Jones Financial Companies Lllp reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 6.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,857 shares of the company’s stock after selling 2,269 shares during the quarter. Jones Financial Companies Lllp’s holdings in AbbVie were worth $2,984,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jennison Associates LLC acquired a new position in AbbVie in the third quarter valued at approximately $544,418,000. Capital International Investors lifted its holdings in AbbVie by 137.7% in the third quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock valued at $697,989,000 after buying an additional 4,550,954 shares during the period. BlackRock Inc. lifted its holdings in AbbVie by 2.8% in the fourth quarter. BlackRock Inc. now owns 101,322,201 shares of the company’s stock valued at $9,798,871,000 after buying an additional 2,714,857 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new position in AbbVie in the fourth quarter valued at approximately $135,027,000. Finally, Swedbank acquired a new position in AbbVie in the fourth quarter valued at approximately $130,841,000. 70.30% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Robert A. Michael sold 992 shares of the firm’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $120.31, for a total transaction of $119,347.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Robert A. Michael sold 4,294 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $119.43, for a total transaction of $512,832.42. Following the sale, the vice president now owns 11,170 shares in the company, valued at $1,334,033.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 211,197 shares of company stock worth $24,585,575. 0.07% of the stock is currently owned by company insiders.
AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, April 26th. The company reported $1.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.79 by $0.08. The company had revenue of $7.93 billion for the quarter, compared to analyst estimates of $7.60 billion. AbbVie had a net margin of 21.55% and a return on equity of 186.47%. The business’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period last year, the business posted $1.28 earnings per share. research analysts predict that AbbVie Inc. will post 7.8 earnings per share for the current year.
AbbVie announced that its Board of Directors has approved a share repurchase program on Thursday, February 15th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
ABBV has been the topic of several analyst reports. BMO Capital Markets lowered shares of AbbVie from a “market perform” rating to an “underperform” rating and cut their price objective for the company from $125.86 to $84.00 in a report on Monday, January 29th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Monday, January 22nd. Credit Suisse Group set a $98.00 price objective on shares of AbbVie and gave the company a “hold” rating in a report on Monday, January 22nd. SunTrust Banks increased their price objective on shares of AbbVie to $157.00 and gave the company an “average” rating in a report on Monday, January 29th. Finally, Bank of America set a $120.00 price objective on shares of AbbVie and gave the company a “hold” rating in a report on Monday, March 26th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. AbbVie presently has an average rating of “Buy” and a consensus target price of $116.38.
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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