GAM Holding AG increased its position in AbbVie Inc (NYSE:ABBV) by 85.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 77,974 shares of the company’s stock after buying an additional 35,887 shares during the period. GAM Holding AG’s holdings in AbbVie were worth $7,375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently made changes to their positions in ABBV. FMR LLC raised its holdings in AbbVie by 22.1% in the 3rd quarter. FMR LLC now owns 8,707,454 shares of the company’s stock worth $823,551,000 after acquiring an additional 1,574,495 shares during the period. Robeco Institutional Asset Management B.V. bought a new position in AbbVie in the 3rd quarter worth $133,646,000. Assenagon Asset Management S.A. raised its holdings in AbbVie by 3,516.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 746,656 shares of the company’s stock worth $70,619,000 after acquiring an additional 726,012 shares during the period. Janus Henderson Group PLC raised its holdings in AbbVie by 15.9% in the 2nd quarter. Janus Henderson Group PLC now owns 5,243,956 shares of the company’s stock worth $485,867,000 after acquiring an additional 717,452 shares during the period. Finally, Royal London Asset Management Ltd. bought a new position in AbbVie in the 2nd quarter worth $62,780,000. Hedge funds and other institutional investors own 69.76% of the company’s stock.
NYSE:ABBV opened at $88.31 on Friday. AbbVie Inc has a 52-week low of $77.50 and a 52-week high of $125.86. The stock has a market cap of $132.09 billion, a PE ratio of 15.77, a P/E/G ratio of 0.73 and a beta of 1.46.
AbbVie announced that its Board of Directors has authorized a stock repurchase plan on Thursday, December 13th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 3.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Tuesday, January 15th will be issued a dividend of $1.07 per share. This is an increase from AbbVie’s previous quarterly dividend of $0.96. The ex-dividend date is Monday, January 14th. This represents a $4.28 annualized dividend and a dividend yield of 4.85%. AbbVie’s payout ratio is presently 68.57%.
In other news, EVP Henry O. Gosebruch sold 42,450 shares of AbbVie stock in a transaction dated Thursday, November 29th. The shares were sold at an average price of $90.10, for a total transaction of $3,824,745.00. Following the sale, the executive vice president now directly owns 30,350 shares in the company, valued at approximately $2,734,535. The sale was disclosed in a document filed 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 dated Friday, December 28th. The shares were sold at an average price of $90.00, for a total transaction of $2,250,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 263,440 shares of company stock worth $24,029,804. Insiders own 0.07% of the company’s stock.
Several research analysts recently commented on the stock. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a report on Tuesday. BMO Capital Markets dropped their target price on shares of AbbVie from $78.00 to $71.00 and set an “underperform” rating on the stock in a report on Monday, November 5th. Credit Suisse Group set a $85.00 target price on shares of AbbVie and gave the stock a “hold” rating in a report on Friday, November 2nd. ValuEngine upgraded shares of AbbVie from a “sell” rating to a “hold” rating in a report on Monday, November 12th. Finally, Argus dropped their target price on shares of AbbVie from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Tuesday, November 6th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $102.10.
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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