.74 billion for 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%. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.20 earnings per share. equities research analysts predict that AbbVie Inc. will post 7.57 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be paid a $0.96 dividend. This is a positive change 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 yield of 4.12%. AbbVie’s dividend payout ratio is currently 68.57%.
AbbVie declared that its Board of Directors has authorized a share buyback program on Thursday, February 15th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, VP Robert A. Michael sold 992 shares of the stock in a transaction that occurred 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 document filed with the SEC, which is available at the SEC website. Also, EVP Carlos Alban sold 83,574 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 133,026 shares in the company, valued at approximately $15,230,146.74. The disclosure for this sale can be found here. Insiders sold 211,197 shares of company stock worth $24,585,575 in the last 90 days. Corporate insiders own 0.07% of the company’s stock.
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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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