HBK Sorce Advisory LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 45.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,256 shares of the company’s stock after buying an additional 6,029 shares during the period. HBK Sorce Advisory LLC’s holdings in AbbVie were worth $1,862,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Truewealth LLC bought a new position in AbbVie during the fourth quarter worth $126,000. Delpha Capital Management LLC bought a new position in AbbVie during the fourth quarter worth $131,000. Virtue Capital Management LLC bought a new position in AbbVie during the fourth quarter worth $139,000. Trustcore Financial Services LLC bought a new position in AbbVie during the fourth quarter worth $148,000. Finally, Premia Global Advisors LLC bought a new position in AbbVie during the fourth quarter worth $155,000. Institutional investors and hedge funds own 69.48% of the company’s stock.
In related news, EVP Carlos Alban sold 83,574 shares of the company’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $114.49, for a total transaction of $9,568,387.26. Following the completion of the sale, the executive vice president now owns 133,026 shares of the company’s stock, valued at $15,230,146.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William J. Chase sold 70,928 shares of the company’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 directly owns 203,391 shares of the company’s stock, valued at approximately $23,833,357.38. The disclosure for this sale can be found here. Insiders have sold 210,205 shares of company stock valued at $24,466,228 in the last ninety days. 0.07% of the stock is currently owned by company insiders.
Shares of AbbVie opened at $106.23 on Tuesday, MarketBeat reports. The stock has a market capitalization of $168.18 billion, a PE ratio of 18.97, a price-to-earnings-growth ratio of 1.00 and a beta of 1.59. AbbVie Inc. has a 52-week low of $64.80 and a 52-week high of $125.86. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.20 and a quick ratio of 1.10.
AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, April 26th. The company reported $1.87 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.08. The company had revenue of $7.93 billion during the quarter, compared to analysts’ expectations of $7.60 billion. AbbVie had a net margin of 21.55% and a return on equity of 186.47%. AbbVie’s quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.28 earnings per share. analysts anticipate that AbbVie Inc. will post 7.8 earnings per share for the current year.
AbbVie announced that its board has authorized a stock buyback program on Thursday, February 15th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
A number of research firms have commented on ABBV. BMO Capital Markets reaffirmed a “sell” rating and set a $81.00 price objective on shares of AbbVie in a research report on Tuesday, May 1st. Morgan Stanley reduced their price objective on shares of AbbVie from $131.00 to $110.00 and set an “equal weight” rating for the company in a research report on Monday, April 30th. Credit Suisse Group reduced their price objective on shares of AbbVie from $109.00 to $104.00 and set a “neutral” rating for the company in a research report on Friday, April 27th. Jefferies Group set a $122.00 price objective on shares of AbbVie and gave the stock a “buy” rating in a research report on Friday, April 13th. Finally, Barclays reduced their price objective on shares of AbbVie from $120.00 to $102.00 and set an “equal weight” rating for the company in a research report on Thursday, April 5th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. AbbVie has an average rating of “Buy” and an average price target of $116.38.
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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