Family Legacy Inc. Takes Position in AbbVie Inc. (ABBV)

Family Legacy Inc. acquired a new stake in shares of AbbVie Inc. (NYSE:ABBV) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 3,715 shares of the company’s stock, valued at approximately $359,000.

Other large investors also recently made changes to their positions in the company. Ffcm LLC raised its holdings in shares of AbbVie by 167.2% during the 2nd quarter. Ffcm LLC now owns 1,539 shares of the company’s stock worth $111,000 after acquiring an additional 963 shares in the last quarter. Bristlecone Advisors LLC purchased a new stake in shares of AbbVie during the 3rd quarter worth approximately $113,000. Hershey Trust Co. purchased a new stake in shares of AbbVie during the 3rd quarter worth approximately $139,000. Harvest Fund Management Co. Ltd raised its holdings in shares of AbbVie by 1,172.6% during the 2nd quarter. Harvest Fund Management Co. Ltd now owns 2,227 shares of the company’s stock worth $161,000 after acquiring an additional 2,052 shares in the last quarter. Finally, Atlantic Trust LLC raised its holdings in shares of AbbVie by 208.4% during the 2nd quarter. Atlantic Trust LLC now owns 2,467 shares of the company’s stock worth $179,000 after acquiring an additional 1,667 shares in the last quarter. Institutional investors own 70.54% of the company’s stock.

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NYSE:ABBV opened at $94.65 on Friday. AbbVie Inc. has a fifty-two week low of $63.12 and a fifty-two week high of $125.86. The firm has a market cap of $150,301.66, a P/E ratio of 16.90, a P/E/G ratio of 0.88 and a beta of 1.52. 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 (NYSE:ABBV) last released its quarterly earnings results on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.04. AbbVie had a return on equity of 158.15% and a net margin of 18.82%. The company had revenue of $7.74 billion for the quarter, compared to analyst estimates of $7.53 billion. During the same quarter in the prior year, the firm posted $1.20 EPS. AbbVie’s quarterly revenue was up 13.9% compared to the same quarter last year. sell-side analysts forecast that AbbVie Inc. will post 7.51 EPS for the current year.

AbbVie announced that its board has authorized a share repurchase program on Thursday, February 15th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Friday, April 13th will be issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend is Thursday, April 12th. This is a positive change from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio is presently 50.71%.

In other AbbVie news, CFO William J. Chase sold 70,928 shares of the stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $117.18, for a total value of $8,311,343.04. Following the sale, the chief financial officer now owns 203,391 shares in the company, valued at $23,833,357.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard A. Gonzalez sold 8,280 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $117.88, for a total value of $976,046.40. Following the completion of the sale, the chairman now owns 321,292 shares in the company, valued at approximately $37,873,900.96. The disclosure for this sale can be found here. Insiders have sold a total of 211,197 shares of company stock worth $24,585,575 in the last 90 days. 0.07% of the stock is currently owned by insiders.

Several brokerages have recently issued reports on ABBV. Piper Jaffray upped their price objective on AbbVie from $115.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, January 26th. SunTrust Banks upped their price objective on AbbVie to $157.00 and gave the stock an “average” rating in a report on Monday, January 29th. Leerink Swann cut AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price objective on the stock. in a report on Monday, January 29th. BMO Capital Markets cut AbbVie from a “market perform” rating to an “underperform” rating and decreased their price objective for the stock from $125.86 to $84.00 in a report on Monday, January 29th. They noted that the move was a valuation call. Finally, Evercore ISI reaffirmed a “buy” rating and set a $144.00 price objective on shares of AbbVie in a report on Monday, January 29th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $116.68.

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AbbVie 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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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