Norway Savings Bank cut its stake in shares of AbbVie Inc (NYSE:ABBV) by 5.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 5,824 shares of the company’s stock after selling 366 shares during the quarter. Norway Savings Bank’s holdings in AbbVie were worth $537,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in 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 boosted its position in shares of AbbVie by 6,123.5% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 12,447 shares of the company’s stock worth $143,000 after purchasing an additional 12,247 shares in the last quarter. Kiley Juergens Wealth Management LLC boosted its position in shares of AbbVie by 69.3% during the 3rd 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 in the last quarter. American Beacon Advisors Inc. bought a new position in shares of AbbVie during the 3rd quarter worth about $169,000. Finally, SRS Capital Advisors Inc. bought a new position in shares of AbbVie during the 3rd quarter worth about $187,000. Institutional investors own 70.63% of the company’s stock.

ABBV opened at $79.77 on Tuesday. AbbVie Inc has a fifty-two week low of $75.77 and a fifty-two week high of $122.00. The stock has a market capitalization of $119.84 billion, a P/E ratio of 10.08, a price-to-earnings-growth ratio of 1.20 and a beta of 1.17.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, January 25th. The company reported $1.90 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.92 by ($0.02). AbbVie had a negative return on equity of 1,343.27% and a net margin of 17.36%. The business had revenue of $8.31 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the prior year, the company earned $1.48 EPS. The company’s revenue was up 7.3% on a year-over-year basis. Analysts expect that AbbVie Inc will post 8.69 earnings per share for the current fiscal year.

AbbVie announced that its board has authorized a share buyback program on Thursday, December 13th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 3.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

In related news, insider Laura J. Schumacher sold 94,140 shares of the company’s stock in a transaction dated Tuesday, December 4th. The shares were sold at an average price of $93.58, for a total value of $8,809,621.20. Following the sale, the insider now owns 192,398 shares in the company, valued at approximately $18,004,604.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Laura J. Schumacher sold 25,000 shares of the company’s stock in a transaction dated Friday, December 28th. The stock was sold at an average price of $90.00, for a total transaction of $2,250,000.00. Following the completion of the sale, the insider now owns 134,322 shares in the company, valued at approximately $12,088,980. The disclosure for this sale can be found here. Insiders sold a total of 263,440 shares of company stock worth $24,029,804 in the last 90 days. 0.07% of the stock is currently owned by company insiders.

A number of equities analysts have recently issued reports on ABBV shares. ValuEngine cut shares of AbbVie from a “hold” rating to a “sell” rating in a research report on Friday, October 19th. Zacks Investment Research cut shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday, January 23rd. Bank of America cut shares of AbbVie from a “buy” rating to a “neutral” rating in a research report on Thursday, January 3rd. Morgan Stanley set a $88.00 price objective on shares of AbbVie and gave the stock a “hold” rating in a research report on Thursday, December 20th. Finally, Credit Suisse Group raised shares of AbbVie to a “hold” rating and set a $79.00 price objective on the stock in a research report on Thursday, January 17th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $96.85.

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AbbVie 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 to treat adults with genotype 1 chronic hepatitis C.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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