AbbVie Inc. (ABBV) is Guinness Asset Management Ltd’s 8th Largest Position
Guinness Asset Management Ltd lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 23.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 135,100 shares of the company’s stock after selling 40,790 shares during the period. AbbVie comprises 2.7% of Guinness Asset Management Ltd’s holdings, making the stock its 8th biggest position. Guinness Asset Management Ltd’s holdings in AbbVie were worth $13,066,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Financial Advisory Group lifted its position in AbbVie by 6.1% during the second quarter. Financial Advisory Group now owns 3,500 shares of the company’s stock valued at $254,000 after acquiring an additional 200 shares during the last quarter. Family Firm Inc. lifted its position in AbbVie by 20.8% during the second quarter. Family Firm Inc. now owns 4,654 shares of the company’s stock valued at $337,000 after acquiring an additional 802 shares during the last quarter. Willingdon Wealth Management lifted its position in AbbVie by 5.6% during the second quarter. Willingdon Wealth Management now owns 31,585 shares of the company’s stock valued at $2,290,000 after acquiring an additional 1,674 shares during the last quarter. Andra AP fonden lifted its position in AbbVie by 11.8% during the second quarter. Andra AP fonden now owns 74,585 shares of the company’s stock valued at $5,408,000 after acquiring an additional 7,885 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in AbbVie by 13.3% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 362,165 shares of the company’s stock valued at $26,261,000 after acquiring an additional 42,632 shares during the last quarter. 70.51% of the stock is owned by hedge funds and other institutional investors.
Shares of AbbVie stock opened at $112.45 on Thursday. The firm has a market cap of $178,885.16, a price-to-earnings ratio of 34.18, a PEG ratio of 1.06 and a beta of 1.52. AbbVie Inc. has a 52 week low of $63.12 and a 52 week high of $125.86. The company has a quick ratio of 1.18, a current ratio of 1.28 and a debt-to-equity ratio of 6.07.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Stockholders of record on Friday, April 13th will be paid a $0.96 dividend. The ex-dividend date is Thursday, April 12th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 3.41%. This is a positive change from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio is presently 86.32%.
AbbVie declared that its board has initiated a stock buyback plan on Thursday, February 15th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
A number of equities research analysts recently commented on ABBV shares. SunTrust Banks increased their target price on shares of AbbVie to $157.00 and gave the company an “average” rating in a research report on Monday, January 29th. Jefferies Group increased their target price on shares of AbbVie from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, January 4th. Piper Jaffray Companies reissued a “buy” rating on shares of AbbVie in a research report on Tuesday, January 2nd. Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $108.00 target price for the company in a research report on Tuesday, January 2nd. Finally, Leerink Swann set a $106.00 price target on shares of AbbVie and gave the company a “buy” rating in a research note on Tuesday, December 5th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. AbbVie currently has a consensus rating of “Buy” and an average price target of $120.96.
In other AbbVie news, EVP Carlos Alban sold 83,574 shares of the stock in a transaction on 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 transaction, the executive vice president now directly owns 133,026 shares of the company’s stock, valued at $15,230,146.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO William J. Chase sold 70,928 shares of the stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $117.18, for a total transaction of $8,311,343.04. Following the transaction, the chief financial officer now directly owns 203,391 shares in the company, valued at $23,833,357.38. The disclosure for this sale can be found here. Insiders sold 211,197 shares of company stock worth $24,585,575 in the last quarter. Company insiders own 0.23% of the company’s stock.
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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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