Webster Bank N. A. lessened its stake in shares of AbbVie Inc (NYSE:ABBV) by 2.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 50,455 shares of the company’s stock after selling 1,374 shares during the quarter. Webster Bank N. A.’s holdings in AbbVie were worth $4,880,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Jennison Associates LLC acquired a new position in AbbVie in the third quarter valued at approximately $544,418,000. Capital International Investors boosted its stake 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 acquiring an additional 4,550,954 shares during the period. Vanguard Group Inc. boosted its stake in AbbVie by 3.3% in the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after acquiring an additional 3,706,941 shares during the period. Janus Henderson Group PLC boosted its stake in AbbVie by 1,949.7% in the second quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock valued at $277,967,000 after acquiring an additional 3,646,510 shares during the period. Finally, Orbis Allan Gray Ltd boosted its stake in AbbVie by 35.7% in the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after acquiring an additional 3,340,038 shares during the period. Institutional investors own 70.63% of the company’s stock.
Shares of AbbVie Inc (ABBV) opened at $118.99 on Tuesday. The company has a debt-to-equity ratio of 6.07, a quick ratio of 1.18 and a current ratio of 1.28. AbbVie Inc has a one year low of $63.12 and a one year high of $125.86. The stock has a market cap of $186,300.00, a price-to-earnings ratio of 21.41, a price-to-earnings-growth ratio of 1.13 and a beta of 1.52.
AbbVie announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 15th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are 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 dividend of $0.96 per share. This is an increase from AbbVie’s previous quarterly dividend of $0.71. This represents a $3.84 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Thursday, April 12th. AbbVie’s payout ratio is 51.26%.
In other AbbVie news, SVP Timothy J. Richmond sold 87,040 shares of the business’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $98.45, for a total transaction of $8,569,088.00. Following the sale, the senior vice president now directly owns 113,118 shares of the company’s stock, valued at approximately $11,136,467.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Laura J. Schumacher sold 145,510 shares of the business’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $96.71, for a total transaction of $14,072,272.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 443,747 shares of company stock worth $47,226,935. Company insiders own 0.23% of the company’s stock.
Several equities analysts have recently issued reports on ABBV shares. Piper Jaffray Companies boosted their price objective on AbbVie from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. SunTrust Banks boosted their price objective on AbbVie to $157.00 and gave the stock an “average” rating in a research report on Monday, January 29th. Leerink Swann downgraded AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price objective for the company. in a research report on Monday, January 29th. BMO Capital Markets downgraded AbbVie from a “market perform” rating to an “underperform” rating and reduced their price objective for the stock from $125.86 to $84.00 in a research report on Monday, January 29th. They noted that the move was a valuation call. Finally, Evercore ISI restated a “buy” rating and issued a $144.00 target price on shares of AbbVie in a research report on Monday, January 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $120.96.
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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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