Cullen Frost Bankers Inc. decreased its holdings in AbbVie Inc (NYSE:ABBV) by 3.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 423,931 shares of the company’s stock after selling 15,414 shares during the period. AbbVie makes up 1.2% of Cullen Frost Bankers Inc.’s investment portfolio, making the stock its 11th largest position. Cullen Frost Bankers Inc.’s holdings in AbbVie were worth $37,670,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Capital Research Global Investors grew its stake in AbbVie by 1.2% during 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 acquiring an additional 2,130,919 shares in the last quarter. Vanguard Group Inc. grew its stake in AbbVie by 3.3% during the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after acquiring an additional 3,706,941 shares in the last quarter. BlackRock Inc. grew its stake in AbbVie by 2.0% during the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock valued at $6,821,375,000 after acquiring an additional 1,864,418 shares in the last quarter. Orbis Allan Gray Ltd grew its stake in AbbVie by 35.7% during the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after acquiring an additional 3,340,038 shares in the last quarter. Finally, Woodford Investment Management Ltd grew its stake in AbbVie by 8.6% during the second quarter. Woodford Investment Management Ltd now owns 11,854,758 shares of the company’s stock valued at $859,589,000 after acquiring an additional 937,500 shares in the last quarter. Hedge funds and other institutional investors own 69.18% of the company’s stock.
Several equities analysts recently commented on ABBV shares. Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research note on Tuesday, October 17th. BidaskClub cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 25th. Deutsche Bank boosted their price target on shares of AbbVie to $88.00 and gave the stock a “hold” rating in a research note on Thursday, September 28th. Jefferies Group reissued a “buy” rating and issued a $107.00 price target (up previously from $94.00) on shares of AbbVie in a research note on Friday, September 15th. Finally, Vetr raised shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $113.08 price target for the company in a research note on Wednesday, December 20th. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $100.94.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, October 27th. The company reported $1.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.02. The firm had revenue of $7 billion during the quarter, compared to analyst estimates of $7 billion. AbbVie had a net margin of 24.38% and a return on equity of 153.80%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.21 EPS. sell-side analysts expect that AbbVie Inc will post 5.55 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Friday, January 12th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.83%. This is a positive change from AbbVie’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, January 11th. AbbVie’s payout ratio is presently 62.14%.
In other news, Chairman Richard A. Gonzalez sold 218,193 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $94.01, for a total value of $20,512,323.93. Following the completion of the sale, the chairman now directly owns 492,030 shares in the company, valued at approximately $46,255,740.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Henry O. Gosebruch sold 18,300 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 81,287 shares of the company’s stock, valued at $7,360,537.85. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 494,676 shares of company stock valued at $47,237,938. Company insiders own 0.23% 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.
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