Manning & Napier Group LLC lifted its holdings in shares of AbbVie Inc (NYSE:ABBV) by 7.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 286,619 shares of the company’s stock after acquiring an additional 20,976 shares during the quarter. Manning & Napier Group LLC’s holdings in AbbVie were worth $27,106,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Morgan Stanley grew its holdings in AbbVie by 3.2% during the second quarter. Morgan Stanley now owns 11,134,470 shares of the company’s stock valued at $1,031,608,000 after purchasing an additional 348,882 shares during the period. Janus Henderson Group PLC grew its holdings in AbbVie by 15.9% during the second quarter. Janus Henderson Group PLC now owns 5,243,956 shares of the company’s stock valued at $485,867,000 after purchasing an additional 717,452 shares during the period. Dimensional Fund Advisors LP grew its holdings in AbbVie by 3.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,824,617 shares of the company’s stock valued at $447,001,000 after purchasing an additional 157,594 shares during the period. Aristotle Capital Management LLC grew its holdings in AbbVie by 0.9% during the first quarter. Aristotle Capital Management LLC now owns 3,787,873 shares of the company’s stock valued at $358,522,000 after purchasing an additional 34,727 shares during the period. Finally, Asset Management One Co. Ltd. grew its holdings in AbbVie by 1.9% during the first quarter. Asset Management One Co. Ltd. now owns 2,700,003 shares of the company’s stock valued at $255,556,000 after purchasing an additional 50,701 shares during the period. 69.43% of the stock is owned by institutional investors.
AbbVie stock opened at $88.79 on Friday. AbbVie Inc has a one year low of $77.50 and a one year high of $125.86. The company has a debt-to-equity ratio of 8.70, a current ratio of 0.80 and a quick ratio of 0.71. The firm has a market capitalization of $131.68 billion, a PE ratio of 11.61, a P/E/G ratio of 0.82 and a beta of 1.62.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Tuesday, January 15th will be issued a $1.07 dividend. This is a positive change from AbbVie’s previous quarterly dividend of $0.96. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date is Monday, January 14th. AbbVie’s dividend payout ratio (DPR) is presently 68.57%.
In other news, EVP Michael Severino sold 50,000 shares of the firm’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $97.52, for a total value of $4,876,000.00. Following the completion of the transaction, the executive vice president now directly owns 111,481 shares of the company’s stock, valued at $10,871,627.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.07% of the stock is owned by company insiders.
Several brokerages have weighed in on ABBV. Credit Suisse Group set a $85.00 price objective on AbbVie and gave the company a “sell” rating in a report on Saturday, October 20th. Bank of America reduced their price objective on AbbVie from $112.00 to $105.00 and set a “buy” rating for the company in a report on Monday, July 30th. BMO Capital Markets reduced their price objective on AbbVie from $78.00 to $71.00 and set an “underperform” rating for the company in a report on Monday, November 5th. Cowen set a $110.00 price objective on AbbVie and gave the company a “buy” rating in a report on Friday, July 27th. Finally, Zacks Investment Research lowered AbbVie from a “buy” rating to a “hold” rating in a report on Saturday, July 14th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $103.68.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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