Inspirion Wealth Advisors LLC cut its holdings in shares of AbbVie Inc (NYSE:ABBV) by 1.2% in the 4th quarter, Holdings Channel reports. The firm owned 199,544 shares of the company’s stock after selling 2,505 shares during the quarter. AbbVie accounts for approximately 9.2% of Inspirion Wealth Advisors LLC’s investment portfolio, making the stock its 3rd biggest holding. Inspirion Wealth Advisors LLC’s holdings in AbbVie were worth $18,396,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in ABBV. Signature Estate & Investment Advisors LLC bought a new position in shares of AbbVie during the 3rd quarter worth $112,000. Truewealth LLC grew its stake in shares of AbbVie by 20.0% during the 4th quarter. Truewealth LLC now owns 1,669 shares of the company’s stock worth $154,000 after acquiring an additional 278 shares during the period. Kiley Juergens Wealth Management LLC grew its stake in shares of AbbVie by 69.3% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,761 shares of the company’s stock worth $166,000 after acquiring an additional 721 shares during the period. American Beacon Advisors Inc. bought a new position in shares of AbbVie during the 3rd quarter worth $169,000. Finally, SRS Capital Advisors Inc. bought a new position in shares of AbbVie during the 3rd quarter worth $187,000. 69.92% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on ABBV. Morgan Stanley set a $88.00 price target on AbbVie and gave the stock a “hold” rating in a research note on Thursday, December 20th. Zacks Investment Research downgraded AbbVie from a “buy” rating to a “hold” rating in a research note on Wednesday, January 23rd. BMO Capital Markets cut their price target on AbbVie from $78.00 to $71.00 and set an “underperform” rating for the company in a research note on Monday, November 5th. Barclays reiterated a “hold” rating and set a $86.00 price target on shares of AbbVie in a research note on Thursday, February 14th. Finally, Credit Suisse Group set a $79.00 price target on AbbVie and gave the stock a “hold” rating in a research note on Friday, January 25th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. AbbVie currently has an average rating of “Hold” and a consensus price target of $96.60.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, January 25th. The company reported $1.90 EPS for the quarter, missing the consensus estimate of $1.92 by ($0.02). AbbVie had a negative return on equity of 1,343.27% and a net margin of 17.36%. The company had revenue of $8.31 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the prior year, the business earned $1.48 EPS. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, equities analysts expect that AbbVie Inc will post 8.69 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 5.43%. AbbVie’s dividend payout ratio is currently 54.11%.
AbbVie declared that its Board of Directors has authorized a share buyback plan on Thursday, December 13th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 3.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
In other AbbVie news, Chairman Richard A. Gonzalez sold 16,850 shares of the firm’s stock in a transaction dated Tuesday, December 11th. The stock was sold at an average price of $88.75, for a total value of $1,495,437.50. Following the sale, the chairman now owns 286,203 shares of the company’s stock, valued at approximately $25,400,516.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP William J. Chase sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, December 12th. The shares were sold at an average price of $90.00, for a total value of $5,400,000.00. Following the transaction, the executive vice president now directly owns 104,863 shares in the company, valued at $9,437,670. The disclosure for this sale can be found here. In the last ninety days, insiders sold 263,440 shares of company stock worth $24,029,804. Insiders own 0.07% of the company’s stock.
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AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune diseases; IMBRUVICA, an oral therapy for treating chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C.
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