Verition Fund Management LLC Purchases New Position in AbbVie Inc. (ABBV)

Verition Fund Management LLC purchased a new position in shares of AbbVie Inc. (NYSE:ABBV) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 6,769 shares of the company’s stock, valued at approximately $655,000.

Several other hedge funds have also modified their holdings of ABBV. Jennison Associates LLC raised its position in AbbVie by 85.3% during the 4th quarter. Jennison Associates LLC now owns 11,353,745 shares of the company’s stock valued at $1,098,021,000 after purchasing an additional 5,227,056 shares in the last quarter. Capital International Investors raised its position in AbbVie by 137.7% during the 3rd quarter. Capital International Investors now owns 7,854,929 shares of the company’s stock valued at $697,989,000 after purchasing an additional 4,550,954 shares in the last quarter. BlackRock Inc. raised its position in AbbVie by 2.8% during the 4th quarter. BlackRock Inc. now owns 101,322,201 shares of the company’s stock valued at $9,798,871,000 after purchasing an additional 2,714,857 shares in the last quarter. Amundi Pioneer Asset Management Inc. bought a new stake in AbbVie during the 4th quarter valued at $135,027,000. Finally, Swedbank bought a new stake in AbbVie during the 4th quarter valued at $130,841,000. 69.48% of the stock is owned by hedge funds and other institutional investors.

Shares of AbbVie opened at $105.98 on Monday, Marketbeat.com reports. AbbVie Inc. has a 1-year low of $64.80 and a 1-year high of $125.86. The company has a current ratio of 1.20, a quick ratio of 1.10 and a debt-to-equity ratio of 8.70. The firm has a market cap of $168.18 billion, a P/E ratio of 18.93, a price-to-earnings-growth ratio of 1.00 and a beta of 1.59.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, April 26th. The company reported $1.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.79 by $0.08. AbbVie had a return on equity of 186.47% and a net margin of 21.55%. The firm had revenue of $7.93 billion for the quarter, compared to the consensus estimate of $7.60 billion. During the same period in the previous year, the business earned $1.28 EPS. The firm’s revenue for the quarter was up 21.4% on a year-over-year basis. equities research analysts forecast that AbbVie Inc. will post 7.8 earnings per share for the current fiscal year.

AbbVie announced that its board has authorized a stock buyback plan on Thursday, February 15th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.

A number of research analysts have recently issued reports on ABBV shares. BMO Capital Markets cut their price target on AbbVie from $95.00 to $80.00 and set an “underperform” rating on the stock in a report on Friday, March 23rd. Jefferies Group set a $125.00 price target on AbbVie and gave the company a “buy” rating in a report on Friday, March 23rd. Credit Suisse Group cut their price target on AbbVie from $109.00 to $98.10 and set a “neutral” rating on the stock in a report on Friday, March 23rd. Bank of America set a $120.00 price target on AbbVie and gave the company a “hold” rating in a report on Monday, March 26th. Finally, Morgan Stanley cut their price target on AbbVie from $131.00 to $110.00 and set an “equal weight” rating on the stock in a report on Monday, April 30th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. AbbVie presently has an average rating of “Buy” and a consensus price target of $116.38.

In other AbbVie news, CFO William J. Chase sold 70,928 shares of the business’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $117.18, for a total transaction of $8,311,343.04. Following the sale, the chief financial officer now owns 203,391 shares in the company, valued at approximately $23,833,357.38. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 8,280 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $117.88, for a total value of $976,046.40. Following the sale, the chairman now owns 321,292 shares in the company, valued at approximately $37,873,900.96. The disclosure for this sale can be found here. In the last quarter, insiders have sold 211,197 shares of company stock worth $24,585,575. Company insiders own 0.07% of the company’s stock.

AbbVie Profile

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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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