Vestpro Financial Partners Inc. dba CPF Texas purchased a new position in shares of AbbVie Inc. (NYSE:ABBV) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,308 shares of the company’s stock, valued at approximately $706,000.
Several other institutional investors also recently added to or reduced their stakes in ABBV. Capital Research Global Investors grew its holdings in AbbVie by 1.2% during the second quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock worth $12,926,708,000 after acquiring an additional 2,130,919 shares during the period. Vanguard Group Inc. grew its holdings in AbbVie by 3.3% during the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after acquiring an additional 3,706,941 shares during the period. BlackRock Inc. grew its holdings in AbbVie by 2.0% during the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock worth $6,821,375,000 after acquiring an additional 1,864,418 shares during the period. Orbis Allan Gray Ltd grew its holdings in AbbVie by 35.7% during the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after acquiring an additional 3,340,038 shares during the period. Finally, Woodford Investment Management Ltd grew its holdings in AbbVie by 8.6% during the second quarter. Woodford Investment Management Ltd now owns 11,854,758 shares of the company’s stock worth $859,589,000 after acquiring an additional 937,500 shares during the period. Institutional investors and hedge funds own 70.65% of the company’s stock.
AbbVie stock opened at $91.36 on Wednesday. The company has a current ratio of 1.28, a quick ratio of 1.18 and a debt-to-equity ratio of 6.07. The firm has a market capitalization of $147,046.30, a price-to-earnings ratio of 16.31, a PEG ratio of 0.89 and a beta of 1.61. AbbVie Inc. has a fifty-two week low of $64.61 and a fifty-two week high of $125.86.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Friday, April 13th will be paid a dividend of $0.96 per share. The ex-dividend date is Thursday, April 12th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.20%. This is a positive change from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio (DPR) is presently 68.57%.
AbbVie announced that its board has approved a share repurchase plan on Thursday, February 15th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
ABBV has been the topic of a number of recent analyst reports. BMO Capital Markets dropped their price objective on AbbVie from $95.00 to $80.00 and set an “underperform” rating on the stock in a report on Friday, March 23rd. Jefferies Group set a $125.00 price objective on AbbVie and gave the stock a “buy” rating in a report on Friday, March 23rd. Credit Suisse Group dropped their price objective on AbbVie from $109.00 to $98.10 and set a “neutral” rating on the stock in a report on Friday, March 23rd. Bank of America set a $120.00 price objective on AbbVie and gave the stock a “hold” rating in a report on Monday, March 26th. Finally, Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $115.00 price objective on the stock in a report on Thursday, January 18th. One research 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. The stock presently has a consensus rating of “Buy” and a consensus price target of $117.85.
In related news, EVP Carlos Alban sold 83,574 shares of the 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 sale, the executive vice president now owns 133,026 shares of the company’s stock, valued at $15,230,146.74. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Robert A. Michael sold 4,294 shares of the 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 sale, 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. In the last ninety days, insiders have sold 211,197 shares of company stock worth $24,585,575. 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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