State Treasurer State of Michigan cut its position in shares of AbbVie Inc (NYSE:ABBV) by 27.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 686,503 shares of the company’s stock after selling 254,200 shares during the quarter. State Treasurer State of Michigan’s holdings in AbbVie were worth $61,003,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the business. Rockefeller Financial Services Inc. boosted its position in shares of AbbVie by 14.3% in the third quarter. Rockefeller Financial Services Inc. now owns 106,406 shares of the company’s stock worth $9,455,000 after buying an additional 13,318 shares during the period. Bristlecone Advisors LLC purchased a new stake in shares of AbbVie in the third quarter worth about $113,000. Northside Capital Management LLC boosted its position in shares of AbbVie by 10.1% in the third quarter. Northside Capital Management LLC now owns 14,741 shares of the company’s stock worth $1,310,000 after buying an additional 1,355 shares during the period. First United Bank Trust purchased a new stake in shares of AbbVie in the third quarter worth about $223,000. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of AbbVie by 2.5% in the third quarter. Robeco Institutional Asset Management B.V. now owns 919,518 shares of the company’s stock worth $81,710,000 after buying an additional 22,264 shares during the period. Institutional investors own 69.18% of the company’s stock.
Shares of AbbVie Inc (ABBV) opened at $98.21 on Friday. AbbVie Inc has a one year low of $59.27 and a one year high of $99.10. The stock has a market capitalization of $155,508.25, a P/E ratio of 23.90, a price-to-earnings-growth ratio of 1.35 and a beta of 1.52. The company has a current ratio of 1.45, a quick ratio of 1.32 and a debt-to-equity ratio of 5.08.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Thursday, January 11th. This represents a $2.84 annualized dividend and a yield of 2.89%. This is a boost from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s dividend payout ratio is presently 62.29%.
ABBV has been the subject of a number of analyst reports. UBS reissued a “neutral” rating on shares of AbbVie in a report on Friday, October 13th. Jefferies Group increased their price target on AbbVie from $107.00 to $115.00 and gave the company a “buy” rating in a report on Monday, October 16th. Cowen reissued a “hold” rating and issued a $95.00 price target (up previously from $70.00) on shares of AbbVie in a report on Monday, September 11th. BMO Capital Markets reissued a “hold” rating and issued a $84.00 price target on shares of AbbVie in a report on Tuesday, November 21st. Finally, Piper Jaffray Companies increased their price target on AbbVie to $115.00 and gave the company an “overweight” rating in a report on Friday, October 27th. Seven 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 company’s stock. AbbVie presently has an average rating of “Buy” and a consensus target price of $100.26.
In other news, VP Robert A. Michael sold 6,699 shares of the stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total transaction of $589,512.00. Following the sale, the vice president now directly owns 10,007 shares in the company, valued at approximately $880,616. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Henry O. Gosebruch sold 18,300 shares of the stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $90.55, for a total value of $1,657,065.00. Following the sale, the insider now owns 81,287 shares in the company, valued at $7,360,537.85. The disclosure for this sale can be found here. Insiders have sold 501,375 shares of company stock worth $47,827,450 in the last 90 days. 0.23% of the stock is currently owned by insiders.
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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