EP Wealth Advisors LLC raised its stake in AbbVie Inc (NYSE:ABBV) by 90.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,969 shares of the company’s stock after purchasing an additional 4,250 shares during the quarter. EP Wealth Advisors LLC’s holdings in AbbVie were worth $848,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently modified their holdings of ABBV. Signature Estate & Investment Advisors LLC bought a new stake in AbbVie during the third quarter valued at $112,000. Mainstay Capital Management LLC ADV increased its holdings in AbbVie by 6,123.5% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 12,447 shares of the company’s stock valued at $143,000 after purchasing an additional 12,247 shares during the period. Kiley Juergens Wealth Management LLC increased its holdings in AbbVie by 69.3% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,761 shares of the company’s stock valued at $166,000 after purchasing an additional 721 shares during the period. American Beacon Advisors Inc. purchased a new position in AbbVie during the 3rd quarter valued at about $169,000. Finally, SRS Capital Advisors Inc. purchased a new position in AbbVie during the 3rd quarter valued at about $187,000. 70.63% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently commented on ABBV shares. SunTrust Banks dropped their price target on AbbVie from $157.00 to $135.00 and set a “buy” rating on the stock in a research report on Monday, October 22nd. Argus dropped their price target on AbbVie from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Tuesday, November 6th. Standpoint Research began coverage on AbbVie in a research report on Wednesday, December 26th. They issued a “buy” rating on the stock. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $100.00 price objective for the company in a report on Tuesday, January 8th. Finally, Morgan Stanley set a $88.00 price objective on shares of AbbVie and gave the stock a “hold” rating in a report on Thursday, December 20th. Five equities research 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 company. The stock has an average rating of “Hold” and a consensus target price of $96.85.
In other news, Vice Chairman Laura J. Schumacher sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, December 28th. The shares were sold at an average price of $90.00, for a total transaction of $2,250,000.00. Following the transaction, the insider now directly owns 134,322 shares of the company’s stock, valued at $12,088,980. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Henry O. Gosebruch sold 42,450 shares of the firm’s stock in a transaction that occurred on Thursday, November 29th. The stock was sold at an average price of $90.10, for a total transaction of $3,824,745.00. Following the transaction, the executive vice president now directly owns 30,350 shares in the company, valued at $2,734,535. The disclosure for this sale can be found here. In the last ninety days, insiders sold 263,440 shares of company stock valued at $24,029,804. 0.07% of the stock is owned by insiders.
AbbVie stock traded up $0.10 during mid-day trading on Monday, hitting $79.77. The stock had a trading volume of 4,764,128 shares, compared to its average volume of 8,079,101. AbbVie Inc has a one year low of $75.77 and a one year high of $122.00. The company has a market capitalization of $119.84 billion, a P/E ratio of 10.08, a P/E/G ratio of 1.20 and a beta of 1.17.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, January 25th. The company reported $1.90 EPS for the quarter, missing the Zacks’ consensus estimate of $1.92 by ($0.02). AbbVie had a net margin of 17.36% and a negative return on equity of 1,343.27%. The business had revenue of $8.31 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the business posted $1.48 EPS. The firm’s revenue was up 7.3% on a year-over-year basis. As a group, analysts anticipate that AbbVie Inc will post 8.69 earnings per share for the current fiscal year.
AbbVie announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 13th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the company to repurchase up to 3.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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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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