Dana Investment Advisors Inc. reduced its stake in AbbVie Inc (NYSE:ABBV) by 13.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 387,638 shares of the company’s stock after selling 59,429 shares during the period. AbbVie comprises 1.6% of Dana Investment Advisors Inc.’s holdings, making the stock its 14th largest position. Dana Investment Advisors Inc.’s holdings in AbbVie were worth $34,445,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Hudock Capital Group LLC increased its stake in shares of AbbVie by 109.5% during the second quarter. Hudock Capital Group LLC now owns 1,542 shares of the company’s stock valued at $111,000 after purchasing an additional 806 shares in the last quarter. Ffcm LLC increased its stake in shares of AbbVie by 167.2% during the second quarter. Ffcm LLC now owns 1,539 shares of the company’s stock valued at $111,000 after purchasing an additional 963 shares in the last quarter. Bristlecone Advisors LLC bought a new position in shares of AbbVie during the third quarter valued at approximately $113,000. BDO Wealth Advisors LLC bought a new position in shares of AbbVie during the second quarter valued at approximately $115,000. Finally, Hershey Trust Co. bought a new position in shares of AbbVie during the third quarter valued at approximately $139,000. 69.49% of the stock is owned by institutional investors.
In related news, insider Laura J. Schumacher sold 145,510 shares of the firm’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $96.71, for a total value of $14,072,272.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Timothy J. Richmond sold 87,040 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $98.45, for a total transaction of $8,569,088.00. Following the completion of the sale, the senior vice president now owns 113,118 shares in the company, valued at approximately $11,136,467.10. The disclosure for this sale can be found here. Insiders sold 233,542 shares of company stock worth $22,760,708 in the last 90 days. 0.23% of the stock is currently owned by corporate insiders.
Shares of AbbVie Inc (NYSE:ABBV) opened at $117.98 on Wednesday. AbbVie Inc has a fifty-two week low of $61.30 and a fifty-two week high of $125.86. 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 company has a market cap of $188,333.59, a P/E ratio of 35.86, a PEG ratio of 1.13 and a beta of 1.61.
AbbVie (NYSE:ABBV) last issued its earnings results 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 net margin of 18.82% and a return on equity of 152.78%. The company had revenue of $7.74 billion for the quarter, compared to analysts’ expectations of $7.53 billion. During the same quarter last year, the company posted $1.20 earnings per share. The firm’s quarterly revenue was up 13.9% on a year-over-year basis. sell-side analysts forecast that AbbVie Inc will post 7.46 EPS for the current year.
AbbVie announced that its Board of Directors has initiated a stock buyback program on Thursday, February 15th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Friday, April 13th will be issued a $0.96 dividend. The ex-dividend date is Thursday, April 12th. This represents a $3.84 annualized dividend and a yield of 3.25%. This is a boost from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio (DPR) is currently 86.32%.
A number of equities analysts have weighed in on the stock. ValuEngine raised shares of AbbVie from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Leerink Swann set a $106.00 target price on shares of AbbVie and gave the company a “buy” rating in a research note on Tuesday, December 5th. Credit Suisse Group set a $135.00 target price on shares of AbbVie and gave the company a “hold” rating in a research note on Monday, January 29th. Zacks Investment Research cut shares of AbbVie from a “buy” rating to a “hold” rating in a report on Monday, January 22nd. Finally, Piper Jaffray Companies increased their price target on shares of AbbVie from $130.00 to $138.00 and gave the company an “overweight” rating in a report on Thursday, February 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $118.44.
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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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