Municipal Employees Retirement System of Michigan lowered its position in AbbVie Inc (NYSE:ABBV) by 11.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 84,180 shares of the company’s stock after selling 11,260 shares during the period. AbbVie makes up about 0.4% of Municipal Employees Retirement System of Michigan’s investment portfolio, making the stock its 25th biggest position. Municipal Employees Retirement System of Michigan’s holdings in AbbVie were worth $7,480,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. New York State Common Retirement Fund grew its holdings in AbbVie by 0.4% during the 3rd quarter. New York State Common Retirement Fund now owns 4,154,776 shares of the company’s stock valued at $369,193,000 after buying an additional 17,195 shares during the last quarter. BTC Capital Management Inc. grew its holdings in AbbVie by 16.4% during the 3rd quarter. BTC Capital Management Inc. now owns 59,818 shares of the company’s stock valued at $5,316,000 after buying an additional 8,410 shares during the last quarter. CIBC Asset Management Inc grew its holdings in AbbVie by 7.4% during the 3rd quarter. CIBC Asset Management Inc now owns 243,543 shares of the company’s stock valued at $21,641,000 after buying an additional 16,779 shares during the last quarter. Dividend Assets Capital LLC acquired a new stake in AbbVie during the 3rd quarter valued at $233,000. Finally, Summit Financial Wealth Advisors LLC grew its holdings in AbbVie by 26.4% during the 3rd quarter. Summit Financial Wealth Advisors LLC now owns 82,308 shares of the company’s stock valued at $7,314,000 after buying an additional 17,183 shares during the last quarter. Institutional investors and hedge funds own 69.19% of the company’s stock.
Shares of AbbVie Inc (ABBV) opened at $104.64 on Friday. AbbVie Inc has a fifty-two week low of $59.27 and a fifty-two week high of $104.87. The company has a current ratio of 1.45, a quick ratio of 1.32 and a debt-to-equity ratio of 5.08. The stock has a market capitalization of $167,050.44, a price-to-earnings ratio of 25.46, a PEG ratio of 1.22 and a beta of 1.52.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Friday, January 12th will be issued a dividend of $0.71 per share. This is a boost from AbbVie’s previous quarterly dividend of $0.64. The ex-dividend date is Thursday, January 11th. This represents a $2.84 annualized dividend and a dividend yield of 2.71%. AbbVie’s dividend payout ratio (DPR) is 69.10%.
ABBV has been the topic of a number of analyst reports. Jefferies Group increased their target price on AbbVie from $107.00 to $115.00 and gave the company a “buy” rating in a report on Monday, October 16th. BMO Capital Markets set a $66.00 target price on AbbVie and gave the company a “hold” rating in a report on Friday, October 27th. BidaskClub upgraded AbbVie from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 11th. Piper Jaffray Companies increased their target price on AbbVie to $115.00 and gave the company an “overweight” rating in a report on Friday, October 27th. Finally, SunTrust Banks reiterated a “buy” rating on shares of AbbVie in a report on Monday, October 30th. Six equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $101.38.
In related news, insider Henry O. Gosebruch sold 18,300 shares of the stock in a transaction on Monday, October 30th. The stock was sold at an average price of $90.55, for a total value of $1,657,065.00. Following the transaction, the insider now directly owns 81,287 shares of the company’s stock, valued at approximately $7,360,537.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Severino sold 25,633 shares of the stock in a transaction on Friday, November 10th. The stock was sold at an average price of $94.69, for a total value of $2,427,188.77. Following the completion of the transaction, the executive vice president now directly owns 114,922 shares in the company, valued at $10,881,964.18. The disclosure for this sale can be found here. Insiders sold a total of 494,676 shares of company stock worth $47,237,938 over the last ninety days. Corporate insiders own 0.23% of the company’s stock.
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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