Whittier Trust Co. reduced its position in AbbVie Inc. (NYSE:ABBV) by 6.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 224,045 shares of the company’s stock after selling 14,700 shares during the period. Whittier Trust Co.’s holdings in AbbVie were worth $21,668,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the stock. Jennison Associates LLC purchased a new position in shares of AbbVie during the third quarter worth approximately $544,418,000. Capital International Investors increased its position in shares of AbbVie by 137.7% during the third quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock worth $697,989,000 after acquiring an additional 4,550,954 shares during the period. Vanguard Group Inc. increased its position 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 during the period. Janus Henderson Group PLC increased its position in shares of AbbVie by 1,949.7% during the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock worth $277,967,000 after acquiring an additional 3,646,510 shares during the period. Finally, Orbis Allan Gray Ltd increased its position 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 during the period. 70.57% of the stock is currently owned by institutional investors.
In other AbbVie news, CFO William J. Chase sold 70,928 shares of the firm’s stock in a transaction that occurred on Thursday, March 1st. The shares were sold at an average price of $117.18, for a total value of $8,311,343.04. Following the completion of the sale, the chief financial officer now directly owns 203,391 shares in the company, valued at $23,833,357.38. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Robert A. Michael sold 992 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $120.31, for a total transaction of $119,347.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 211,197 shares of company stock valued at $24,585,575. 0.07% of the stock is owned by insiders.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.04. The company had revenue of $7.74 billion during the quarter, compared to the consensus estimate of $7.53 billion. AbbVie had a net margin of 18.82% and a return on equity of 158.15%. AbbVie’s revenue was up 13.9% compared to the same quarter last year. During the same period last year, the firm earned $1.20 earnings per share. equities analysts predict that AbbVie Inc. will post 7.53 earnings per share for the current fiscal year.
AbbVie announced that its board has approved a stock buyback program on Thursday, February 15th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be paid a $0.96 dividend. This represents a $3.84 annualized dividend and a yield of 4.18%. This is an increase from AbbVie’s previous quarterly dividend of $0.71. The ex-dividend date is Thursday, April 12th. AbbVie’s dividend payout ratio (DPR) is 68.57%.
A number of equities analysts have recently commented on ABBV shares. SunTrust Banks raised their target price on shares of AbbVie to $157.00 and gave the stock an “average” rating in a research report on Monday, January 29th. Jefferies Group raised their target price on shares of AbbVie from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, January 4th. Piper Jaffray reiterated a “buy” rating on shares of AbbVie in a research note on Tuesday, January 2nd. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $108.00 price objective on the stock in a research note on Tuesday, January 2nd. Finally, Vetr downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating and set a $113.08 price objective on the stock. in a research note on Monday, January 8th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $117.85.
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AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.
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