State of Tennessee Treasury Department Sells 25,341 Shares of AbbVie Inc (ABBV)
State of Tennessee Treasury Department reduced its stake in AbbVie Inc (NYSE:ABBV) by 2.4% during the third quarter, Holdings Channel reports. The fund owned 1,049,126 shares of the company’s stock after selling 25,341 shares during the period. State of Tennessee Treasury Department’s holdings in AbbVie were worth $93,225,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Acropolis Investment Management LLC bought a new position in shares of AbbVie during the second quarter valued at $106,000. Hudock Capital Group LLC lifted 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 valued at $111,000 after purchasing an additional 806 shares in the last quarter. Ffcm LLC lifted its holdings in shares of AbbVie by 167.2% during the second quarter. Ffcm LLC now owns 1,539 shares of the company’s stock valued at $111,000 after purchasing an additional 963 shares in the last quarter. Bristlecone Advisors LLC bought a new position in shares of AbbVie during the third quarter valued at $113,000. Finally, BDO Wealth Advisors LLC bought a new position in shares of AbbVie during the second quarter valued at $115,000. 69.18% of the stock is currently owned by hedge funds and other institutional investors.
AbbVie Inc (NYSE:ABBV) opened at $99.27 on Friday. AbbVie Inc has a 1-year low of $59.27 and a 1-year high of $101.28. The company has a debt-to-equity ratio of 5.08, a current ratio of 1.45 and a quick ratio of 1.32. The firm has a market capitalization of $158,250.00, a PE ratio of 24.09, a price-to-earnings-growth ratio of 1.20 and a beta of 1.53.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, October 27th. The company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. The company had revenue of $7 billion for the quarter, compared to the consensus estimate of $7 billion. During the same quarter in the prior year, the company earned $1.21 earnings per share. AbbVie’s revenue was up 8.8% on a year-over-year basis. equities research analysts forecast that AbbVie Inc will post 5.55 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Friday, January 12th will be issued a $0.71 dividend. This is an increase from AbbVie’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, January 11th. This represents a $2.84 dividend on an annualized basis and a yield of 2.86%. AbbVie’s dividend payout ratio is currently 62.14%.
In other news, insider Henry O. Gosebruch sold 18,300 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $90.55, for a total value of $1,657,065.00. Following the transaction, the insider now owns 81,287 shares of the company’s stock, valued at $7,360,537.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Timothy J. Richmond sold 87,040 shares of the firm’s stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $98.45, for a total value of $8,569,088.00. Following the completion of the transaction, the senior vice president now directly owns 113,118 shares in the company, valued at approximately $11,136,467.10. The disclosure for this sale can be found here. In the last three months, insiders sold 494,676 shares of company stock worth $47,237,938. 0.23% of the stock is owned by corporate insiders.
A number of research analysts have recently issued reports on ABBV shares. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Tuesday, October 17th. BidaskClub downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 25th. Deutsche Bank upped their price target on AbbVie to $88.00 and gave the company a “hold” rating in a report on Thursday, September 28th. Jefferies Group reaffirmed a “buy” rating and set a $107.00 price target (up from $94.00) on shares of AbbVie in a report on Friday, September 15th. Finally, Vetr raised AbbVie from a “buy” rating to a “strong-buy” rating and set a $113.08 price target on the stock in a report on Wednesday, December 20th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $100.94.
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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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