Traders Buy Shares of AbbVie (ABBV) on Weakness After Insider Selling

Traders bought shares of AbbVie Inc (NYSE:ABBV) on weakness during trading hours on Monday following insider selling activity. $116.68 million flowed into the stock on the tick-up and $72.67 million flowed out of the stock on the tick-down, for a money net flow of $44.01 million into the stock. Of all companies tracked, AbbVie had the 13th highest net in-flow for the day. AbbVie traded down ($0.69) for the day and closed at $80.65Specifically, EVP Azita Saleki-Gerhardt sold 15,797 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $79.03, for a total transaction of $1,248,436.91. Following the transaction, the executive vice president now directly owns 93,312 shares in the company, valued at approximately $7,374,447.36. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Vice Chairman Laura J. Schumacher sold 25,000 shares of AbbVie stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $80.00, for a total value of $2,000,000.00. Following the completion of the sale, the insider now owns 139,838 shares in the company, valued at $11,187,040. The disclosure for this sale can be found here. Insiders have sold a total of 90,797 shares of company stock valued at $7,748,437 in the last quarter. 0.07% of the stock is owned by corporate insiders.

A number of research analysts have recently commented on ABBV shares. Morgan Stanley set a $88.00 target price on AbbVie and gave the company a “hold” rating in a research note on Thursday, December 20th. Zacks Investment Research cut AbbVie from a “buy” rating to a “hold” rating in a research note on Wednesday, January 23rd. Barclays reissued a “hold” rating and issued a $86.00 price objective on shares of AbbVie in a research note on Thursday, February 14th. Credit Suisse Group set a $79.00 price objective on AbbVie and gave the stock a “hold” rating in a research note on Friday, January 25th. Finally, ValuEngine cut AbbVie from a “hold” rating to a “sell” rating in a research note on Friday, January 25th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $94.48.

The firm has a market cap of $119.98 billion, a PE ratio of 10.20, a price-to-earnings-growth ratio of 1.19 and a beta of 1.17.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, January 25th. The company reported $1.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.92 by ($0.02). AbbVie had a net margin of 17.36% and a negative return on equity of 439.07%. The business had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the business earned $1.48 EPS. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. Analysts anticipate that AbbVie Inc will post 8.68 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a dividend of $1.07 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $4.28 dividend on an annualized basis and a yield of 5.31%. AbbVie’s dividend payout ratio (DPR) is 54.11%.

AbbVie announced that its Board of Directors has initiated a share repurchase program on Thursday, December 13th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 3.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Several large investors have recently added to or reduced their stakes in the business. Johnson Financial Group Inc. raised its position in shares of AbbVie by 61.0% during the 3rd quarter. Johnson Financial Group Inc. now owns 37,592 shares of the company’s stock valued at $3,555,000 after buying an additional 14,242 shares during the period. Coastline Trust Co lifted its holdings in shares of AbbVie by 1.0% during the fourth quarter. Coastline Trust Co now owns 21,251 shares of the company’s stock worth $1,959,000 after buying an additional 201 shares in the last quarter. Guinness Asset Management Ltd lifted its holdings in shares of AbbVie by 33.2% during the fourth quarter. Guinness Asset Management Ltd now owns 220,210 shares of the company’s stock worth $20,301,000 after buying an additional 54,840 shares in the last quarter. Accident Compensation Corp lifted its holdings in shares of AbbVie by 13.0% during the third quarter. Accident Compensation Corp now owns 65,192 shares of the company’s stock worth $6,166,000 after buying an additional 7,492 shares in the last quarter. Finally, Veritable L.P. lifted its holdings in shares of AbbVie by 3.5% during the third quarter. Veritable L.P. now owns 114,835 shares of the company’s stock worth $10,861,000 after buying an additional 3,934 shares in the last quarter. 68.40% of the stock is currently owned by hedge funds and other institutional investors.

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About AbbVie (NYSE:ABBV)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune diseases; IMBRUVICA, an oral therapy for treating chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C.

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