AbbVie Inc (ABBV) Shares Sold by Norway Savings Bank
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 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.
ILLEGAL ACTIVITY WARNING: This news story was first reported by Watch List News and is the sole property of of Watch List News. If you are accessing this news story on another domain, it was stolen and reposted in violation of U.S. and international copyright and trademark law. The legal version of this news story can be accessed at https://www.watchlistnews.com/abbvie-inc-abbv-shares-sold-by-norway-savings-bank/2814998.html.
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.
Featured Story: Outstanding Shares
Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc (NYSE:ABBV).
Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.