Biondo Investment Advisors LLC lifted its position in AbbVie Inc (NYSE:ABBV) by 7.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 67,861 shares of the company’s stock after purchasing an additional 4,610 shares during the quarter. AbbVie comprises approximately 1.6% of Biondo Investment Advisors LLC’s portfolio, making the stock its 18th largest holding. Biondo Investment Advisors LLC’s holdings in AbbVie were worth $6,287,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. TIAA CREF Investment Management LLC increased its stake in AbbVie by 3.5% in the fourth quarter. TIAA CREF Investment Management LLC now owns 10,321,140 shares of the company’s stock valued at $998,157,000 after acquiring an additional 347,642 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in AbbVie by 3.8% during the first quarter. Schwab Charles Investment Management Inc. now owns 6,088,016 shares of the company’s stock valued at $576,231,000 after buying an additional 220,125 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in AbbVie by 6.0% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,954,509 shares of the company’s stock valued at $468,944,000 after buying an additional 281,453 shares during the period. Dimensional Fund Advisors LP boosted its position in AbbVie by 12.6% during the first quarter. Dimensional Fund Advisors LP now owns 4,667,023 shares of the company’s stock valued at $441,725,000 after buying an additional 522,029 shares during the period. Finally, Franklin Resources Inc. boosted its position in AbbVie by 8.5% during the first quarter. Franklin Resources Inc. now owns 4,359,665 shares of the company’s stock valued at $412,643,000 after buying an additional 340,709 shares during the period. 69.37% of the stock is currently owned by hedge funds and other institutional investors.
AbbVie stock opened at $95.68 on Friday. The company has a quick ratio of 0.71, a current ratio of 0.80 and a debt-to-equity ratio of -9.06. The stock has a market cap of $141.19 billion, a PE ratio of 17.09, a PEG ratio of 0.85 and a beta of 1.54. AbbVie Inc has a 1-year low of $83.19 and a 1-year high of $125.86.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 15th will be issued a dividend of $0.96 per share. The ex-dividend date is Friday, October 12th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.01%. AbbVie’s dividend payout ratio is currently 68.57%.
In other news, EVP Michael Severino sold 50,000 shares of the stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $97.52, for a total transaction of $4,876,000.00. Following the completion of the sale, the executive vice president now directly owns 111,481 shares in the company, valued at $10,871,627.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Glenn F. Tilton bought 5,400 shares of the company’s stock in a transaction dated Wednesday, June 27th. The shares were purchased at an average price of $91.90 per share, with a total value of $496,260.00. Following the completion of the acquisition, the director now owns 39,735 shares of the company’s stock, valued at approximately $3,651,646.50. The disclosure for this purchase can be found here. Corporate insiders own 0.07% of the company’s stock.
Several research firms have issued reports on ABBV. Berenberg Bank began coverage on shares of AbbVie in a research report on Thursday, July 12th. They set a “hold” rating and a $105.00 price target for the company. BMO Capital Markets restated a “sell” rating and set a $78.00 price target on shares of AbbVie in a research report on Friday, July 27th. Credit Suisse Group lowered shares of AbbVie from a “neutral” rating to a “sell” rating and cut their price target for the company from $104.00 to $89.00 in a research report on Tuesday, May 29th. Cowen set a $110.00 price target on shares of AbbVie and gave the company a “buy” rating in a research report on Friday, July 27th. Finally, Piper Jaffray Companies restated a “hold” rating and set a $100.00 price target on shares of AbbVie in a research report on Friday, July 27th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $106.31.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.
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