First Merchants Corp Increases Holdings in AbbVie Inc (ABBV)
First Merchants Corp raised its stake in shares of AbbVie Inc (NYSE:ABBV) by 114.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 71,497 shares of the company’s stock after buying an additional 38,196 shares during the period. AbbVie comprises approximately 1.1% of First Merchants Corp’s holdings, making the stock its 21st largest position. First Merchants Corp’s holdings in AbbVie were worth $6,352,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Morse Asset Management Inc increased its stake in shares of AbbVie by 15.2% in the 3rd quarter. Morse Asset Management Inc now owns 61,510 shares of the company’s stock worth $5,466,000 after purchasing an additional 8,120 shares in the last quarter. Csenge Advisory Group purchased a new stake in shares of AbbVie in the 3rd quarter worth $2,715,000. Andra AP fonden increased its stake in shares of AbbVie by 17.3% in the 3rd quarter. Andra AP fonden now owns 87,500 shares of the company’s stock worth $7,775,000 after purchasing an additional 12,915 shares in the last quarter. Palisade Capital Management LLC NJ increased its stake in shares of AbbVie by 2.4% in the 3rd quarter. Palisade Capital Management LLC NJ now owns 38,315 shares of the company’s stock worth $3,405,000 after purchasing an additional 885 shares in the last quarter. Finally, McKinley Carter Wealth Services Inc. increased its stake in shares of AbbVie by 55.1% in the 3rd quarter. McKinley Carter Wealth Services Inc. now owns 6,849 shares of the company’s stock worth $609,000 after purchasing an additional 2,432 shares in the last quarter. Institutional investors and hedge funds own 69.18% of the company’s stock.
In other AbbVie news, insider Henry O. Gosebruch sold 18,300 shares of the stock in a transaction dated Monday, October 30th. The shares were sold at an average price of $90.55, for a total transaction of $1,657,065.00. Following the completion of the transaction, the insider now owns 81,287 shares of the company’s stock, valued at approximately $7,360,537.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Timothy J. Richmond sold 87,040 shares of the stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $98.45, for a total transaction of $8,569,088.00. Following the transaction, the senior vice president now directly owns 113,118 shares of the company’s stock, valued at approximately $11,136,467.10. The disclosure for this sale can be found here. Insiders sold a total of 494,676 shares of company stock valued at $47,237,938 in the last quarter. 0.23% of the stock is currently owned by company insiders.
Several equities research analysts have recently commented on ABBV shares. Evercore ISI restated an “outperform” rating and issued a $100.00 price objective (up from $95.00) on shares of AbbVie in a research note on Saturday, September 30th. Societe Generale upped their price objective on AbbVie in a research note on Tuesday, November 21st. Jefferies Group upped their price objective on AbbVie from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, January 4th. Barclays restated a “hold” rating and issued a $68.00 price objective on shares of AbbVie in a research note on Thursday, September 28th. Finally, ValuEngine lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 1st. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. AbbVie has an average rating of “Buy” and an average price target of $100.94.
Shares of AbbVie Inc (ABBV) opened at $100.24 on Wednesday. AbbVie Inc has a 12 month low of $59.27 and a 12 month high of $101.28. The company has a quick ratio of 1.32, a current ratio of 1.45 and a debt-to-equity ratio of 5.08. The stock has a market capitalization of $159,790.00, a price-to-earnings ratio of 24.33, a price-to-earnings-growth ratio of 1.20 and a beta of 1.53.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.02. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. The business had revenue of $7 billion during the quarter, compared to analyst estimates of $7 billion. During the same quarter in the prior year, the business posted $1.21 EPS. AbbVie’s revenue for the quarter was up 8.8% compared to the same quarter last year. equities analysts expect that AbbVie Inc will post 5.55 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Thursday, January 11th. This is a positive change from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s dividend payout ratio is presently 62.14%.
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AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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