Signature Wealth Management Group boosted its holdings in shares of AbbVie Inc (NYSE:ABBV) by 6.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,599 shares of the company’s stock after buying an additional 1,795 shares during the quarter. AbbVie makes up approximately 1.9% of Signature Wealth Management Group’s investment portfolio, making the stock its 25th largest position. Signature Wealth Management Group’s holdings in AbbVie were worth $2,571,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Signature Estate & Investment Advisors LLC acquired a new position in AbbVie during the third quarter worth approximately $112,000. Mainstay Capital Management LLC ADV increased its position in AbbVie by 6,123.5% during the second quarter. Mainstay Capital Management LLC ADV now owns 12,447 shares of the company’s stock worth $143,000 after buying an additional 12,247 shares during the last quarter. First Mercantile Trust Co. acquired a new position in AbbVie during the second quarter worth approximately $150,000. MUFG Securities EMEA plc acquired a new position in AbbVie during the second quarter worth approximately $157,000. Finally, Kiley Juergens Wealth Management LLC increased its position in AbbVie by 69.3% during the third quarter. Kiley Juergens Wealth Management LLC now owns 1,761 shares of the company’s stock worth $166,000 after buying an additional 721 shares during the last quarter. 69.77% of the stock is currently owned by hedge funds and other institutional investors.
In other AbbVie news, insider Laura J. Schumacher sold 94,140 shares of the business’s stock in a transaction that occurred on Tuesday, December 4th. The shares were sold at an average price of $93.58, for a total transaction of $8,809,621.20. Following the completion of the transaction, the insider now directly owns 192,398 shares in the company, valued at $18,004,604.84. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Henry O. Gosebruch sold 42,450 shares of the business’s stock in a transaction that occurred on Thursday, November 29th. The shares were sold at an average price of $90.10, for a total transaction of $3,824,745.00. Following the transaction, the executive vice president now owns 30,350 shares of the company’s stock, valued at $2,734,535. The disclosure for this sale can be found here. Over the last quarter, insiders sold 213,440 shares of company stock valued at $19,529,804. 0.07% of the stock is currently owned by corporate insiders.
A number of brokerages have weighed in on ABBV. Credit Suisse Group set a $85.00 price target on AbbVie and gave the stock a “hold” rating in a research report on Sunday, October 14th. Barclays reissued a “hold” rating and set a $90.00 price target on shares of AbbVie in a research report on Sunday, November 4th. Bank of America lowered their price target on AbbVie from $107.00 to $106.00 and set a “buy” rating on the stock in a research report on Thursday, October 4th. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $105.00 price objective for the company in a report on Monday, October 1st. Finally, Argus reduced their price objective on AbbVie from $130.00 to $115.00 and set a “buy” rating for the company in a report on Tuesday, November 6th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. AbbVie currently has an average rating of “Hold” and an average price target of $102.39.
Shares of ABBV stock opened at $84.92 on Friday. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.20 and a quick ratio of 1.08. The company has a market capitalization of $128.41 billion, a P/E ratio of 15.16, a P/E/G ratio of 0.79 and a beta of 1.68. AbbVie Inc has a 1 year low of $77.50 and a 1 year high of $125.86.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, November 2nd. The company reported $2.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.13. The business had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $8.23 billion. AbbVie had a return on equity of 2,006.63% and a net margin of 23.50%. The firm’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.41 earnings per share. As a group, analysts predict that AbbVie Inc will post 7.93 earnings per share for the current year.
AbbVie declared that its Board of Directors has approved a stock repurchase plan on Thursday, December 13th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the company to repurchase up to 3.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Investors of record on Tuesday, January 15th will be paid a $1.07 dividend. This is a boost from AbbVie’s previous quarterly dividend of $0.96. This represents a $4.28 annualized dividend and a dividend yield of 5.04%. The ex-dividend date is Monday, January 14th. AbbVie’s payout ratio is 68.57%.
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AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune diseases; IMBRUVICA, an oral therapy for treating chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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