Opus Investment Management Inc. reduced its position in AbbVie Inc (NYSE:ABBV) by 15.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 81,700 shares of the company’s stock after selling 15,000 shares during the quarter. AbbVie comprises about 1.3% of Opus Investment Management Inc.’s holdings, making the stock its 6th biggest holding. Opus Investment Management Inc.’s holdings in AbbVie were worth $7,260,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors lifted its position in AbbVie by 1.2% during the second quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock valued at $12,926,708,000 after purchasing an additional 2,130,919 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of AbbVie by 3.3% during the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after acquiring an additional 3,706,941 shares in the last quarter. BlackRock Inc. raised its stake in shares of AbbVie by 2.0% during the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock worth $6,821,375,000 after acquiring an additional 1,864,418 shares in the last quarter. Orbis Allan Gray Ltd raised its stake in shares of AbbVie by 35.7% during the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after acquiring an additional 3,340,038 shares in the last quarter. Finally, Woodford Investment Management Ltd raised its stake in shares of AbbVie by 8.6% during the second quarter. Woodford Investment Management Ltd now owns 11,854,758 shares of the company’s stock worth $859,589,000 after acquiring an additional 937,500 shares in the last quarter. Institutional investors own 69.49% of the company’s stock.
Several research analysts have commented on the stock. Argus lifted their price target on shares of AbbVie from $120.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. BMO Capital Markets downgraded shares of AbbVie from a “market perform” rating to an “underperform” rating and decreased their price target for the stock from $125.86 to $84.00 in a research note on Monday, January 29th. They noted that the move was a valuation call. Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $115.00 price target on the stock in a research note on Thursday, January 18th. Piper Jaffray Companies lifted their price target on shares of AbbVie from $130.00 to $138.00 and gave the stock an “overweight” rating in a research note on Thursday, February 15th. Finally, Evercore ISI reissued a “buy” rating and set a $144.00 price target on shares of AbbVie in a research note on Monday, January 29th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $118.44.
AbbVie Inc (ABBV) opened at $117.91 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.45 and a debt-to-equity ratio of 5.08. AbbVie Inc has a one year low of $61.30 and a one year high of $125.86. The company has a market cap of $187,349.06, a price-to-earnings ratio of 21.11, a P/E/G ratio of 1.12 and a beta of 1.61.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, January 26th. The company reported $1.48 EPS for the quarter, topping the 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 the consensus estimate of $7.53 billion. During the same period in the previous year, the firm earned $1.20 earnings per share. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. analysts anticipate that AbbVie Inc will post 7.47 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Friday, April 13th will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a dividend yield of 3.26%. This is an increase from AbbVie’s previous quarterly dividend of $0.71. The ex-dividend date is Thursday, April 12th. AbbVie’s payout ratio is presently 86.32%.
AbbVie declared that its Board of Directors has approved a stock 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 repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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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