Tocqueville Asset Management L.P. cut its position in shares of AbbVie Inc (NYSE:ABBV) by 12.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 543,145 shares of the company’s stock after selling 78,315 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in AbbVie were worth $48,264,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Acropolis Investment Management LLC purchased a new stake in AbbVie in the second quarter valued at approximately $106,000. Hudock Capital Group LLC grew its holdings in AbbVie by 109.5% in the second quarter. Hudock Capital Group LLC now owns 1,542 shares of the company’s stock valued at $111,000 after purchasing an additional 806 shares during the period. Ffcm LLC grew its holdings in AbbVie by 167.2% in the second quarter. Ffcm LLC now owns 1,539 shares of the company’s stock valued at $111,000 after purchasing an additional 963 shares during the period. Bristlecone Advisors LLC purchased a new stake in AbbVie in the third quarter valued at approximately $113,000. Finally, BDO Wealth Advisors LLC purchased a new stake in AbbVie in the second quarter valued at approximately $115,000. Institutional investors and hedge funds own 69.18% of the company’s stock.
In other news, insider Henry O. Gosebruch sold 18,300 shares of the business’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $90.55, for a total transaction of $1,657,065.00. Following the transaction, the insider now directly owns 81,287 shares of the company’s stock, valued at $7,360,537.85. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Timothy J. Richmond sold 87,040 shares of the business’s stock in a transaction on 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 directly owns 113,118 shares in the company, valued at $11,136,467.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 494,676 shares of company stock worth $47,237,938. 0.23% of the stock is currently owned by corporate insiders.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, October 27th. The company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $7 billion for the quarter, compared to analysts’ expectations of $7 billion. AbbVie had a net margin of 24.38% and a return on equity of 153.80%. AbbVie’s revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.21 earnings per share. equities research analysts predict that AbbVie Inc will post 5.55 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 2.81%. This is a boost from AbbVie’s previous quarterly dividend of $0.64. The ex-dividend date is Thursday, January 11th. AbbVie’s payout ratio is 62.29%.
ABBV has been the subject of a number of recent analyst reports. Societe Generale boosted their target price on shares of AbbVie in a report on Tuesday, November 21st. Jefferies Group restated a “buy” rating and issued a $107.00 target price on shares of AbbVie in a report on Thursday, September 28th. Piper Jaffray Companies restated a “buy” rating and issued a $100.00 target price on shares of AbbVie in a report on Friday, September 15th. SunTrust Banks restated a “buy” rating and issued a $95.00 target price on shares of AbbVie in a report on Wednesday, September 13th. Finally, Argus boosted their target price on shares of AbbVie from $90.00 to $110.00 and gave the company a “buy” rating in a report on Friday, September 29th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $100.94.
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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