Fiduciary Trust Co. lowered its position in AbbVie Inc. (NYSE:ABBV) by 0.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 324,025 shares of the company’s stock after selling 1,323 shares during the period. AbbVie accounts for 0.9% of Fiduciary Trust Co.’s portfolio, making the stock its 26th largest holding. Fiduciary Trust Co.’s holdings in AbbVie were worth $31,337,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Capital Research Global Investors grew its stake in shares of AbbVie by 1.2% in the second quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock worth $12,926,708,000 after acquiring an additional 2,130,919 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of AbbVie by 3.3% in the second quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock worth $8,405,409,000 after acquiring an additional 3,706,941 shares during the last quarter. BlackRock Inc. grew its stake in shares of AbbVie by 2.0% in the second quarter. BlackRock Inc. now owns 94,074,962 shares of the company’s stock worth $6,821,375,000 after acquiring an additional 1,864,418 shares during the last quarter. Orbis Allan Gray Ltd grew its stake in shares of AbbVie by 35.7% in the second quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock worth $921,233,000 after acquiring an additional 3,340,038 shares during the last quarter. Finally, Woodford Investment Management Ltd grew its stake in shares of AbbVie by 8.6% in the second quarter. Woodford Investment Management Ltd now owns 11,854,758 shares of the company’s stock worth $859,589,000 after acquiring an additional 937,500 shares during the last quarter. Institutional investors own 70.51% of the company’s stock.
Several equities research analysts have recently issued reports on ABBV shares. Credit Suisse Group set a $135.00 price objective on shares of AbbVie and gave the stock a “hold” rating in a research note on Monday, January 29th. Leerink Swann downgraded shares of AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price objective on the stock. in a research note on Monday, January 29th. Jefferies Group set a $145.00 price objective on shares of AbbVie and gave the stock a “buy” rating in a research note on Monday, February 26th. BMO Capital Markets set a $84.00 price objective on shares of AbbVie and gave the stock a “hold” rating in a research note on Thursday, January 11th. Finally, ValuEngine downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $116.47.
In related news, EVP Carlos Alban sold 83,574 shares of the firm’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $114.49, for a total value of $9,568,387.26. Following the completion of the transaction, the executive vice president now directly owns 133,026 shares of the company’s stock, valued at $15,230,146.74. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO William J. Chase sold 70,928 shares of the firm’s stock in a transaction on Thursday, March 1st. The stock was sold at an average price of $117.18, for a total value of $8,311,343.04. Following the completion of the transaction, the chief financial officer now directly owns 203,391 shares of the company’s stock, valued at $23,833,357.38. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 211,197 shares of company stock valued at $24,585,575. 0.23% of the stock is owned by company insiders.
ABBV stock opened at $97.46 on Friday. The company has a market capitalization of $155,780.16, a price-to-earnings ratio of 17.55, a P/E/G ratio of 0.93 and a beta of 1.52. AbbVie Inc. has a 12-month low of $63.12 and a 12-month high of $125.86. The company has a debt-to-equity ratio of 6.07, a current ratio of 1.28 and a quick ratio of 1.18.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, January 26th. The company reported $1.48 EPS for the quarter, topping the consensus estimate of $1.44 by $0.04. The firm had revenue of $7.74 billion during the quarter, compared to analysts’ expectations of $7.53 billion. AbbVie had a return on equity of 158.15% and a net margin of 18.82%. AbbVie’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same period last year, the business earned $1.20 earnings per share. analysts predict that AbbVie Inc. will post 7.47 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Friday, April 13th will be given a $0.96 dividend. This is a boost from AbbVie’s previous quarterly dividend of $0.71. This represents a $3.84 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend is Thursday, April 12th. AbbVie’s dividend payout ratio (DPR) is 86.32%.
AbbVie declared that its Board of Directors has initiated a share buyback plan on Thursday, February 15th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
TRADEMARK VIOLATION WARNING: This piece was published by The Lincolnian Online and is the sole property of of The Lincolnian Online. If you are reading this piece on another publication, it was illegally copied and republished in violation of United States and international trademark & copyright laws. The legal version of this piece can be accessed at https://www.thelincolnianonline.com/2018/03/24/fiduciary-trust-co-reduces-position-in-abbvie-inc-abbv.html.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of 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.
Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV).
Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.