OLD Republic International Corp reduced its holdings in shares of AbbVie Inc (NYSE:ABBV) by 29.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 295,200 shares of the company’s stock after selling 123,000 shares during the period. OLD Republic International Corp’s holdings in AbbVie were worth $26,231,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of AbbVie by 3.3% in the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after purchasing an additional 3,706,941 shares during the period. Janus Henderson Group PLC boosted its position in shares of AbbVie by 1,949.7% in the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock worth $277,967,000 after purchasing an additional 3,646,510 shares during the period. Orbis Allan Gray Ltd boosted its position in shares of AbbVie by 35.7% in the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after purchasing an additional 3,340,038 shares during the period. Capital Research Global Investors boosted its position in shares of AbbVie by 1.2% in the second quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock worth $12,926,708,000 after purchasing an additional 2,130,919 shares during the period. Finally, BlackRock Inc. boosted its position in shares of AbbVie by 2.0% in the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock worth $6,821,375,000 after purchasing an additional 1,864,418 shares during the period. 69.18% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have weighed in on the stock. BMO Capital Markets set a $84.00 price target on shares of AbbVie and gave the stock a “hold” rating in a research report on Thursday. Vetr lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating and set a $113.08 price target for the company. in a research report on Monday. Zacks Investment Research lowered shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Friday, January 5th. Jefferies Group upped their price target on shares of AbbVie from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, January 4th. Finally, Piper Jaffray Companies reiterated a “buy” rating on shares of AbbVie in a research report on Tuesday, January 2nd. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $100.94.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, October 27th. The company reported $1.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.02. AbbVie had a net margin of 24.38% and a return on equity of 153.80%. The firm had revenue of $7 billion during the quarter, compared to analyst estimates of $7 billion. During the same quarter in the prior year, the business earned $1.21 earnings per share. AbbVie’s revenue for the quarter was up 8.8% on a year-over-year basis. analysts expect that AbbVie Inc will post 5.55 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Friday, January 12th will be given a dividend of $0.71 per share. This is a positive change from AbbVie’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, January 11th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.86%. AbbVie’s dividend payout ratio is currently 62.14%.
In related news, insider Henry O. Gosebruch sold 18,300 shares of the company’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $90.55, for a total transaction of $1,657,065.00. Following the sale, the insider now owns 81,287 shares of the company’s stock, valued at $7,360,537.85. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 218,193 shares of the company’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $94.01, for a total transaction of $20,512,323.93. Following the sale, the chairman now directly owns 492,030 shares in the company, valued at approximately $46,255,740.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 494,676 shares of company stock valued at $47,237,938. 0.23% of the stock is owned by company insiders.
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AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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