Ronna Sue Cohen reduced its stake in shares of AbbVie Inc (NYSE:ABBV) by 5.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,838 shares of the company’s stock after selling 1,348 shares during the quarter. AbbVie accounts for 1.8% of Ronna Sue Cohen’s portfolio, making the stock its 25th largest position. Ronna Sue Cohen’s holdings in AbbVie were worth $2,296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors also recently added to or reduced their stakes in the company. Capital Research Global Investors increased its stake in shares of AbbVie by 1.2% in the second quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock valued at $12,926,708,000 after buying an additional 2,130,919 shares in the last quarter. Vanguard Group Inc. increased its position in AbbVie by 3.3% in the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after purchasing an additional 3,706,941 shares during the period. BlackRock Inc. increased its position in AbbVie by 2.0% in the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock worth $6,821,375,000 after purchasing an additional 1,864,418 shares during the period. Orbis Allan Gray Ltd increased its position in AbbVie by 35.7% in the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after purchasing an additional 3,340,038 shares during the period. Finally, Woodford Investment Management Ltd increased its position in AbbVie by 8.6% in the second quarter. Woodford Investment Management Ltd now owns 11,854,758 shares of the company’s stock worth $859,589,000 after purchasing an additional 937,500 shares during the period. Hedge funds and other institutional investors own 69.18% of the company’s stock.
In other news, SVP Timothy J. Richmond sold 87,040 shares of AbbVie stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $98.45, for a total transaction of $8,569,088.00. Following the transaction, the senior vice president now owns 113,118 shares in the company, valued at approximately $11,136,467.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Robert A. Michael sold 6,699 shares of AbbVie stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $88.00, for a total value of $589,512.00. Following the transaction, the vice president now owns 10,007 shares in the company, valued at approximately $880,616. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 501,375 shares of company stock worth $47,827,450. Company insiders own 0.23% of the company’s stock.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.02. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. The firm had revenue of $7 billion for the quarter, compared to analysts’ expectations of $7 billion. During the same quarter last year, the business earned $1.21 earnings per share. The company’s revenue was up 8.8% compared to the same quarter last year. sell-side analysts expect that AbbVie Inc will post 5.55 EPS for the current 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 issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, January 11th. This represents a $2.84 dividend on an annualized basis and a yield of 2.90%. This is a boost from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s dividend payout ratio (DPR) is 62.29%.
ABBV has been the subject of a number of research reports. BidaskClub upgraded AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 6th. Jefferies Group reiterated a “buy” rating and issued a $94.00 price objective on shares of AbbVie in a research report on Friday, September 8th. Goldman Sachs Group reiterated a “buy” rating and issued a $100.00 price objective (up from $85.00) on shares of AbbVie in a research report on Friday, September 8th. Cowen reiterated a “hold” rating and issued a $95.00 price objective (up from $70.00) on shares of AbbVie in a research report on Monday, September 11th. Finally, Leerink Swann reiterated a “market perform” rating on shares of AbbVie in a research report on Tuesday, September 12th. Seven equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. AbbVie currently has an average rating of “Buy” and an average target price of $100.26.
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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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