Valeo Financial Advisors LLC acquired a new stake in AbbVie Inc (NYSE:ABBV) during the third quarter, Holdings Channel reports. The institutional investor acquired 11,127 shares of the company’s stock, valued at approximately $989,000.
A number of other institutional investors and hedge funds have also made changes to their positions in ABBV. Eagle Ridge Investment Management boosted its holdings in AbbVie by 12.2% in the 2nd quarter. Eagle Ridge Investment Management now owns 108,728 shares of the company’s stock valued at $6,849,000 after purchasing an additional 11,834 shares in the last quarter. JLB & Associates Inc. purchased a new stake in AbbVie in the 2nd quarter valued at approximately $4,375,000. Princeton Capital Management Inc. acquired a new stake in shares of AbbVie during the 2nd quarter valued at approximately $1,394,000. Retirement Systems of Alabama lifted its position in shares of AbbVie by 6.5% during the 2nd quarter. Retirement Systems of Alabama now owns 1,217,357 shares of the company’s stock valued at $88,271,000 after acquiring an additional 73,783 shares during the period. Finally, Chicago Partners Investment Group LLC lifted its position in shares of AbbVie by 142.8% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 16,269 shares of the company’s stock valued at $1,101,000 after acquiring an additional 9,569 shares during the period. 69.49% of the stock is currently owned by institutional investors.
A number of research firms have recently issued reports on ABBV. ValuEngine upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Leerink Swann set a $106.00 price target on shares of AbbVie and gave the company a “buy” rating in a research report on Tuesday, December 5th. Credit Suisse Group set a $135.00 price target on shares of AbbVie and gave the company a “hold” rating in a research report on Monday, January 29th. Zacks Investment Research downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Monday, January 22nd. Finally, Piper Jaffray Companies lifted their price target on shares of AbbVie from $130.00 to $138.00 and gave the company an “overweight” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $118.44.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, January 26th. The company reported $1.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.04. AbbVie had a return on equity of 152.78% and a net margin of 18.82%. The firm had revenue of $7.74 billion during the quarter, compared to the consensus estimate of $7.53 billion. During the same period in the previous year, the firm posted $1.20 EPS. The company’s quarterly revenue was up 13.9% compared to the same quarter last year. analysts predict that AbbVie Inc will post 7.46 earnings per share for the current fiscal year.
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 given a dividend of $0.96 per share. This is an increase from AbbVie’s previous quarterly dividend of $0.71. This represents a $3.84 annualized dividend and a dividend yield of 3.24%. The ex-dividend date is Thursday, April 12th. AbbVie’s payout ratio is currently 86.32%.
AbbVie announced that its board has approved a stock buyback program on Thursday, February 15th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In related news, insider Laura J. Schumacher sold 145,510 shares of AbbVie stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $96.71, for a total transaction of $14,072,272.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 218,193 shares of AbbVie stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $94.01, for a total transaction of $20,512,323.93. Following the completion of the sale, the chairman now directly owns 492,030 shares of the company’s stock, valued at $46,255,740.30. The disclosure for this sale can be found here. Insiders have sold a total of 450,743 shares of company stock valued at $43,153,684 over the last 90 days. Insiders own 0.23% of the company’s stock.
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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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