Bessemer Group Inc. grew its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 13.1% in the 4th quarter, HoldingsChannel reports. The fund owned 3,115,241 shares of the company’s stock after buying an additional 361,273 shares during the period. AbbVie makes up about 1.1% of Bessemer Group Inc.’s holdings, making the stock its 11th biggest holding. Bessemer Group Inc.’s holdings in AbbVie were worth $711,801,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. AustralianSuper Pty Ltd grew its holdings in AbbVie by 1.4% during the fourth quarter. AustralianSuper Pty Ltd now owns 218,693 shares of the company’s stock worth $49,969,000 after buying an additional 3,070 shares in the last quarter. Triton Wealth Management PLLC grew its holdings in AbbVie by 4.8% during the fourth quarter. Triton Wealth Management PLLC now owns 1,868 shares of the company’s stock worth $422,000 after buying an additional 85 shares in the last quarter. New York Life Investment Management LLC grew its holdings in AbbVie by 1.0% during the fourth quarter. New York Life Investment Management LLC now owns 242,317 shares of the company’s stock worth $55,367,000 after buying an additional 2,418 shares in the last quarter. Cornerstone Wealth Management LLC grew its holdings in AbbVie by 0.6% during the fourth quarter. Cornerstone Wealth Management LLC now owns 13,611 shares of the company’s stock worth $3,110,000 after buying an additional 78 shares in the last quarter. Finally, Simmons Bank grew its holdings in AbbVie by 1.1% during the fourth quarter. Simmons Bank now owns 50,824 shares of the company’s stock worth $11,613,000 after buying an additional 532 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.
AbbVie Price Performance
Shares of NYSE:ABBV opened at $210.95 on Friday. The company has a market capitalization of $372.71 billion, a PE ratio of 103.92, a price-to-earnings-growth ratio of 0.72 and a beta of 0.32. The business has a fifty day moving average price of $210.78 and a two-hundred day moving average price of $220.17. AbbVie Inc. has a 1 year low of $176.57 and a 1 year high of $244.81.
AbbVie Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Wednesday, April 15th will be paid a $1.73 dividend. This represents a $6.92 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Wednesday, April 15th. AbbVie’s dividend payout ratio is 340.89%.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on the company. William Blair reiterated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Canaccord Genuity Group upped their price target on AbbVie from $262.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Morgan Stanley upped their price target on AbbVie from $270.00 to $278.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. BMO Capital Markets reiterated an “outperform” rating on shares of AbbVie in a report on Monday, March 9th. Finally, Wall Street Zen upgraded AbbVie from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $253.10.
Get Our Latest Stock Report on AbbVie
Insiders Place Their Bets
In other news, EVP Perry C. Siatis sold 22,381 shares of the stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $230.00, for a total transaction of $5,147,630.00. Following the completion of the transaction, the executive vice president owned 38,137 shares in the company, valued at approximately $8,771,510. This represents a 36.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP David Ryan Purdue sold 5,230 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $233.56, for a total value of $1,221,518.80. Following the transaction, the senior vice president owned 2,654 shares of the company’s stock, valued at $619,868.24. The trade was a 66.34% decrease in their position. The SEC filing for this sale provides additional information. 0.06% of the stock is owned by corporate insiders.
AbbVie Profile
AbbVie is a global, research-driven biopharmaceutical company that was created as a spin-off from Abbott Laboratories in 2013 and is headquartered in North Chicago, Illinois. The company focuses on discovering, developing and commercializing therapies for complex and often chronic medical conditions. Its operations span research and development, manufacturing, regulatory affairs and commercialization, with an emphasis on bringing specialty medicines to market across multiple therapeutic areas.
AbbVie’s product portfolio and pipeline cover several major therapeutic categories, including immunology, oncology, neuroscience, virology and women’s health.
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