AbbVie Inc (ABBV) Declares Dividend Increase – $0.71 Per Share

AbbVie Inc (NYSE:ABBV) announced a quarterly dividend on Friday, October 27th, Zacks reports. Stockholders of record on Friday, January 12th will be given a dividend of 0.71 per share on Thursday, February 15th. This represents a $2.84 annualized dividend and a dividend yield of 2.83%. The ex-dividend date is Thursday, January 11th. This is an increase from AbbVie’s previous quarterly dividend of $0.64.

AbbVie has increased its dividend payment by an average of 15.5% annually over the last three years and has raised its dividend every year for the last 45 years. AbbVie has a payout ratio of 51.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect AbbVie to earn $6.56 per share next year, which means the company should continue to be able to cover its $2.84 annual dividend with an expected future payout ratio of 43.3%.

Shares of AbbVie (NYSE:ABBV) opened at $100.24 on Wednesday. The stock has a market capitalization of $159,790.00, a P/E ratio of 24.33, a PEG ratio of 1.20 and a beta of 1.53. AbbVie has a one year low of $59.27 and a one year high of $101.28. 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 (NYSE:ABBV) last posted its quarterly earnings data on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. The business had revenue of $7 billion during the quarter, compared to analyst estimates of $7 billion. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period last year, the company earned $1.21 EPS. sell-side analysts predict that AbbVie will post 5.55 earnings per share for the current fiscal year.

A number of equities research analysts recently issued reports on ABBV shares. Leerink Swann reissued a “market perform” rating on shares of AbbVie in a research note on Tuesday, September 12th. SunTrust Banks reissued a “buy” rating and set a $95.00 price target on shares of AbbVie in a research note on Wednesday, September 13th. Piper Jaffray Companies reissued a “buy” rating and set a $100.00 price target on shares of AbbVie in a research note on Friday, September 15th. Jefferies Group reissued a “buy” rating and set a $107.00 price target (up from $94.00) on shares of AbbVie in a research note on Friday, September 15th. Finally, UBS Group lowered AbbVie from a “buy” rating to a “neutral” rating and raised their price target for the stock from $79.00 to $92.00 in a research note on Monday, September 25th. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $100.94.

In other AbbVie news, insider Henry O. Gosebruch sold 18,300 shares of the firm’s stock in a transaction on Monday, October 30th. The stock was 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 in the company, valued at approximately $7,360,537.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Timothy J. Richmond sold 87,040 shares of the firm’s stock in a transaction on 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 transaction, the senior vice president now owns 113,118 shares in the company, valued at $11,136,467.10. The disclosure for this sale can be found here. Insiders have sold a total of 494,676 shares of company stock worth $47,237,938 over the last 90 days. 0.23% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Los Angeles Capital Management & Equity Research Inc. increased its holdings in shares of AbbVie by 24.5% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 740,392 shares of the company’s stock valued at $53,686,000 after acquiring an additional 145,691 shares during the period. Spectrum Management Group Inc. increased its holdings in shares of AbbVie by 11.5% in the 2nd quarter. Spectrum Management Group Inc. now owns 28,100 shares of the company’s stock valued at $2,038,000 after acquiring an additional 2,892 shares during the period. AGF Investments America Inc. increased its holdings in shares of AbbVie by 3.6% in the 2nd quarter. AGF Investments America Inc. now owns 29,064 shares of the company’s stock valued at $2,107,000 after acquiring an additional 1,017 shares during the period. Ffcm LLC increased its holdings in shares of AbbVie by 167.2% in the 2nd quarter. Ffcm LLC now owns 1,539 shares of the company’s stock valued at $111,000 after acquiring an additional 963 shares during the period. Finally, Fiduciary Trust Co. increased its holdings in shares of AbbVie by 3.2% in the 2nd quarter. Fiduciary Trust Co. now owns 321,953 shares of the company’s stock valued at $23,345,000 after acquiring an additional 10,113 shares during the period. Institutional investors own 69.18% of the company’s stock.

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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.

Dividend History for AbbVie (NYSE:ABBV)

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