State Board of Administration of Florida Retirement System decreased its holdings in AbbVie Inc (NYSE:ABBV) by 0.4% during the third quarter, HoldingsChannel.com reports. The firm owned 2,320,950 shares of the company’s stock after selling 9,600 shares during the period. State Board of Administration of Florida Retirement System’s holdings in AbbVie were worth $206,240,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the company. Morse Asset Management Inc increased its holdings in AbbVie by 15.2% in the third quarter. Morse Asset Management Inc now owns 61,510 shares of the company’s stock worth $5,466,000 after buying an additional 8,120 shares during the last quarter. Csenge Advisory Group acquired a new position in AbbVie in the third quarter worth approximately $2,715,000. Andra AP fonden increased its holdings in AbbVie by 17.3% in the third quarter. Andra AP fonden now owns 87,500 shares of the company’s stock worth $7,775,000 after buying an additional 12,915 shares during the last quarter. Palisade Capital Management LLC NJ increased its holdings in AbbVie by 2.4% in the third quarter. Palisade Capital Management LLC NJ now owns 38,315 shares of the company’s stock worth $3,405,000 after buying an additional 885 shares during the last quarter. Finally, McKinley Carter Wealth Services Inc. increased its holdings in AbbVie by 55.1% in the third quarter. McKinley Carter Wealth Services Inc. now owns 6,849 shares of the company’s stock worth $609,000 after buying an additional 2,432 shares during the last quarter. Institutional investors own 69.18% of the company’s stock.
In other news, insider Henry O. Gosebruch sold 18,300 shares of the stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $90.55, for a total value of $1,657,065.00. Following the completion of the sale, the insider now directly owns 81,287 shares of the company’s stock, valued at $7,360,537.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Timothy J. Richmond sold 87,040 shares of the stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 113,118 shares of the company’s stock, valued at $11,136,467.10. The disclosure for this sale can be found here. Insiders have sold 494,676 shares of company stock valued at $47,237,938 in the last ninety days. Company insiders own 0.23% of the company’s stock.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $7 billion during the quarter, compared to analysts’ expectations of $7 billion. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. The company’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.21 earnings per share. equities analysts forecast that AbbVie Inc will post 5.55 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be given a dividend of $0.71 per share. The ex-dividend date is Thursday, January 11th. This represents a $2.84 dividend on an annualized basis and a yield of 2.83%. This is a boost from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s dividend payout ratio is presently 62.14%.
A number of equities analysts recently commented on ABBV shares. Societe Generale increased their price objective on AbbVie in a report on Tuesday, November 21st. Jefferies Group restated a “buy” rating and issued a $107.00 price objective on shares of AbbVie in a report on Thursday, September 28th. Piper Jaffray Companies restated a “buy” rating and issued a $100.00 price objective on shares of AbbVie in a report on Friday, September 15th. SunTrust Banks restated a “buy” rating and issued a $95.00 price objective on shares of AbbVie in a report on Wednesday, September 13th. Finally, Argus increased their price objective on AbbVie from $90.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, September 29th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $100.94.
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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