Migdal Insurance & Financial Holdings Ltd. Lowers Stake in AbbVie Inc (ABBV)
Migdal Insurance & Financial Holdings Ltd. reduced its stake in shares of AbbVie Inc (NYSE:ABBV) by 19.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 5,611 shares of the company’s stock after selling 1,341 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in AbbVie were worth $495,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently bought and sold shares of the company. Acropolis Investment Management LLC purchased a new position in shares of AbbVie during the second quarter worth $106,000. Hudock Capital Group LLC raised its holdings in shares of AbbVie by 109.5% during the second quarter. Hudock Capital Group LLC now owns 1,542 shares of the company’s stock worth $111,000 after purchasing an additional 806 shares during the last quarter. Ffcm LLC increased its holdings in AbbVie by 167.2% in the second quarter. Ffcm LLC now owns 1,539 shares of the company’s stock valued at $111,000 after buying an additional 963 shares in the last quarter. Bristlecone Advisors LLC purchased a new position in AbbVie in the third quarter valued at $113,000. Finally, BDO Wealth Advisors LLC purchased a new position in AbbVie in the second quarter valued at $115,000. Institutional investors and hedge funds own 69.19% of the company’s stock.
A number of research analysts have weighed in on ABBV shares. UBS Group cut shares of AbbVie from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $79.00 to $92.00 in a report on Monday, September 25th. Jefferies Group reaffirmed a “buy” rating and issued a $107.00 price objective on shares of AbbVie in a report on Thursday, September 28th. Deutsche Bank lifted their price objective on shares of AbbVie to $88.00 and gave the company a “hold” rating in a report on Thursday, September 28th. Morgan Stanley lifted their price objective on shares of AbbVie from $70.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, September 29th. Finally, Argus lifted their price objective on shares of AbbVie from $90.00 to $110.00 and gave the company a “buy” rating in a report on Friday, September 29th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $101.38.
In related news, insider Laura J. Schumacher sold 145,510 shares of the business’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $96.71, for a total transaction of $14,072,272.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Timothy J. Richmond sold 87,040 shares of the business’s stock in a transaction dated Monday, December 18th. The stock was 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 owns 113,118 shares in the company, valued at $11,136,467.10. The disclosure for this sale can be found here. Insiders have sold 494,676 shares of company stock valued at $47,237,938 in the last three months. Corporate insiders own 0.23% of the company’s stock.
Shares of AbbVie Inc (NYSE:ABBV) opened at $103.81 on Friday. The company has a market cap of $166,603.42, a PE ratio of 25.26, a PEG ratio of 1.23 and a beta of 1.52. The company has a debt-to-equity ratio of 5.08, a quick ratio of 1.32 and a current ratio of 1.45. AbbVie Inc has a one year low of $59.27 and a one year high of $104.85.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, October 27th. The company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The business had revenue of $7 billion during the quarter, compared to analysts’ expectations of $7 billion. AbbVie had a net margin of 24.38% and a return on equity of 153.80%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.21 earnings per share. research analysts forecast that AbbVie Inc will post 5.54 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Friday, January 12th will be paid a dividend of $0.71 per share. The ex-dividend date is Thursday, January 11th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.74%. This is a boost from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s payout ratio is currently 69.10%.
AbbVie Company Profile
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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