Janney Montgomery Scott LLC raised its holdings in AbbVie Inc (NYSE:ABBV) by 3.0% in the 3rd quarter, Holdings Channel reports. The fund owned 553,274 shares of the company’s stock after acquiring an additional 16,362 shares during the period. Janney Montgomery Scott LLC’s holdings in AbbVie were worth $49,164,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Capital Research Global Investors grew its stake in shares of AbbVie by 1.2% during the 2nd quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock valued at $12,926,708,000 after buying an additional 2,130,919 shares during the period. Vanguard Group Inc. grew its stake in shares of AbbVie by 3.3% during the 2nd quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after buying an additional 3,706,941 shares during the period. BlackRock Inc. grew its stake in shares of AbbVie by 2.0% during the 2nd quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock valued at $6,821,375,000 after buying an additional 1,864,418 shares during the period. Orbis Allan Gray Ltd grew its stake in shares of AbbVie by 35.7% during the 2nd quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after buying an additional 3,340,038 shares during the period. Finally, Woodford Investment Management Ltd grew its stake in shares of AbbVie by 8.6% during the 2nd quarter. Woodford Investment Management Ltd now owns 11,854,758 shares of the company’s stock valued at $859,589,000 after buying an additional 937,500 shares during the period. Institutional investors own 69.49% of the company’s stock.
In other AbbVie news, SVP Timothy J. Richmond sold 87,040 shares of the business’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $98.45, for a total value of $8,569,088.00. Following the transaction, the senior vice president now owns 113,118 shares in the company, valued at approximately $11,136,467.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Laura J. Schumacher sold 145,510 shares of the business’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $96.71, for a total transaction of $14,072,272.10. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, January 26th. The company reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.04. AbbVie had a net margin of 18.82% and a return on equity of 152.78%. The firm had revenue of $7.74 billion for the quarter, compared to analyst estimates of $7.53 billion. During the same quarter in the previous year, the business posted $1.20 EPS. The firm’s revenue was up 13.9% compared to the same quarter last year. equities analysts expect that AbbVie Inc will post 7.46 earnings per share for the current fiscal year.
AbbVie declared that its Board of Directors has approved a share repurchase program on Thursday, February 15th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be issued a $0.96 dividend. The ex-dividend date of this dividend is Thursday, April 12th. This represents a $3.84 dividend on an annualized basis and a yield of 3.24%. This is a positive change from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s payout ratio is currently 86.32%.
Several brokerages have recently issued reports on ABBV. BMO Capital Markets reissued a “sell” rating and set a $95.00 price objective on shares of AbbVie in a research note on Thursday, February 15th. Piper Jaffray Companies boosted their price objective on shares of AbbVie from $130.00 to $138.00 and gave the company an “overweight” rating in a research note on Thursday, February 15th. Argus boosted their price objective on shares of AbbVie from $120.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. ValuEngine raised shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Morgan Stanley upped their price target on shares of AbbVie from $99.00 to $131.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. AbbVie 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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