Phocas Financial Corp. purchased a new position in AbbVie Inc. (NYSE:ABBV) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 36,313 shares of the company’s stock, valued at approximately $3,512,000.
A number of other institutional investors and hedge funds also recently modified their holdings of ABBV. Jennison Associates LLC increased its stake in AbbVie by 85.3% in the 4th quarter. Jennison Associates LLC now owns 11,353,745 shares of the company’s stock worth $1,098,021,000 after purchasing an additional 5,227,056 shares in the last quarter. Capital International Investors increased its stake in AbbVie by 137.7% in the 3rd quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock worth $697,989,000 after purchasing an additional 4,550,954 shares in the last quarter. BlackRock Inc. boosted its position in AbbVie by 2.8% during the 4th quarter. BlackRock Inc. now owns 101,322,201 shares of the company’s stock worth $9,798,871,000 after acquiring an additional 2,714,857 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new stake in AbbVie during the 4th quarter worth about $135,027,000. Finally, Swedbank acquired a new stake in AbbVie during the 4th quarter worth about $130,841,000. 69.48% of the stock is currently owned by hedge funds and other institutional investors.
Shares of AbbVie opened at $103.14 on Friday, MarketBeat reports. The stock has a market cap of $167.57 billion, a PE ratio of 18.42, a PEG ratio of 1.00 and a beta of 1.59. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.20 and a quick ratio of 1.10. AbbVie Inc. has a 52-week low of $65.61 and a 52-week high of $125.86.
AbbVie declared that its Board of Directors has authorized a share buyback plan on Thursday, February 15th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In related news, insider Laura J. Schumacher sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $117.85, for a total value of $2,946,250.00. Following the transaction, the insider now directly owns 123,317 shares of the company’s stock, valued at approximately $14,532,908.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Carlos Alban sold 83,574 shares of the firm’s stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $114.49, for a total value of $9,568,387.26. Following the completion of the transaction, the executive vice president now directly owns 133,026 shares in the company, valued at $15,230,146.74. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 210,205 shares of company stock valued at $24,466,228. 0.07% of the stock is owned by corporate insiders.
A number of brokerages have commented on ABBV. SunTrust Banks raised their price objective on AbbVie to $157.00 and gave the stock an “average” rating in a research report on Monday, January 29th. Piper Jaffray Companies raised their price objective on AbbVie from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. BMO Capital Markets lowered AbbVie from a “market perform” rating to an “underperform” rating and decreased their price objective for the stock from $125.86 to $84.00 in a research report on Monday, January 29th. They noted that the move was a valuation call. Leerink Swann lowered AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price objective for the company. in a research report on Monday, January 29th. Finally, Evercore ISI restated a “buy” rating and set a $144.00 price objective on shares of AbbVie in a research report on Monday, January 29th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $116.20.
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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