AbbVie Inc (ABBV) Position Boosted by Ballentine Partners LLC
Ballentine Partners LLC lifted its holdings in shares of AbbVie Inc (NYSE:ABBV) by 9.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,525 shares of the company’s stock after acquiring an additional 770 shares during the quarter. Ballentine Partners LLC’s holdings in AbbVie were worth $806,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in the stock. Signature Estate & Investment Advisors LLC purchased a new stake in AbbVie in the third quarter worth $112,000. First Mercantile Trust Co. purchased a new stake in AbbVie in the second quarter worth $150,000. MUFG Securities EMEA plc purchased a new stake in AbbVie in the second quarter worth $157,000. Kiley Juergens Wealth Management LLC grew its stake in AbbVie by 69.3% in the third quarter. Kiley Juergens Wealth Management LLC now owns 1,761 shares of the company’s stock worth $166,000 after purchasing an additional 721 shares during the period. Finally, S. R. Schill & Associates purchased a new stake in AbbVie in the second quarter worth $200,000. Institutional investors own 69.85% of the company’s stock.
In other AbbVie news, EVP Henry O. Gosebruch sold 42,450 shares of the stock in a transaction dated Thursday, November 29th. The stock was sold at an average price of $90.10, for a total value of $3,824,745.00. Following the transaction, the executive vice president now owns 30,350 shares of the company’s stock, valued at $2,734,535. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.07% of the stock is currently owned by corporate insiders.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, November 2nd. The company reported $2.14 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.13. AbbVie had a return on equity of 2,006.63% and a net margin of 23.50%. The company had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $8.23 billion. During the same quarter in the prior year, the company earned $1.41 earnings per share. AbbVie’s revenue was up 17.7% on a year-over-year basis. On average, equities analysts predict that AbbVie Inc will post 7.93 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Shareholders of record on Tuesday, January 15th will be issued a $1.07 dividend. This is an increase from AbbVie’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Monday, January 14th. This represents a $4.28 dividend on an annualized basis and a yield of 4.74%. AbbVie’s dividend payout ratio is currently 68.57%.
A number of equities research analysts have recently commented on the company. Credit Suisse Group set a $85.00 target price on AbbVie and gave the stock a “sell” rating in a research note on Saturday, October 20th. BMO Capital Markets cut their target price on AbbVie from $78.00 to $71.00 and set an “underperform” rating on the stock in a research note on Monday, November 5th. SunTrust Banks cut their target price on AbbVie from $157.00 to $135.00 and set a “buy” rating on the stock in a research note on Monday, October 22nd. ValuEngine raised AbbVie from a “sell” rating to a “hold” rating in a research note on Monday, November 12th. Finally, Argus cut their target price on AbbVie from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday, November 6th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $103.68.
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AbbVie Company Profile
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, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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