Westbourne Investment Advisors Inc. reduced its stake in AbbVie Inc (NYSE:ABBV) by 8.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,745 shares of the company’s stock after selling 1,330 shares during the quarter. Westbourne Investment Advisors Inc.’s holdings in AbbVie were worth $1,310,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of ABBV. Reliance Trust Co. of Delaware lifted its position in AbbVie by 7.1% during the third quarter. Reliance Trust Co. of Delaware now owns 29,637 shares of the company’s stock worth $2,633,000 after buying an additional 1,953 shares during the period. Flagship Harbor Advisors LLC lifted its position in AbbVie by 9.3% during the third quarter. Flagship Harbor Advisors LLC now owns 14,582 shares of the company’s stock worth $1,323,000 after buying an additional 1,237 shares during the period. Personal Capital Advisors Corp lifted its position in AbbVie by 68.7% during the third quarter. Personal Capital Advisors Corp now owns 4,907 shares of the company’s stock worth $436,000 after buying an additional 1,999 shares during the period. Strategic Financial Group LLC purchased a new position in AbbVie during the third quarter worth about $228,000. Finally, RDL Financial Inc. purchased a new position in AbbVie during the third quarter worth about $1,011,000. Institutional investors and hedge funds own 69.18% of the company’s stock.
AbbVie Inc (NYSE:ABBV) opened at $97.75 on Wednesday. The company has a market capitalization of $156,785.38, a PE ratio of 23.78, a PEG ratio of 1.37 and a beta of 1.52. The company has a quick ratio of 1.32, a current ratio of 1.45 and a debt-to-equity ratio of 5.08. AbbVie Inc has a twelve month low of $59.27 and a twelve month high of $99.10.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Friday, January 12th will be paid a $0.71 dividend. The ex-dividend date is Thursday, January 11th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.91%. This is a positive change from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s dividend payout ratio (DPR) is 62.29%.
In other news, SVP Timothy J. Richmond sold 87,040 shares of the stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $98.45, for a total value of $8,569,088.00. Following the completion of the sale, the senior vice president now owns 113,118 shares in the company, valued at $11,136,467.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Robert A. Michael sold 6,699 shares of the 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 completion of the sale, the vice president now owns 10,007 shares of the company’s stock, valued at approximately $880,616. The disclosure for this sale can be found here. In the last quarter, insiders sold 501,375 shares of company stock valued at $47,827,450. Insiders own 0.23% of the company’s stock.
ABBV has been the topic of several recent analyst reports. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Tuesday, October 17th. BidaskClub downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 25th. Goldman Sachs Group reiterated a “buy” rating and set a $100.00 target price (up from $85.00) on shares of AbbVie in a research report on Friday, September 8th. Deutsche Bank increased their target price on AbbVie to $88.00 and gave the stock a “hold” rating in a research report on Thursday, September 28th. Finally, Jefferies Group reiterated a “buy” rating and set a $107.00 target price (up from $94.00) on shares of AbbVie in a research report on Friday, September 15th. Seven research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $100.26.
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AbbVie Company Profile
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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