Investors purchased shares of AbbVie Inc. (NYSE:ABBV) on weakness during trading hours on Thursday. $802.41 million flowed into the stock on the tick-up and $697.91 million flowed out of the stock on the tick-down, for a money net flow of $104.50 million into the stock. Of all equities tracked, AbbVie had the 16th highest net in-flow for the day. AbbVie traded down ($14.35) for the day and closed at $98.10
A number of analysts have recently weighed in on ABBV shares. BMO Capital Markets lowered shares of AbbVie from a “market perform” rating to an “underperform” rating and reduced their price target for the stock from $125.86 to $84.00 in a research note on Monday, January 29th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a report on Monday, January 22nd. Credit Suisse Group set a $98.00 target price on shares of AbbVie and gave the stock a “hold” rating in a report on Monday, January 22nd. Piper Jaffray Companies reiterated a “buy” rating on shares of AbbVie in a report on Tuesday, January 2nd. Finally, SunTrust Banks boosted their target price on shares of AbbVie to $157.00 and gave the stock an “average” rating in a report on Monday, January 29th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $120.96.
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 stock has a market capitalization of $178,885.16, a price-to-earnings ratio of 29.82, a PEG ratio of 1.06 and a beta of 1.52.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Friday, April 13th will be issued a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, April 12th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.91%. This is a positive change from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s payout ratio is currently 86.32%.
AbbVie announced that its board has initiated a share buyback plan on Thursday, February 15th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, SVP Timothy J. Richmond sold 18,129 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $118.67, for a total transaction of $2,151,368.43. Following the sale, the senior vice president now owns 35,717 shares in the company, valued at $4,238,536.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO William J. Chase sold 70,928 shares of the business’s stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $117.18, for a total transaction of $8,311,343.04. Following the sale, the chief financial officer now owns 203,391 shares in the company, valued at approximately $23,833,357.38. The disclosure for this sale can be found here. Insiders have sold 211,197 shares of company stock worth $24,585,575 in the last 90 days. 0.23% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Bristlecone Advisors LLC purchased a new position in AbbVie during the third quarter valued at approximately $113,000. Truewealth LLC purchased a new position in AbbVie during the fourth quarter valued at approximately $126,000. Delpha Capital Management LLC purchased a new position in AbbVie during the fourth quarter valued at approximately $131,000. Virtue Capital Management LLC purchased a new position in AbbVie during the fourth quarter valued at approximately $139,000. Finally, We Are One Seven LLC purchased a new position in AbbVie during the fourth quarter valued at approximately $148,000. Institutional investors and hedge funds own 70.51% of the company’s stock.
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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