North Star Asset Management Inc. increased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 100.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 34,403 shares of the company’s stock after purchasing an additional 17,218 shares during the period. North Star Asset Management Inc.’s holdings in AbbVie were worth $3,327,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in ABBV. Eagle Asset Management Inc. lifted its position in AbbVie by 4.1% during the second quarter. Eagle Asset Management Inc. now owns 3,692 shares of the company’s stock valued at $267,000 after acquiring an additional 145 shares during the last quarter. Swiss National Bank lifted its position in AbbVie by 1.1% during the second quarter. Swiss National Bank now owns 5,823,829 shares of the company’s stock valued at $422,286,000 after acquiring an additional 65,600 shares during the last quarter. Delta Lloyd Asset Management N.V. purchased a new stake in AbbVie during the second quarter valued at approximately $12,237,000. Artemis Investment Management LLP lifted its position in AbbVie by 52.9% during the second quarter. Artemis Investment Management LLP now owns 1,055,834 shares of the company’s stock valued at $76,543,000 after acquiring an additional 365,259 shares during the last quarter. Finally, Benchmark Capital Advisors purchased a new stake in AbbVie during the second quarter valued at approximately $787,000. Hedge funds and other institutional investors own 70.54% of the company’s stock.
NYSE ABBV opened at $94.65 on Friday. The firm has a market capitalization of $150,301.66, a price-to-earnings ratio of 16.90, a P/E/G ratio of 0.88 and a beta of 1.52. AbbVie Inc. has a 12-month low of $63.12 and a 12-month high of $125.86. The company has a debt-to-equity ratio of 6.07, a current ratio of 1.28 and a quick ratio of 1.18.
AbbVie declared that its Board of Directors has initiated a stock buyback program on Thursday, February 15th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be issued a $0.96 dividend. The ex-dividend date of this dividend is Thursday, April 12th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.06%. This is a boost from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio (DPR) is currently 50.71%.
In related news, insider Laura J. Schumacher sold 25,000 shares of the firm’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $117.85, for a total transaction of $2,946,250.00. Following the completion of the transaction, the insider now owns 123,317 shares of the company’s stock, valued at $14,532,908.45. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO William J. Chase sold 70,928 shares of the firm’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $117.18, for a total transaction of $8,311,343.04. Following the transaction, the chief financial officer now directly owns 203,391 shares of the company’s stock, valued at approximately $23,833,357.38. The disclosure for this sale can be found here. In the last ninety days, insiders sold 211,197 shares of company stock valued at $24,585,575. Corporate insiders own 0.07% of the company’s stock.
ABBV has been the subject of a number of analyst reports. ValuEngine cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 1st. BMO Capital Markets set a $84.00 target price on shares of AbbVie and gave the company a “hold” rating in a research report on Monday, December 4th. Leerink Swann set a $106.00 target price on shares of AbbVie and gave the company a “buy” rating in a research report on Tuesday, December 5th. Vetr raised shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $113.08 target price for the company in a research report on Wednesday, December 20th. Finally, Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $108.00 target price for the company in a research report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $116.68.
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AbbVie Company Profile
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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