Norway Savings Bank grew its stake in shares of AbbVie Inc. (NYSE:ABBV) by 7.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,759 shares of the company’s stock after acquiring an additional 452 shares during the period. Norway Savings Bank’s holdings in AbbVie were worth $724,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. CVA Family Office LLC acquired a new position in shares of AbbVie in the 3rd quarter valued at about $26,000. Harding Loevner LP boosted its holdings in shares of AbbVie by 118.4% in the 3rd quarter. Harding Loevner LP now owns 332 shares of the company’s stock valued at $29,000 after buying an additional 180 shares during the period. James Investment Research Inc. acquired a new position in shares of AbbVie in the 3rd quarter valued at about $32,000. Roble Belko & Company Inc boosted its holdings in shares of AbbVie by 70.8% in the 3rd quarter. Roble Belko & Company Inc now owns 415 shares of the company’s stock valued at $36,000 after buying an additional 172 shares during the period. Finally, Horrell Capital Management Inc. acquired a new position in shares of AbbVie in the 3rd quarter valued at about $39,000. 67.49% of the stock is owned by institutional investors.
ABBV has been the subject of several research reports. Morgan Stanley lifted their price target on shares of AbbVie from $108.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, November 30th. Sanford C. Bernstein initiated coverage on shares of AbbVie in a research report on Tuesday, November 10th. They issued an “outperform” rating and a $120.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on shares of AbbVie from $115.00 to $120.00 and gave the company an “overweight” rating in a research report on Friday, October 16th. Truist initiated coverage on shares of AbbVie in a research report on Friday, October 23rd. They issued a “buy” rating and a $110.00 price objective on the stock. Finally, ValuEngine upgraded shares of AbbVie from a “strong sell” rating to a “sell” rating in a research report on Tuesday, December 1st. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the stock. AbbVie presently has a consensus rating of “Buy” and an average price target of $112.50.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, October 30th. The company reported $2.83 EPS for the quarter, topping analysts’ consensus estimates of $2.75 by $0.08. The company had revenue of $12.88 billion for the quarter, compared to the consensus estimate of $12.71 billion. AbbVie had a net margin of 18.16% and a return on equity of 439.24%. AbbVie’s revenue was up 51.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.33 EPS. On average, equities research analysts predict that AbbVie Inc. will post 10.48 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 16th. Stockholders of record on Friday, January 15th will be paid a $1.30 dividend. The ex-dividend date is Thursday, January 14th. This represents a $5.20 annualized dividend and a dividend yield of 4.62%. This is a boost from AbbVie’s previous quarterly dividend of $1.18. AbbVie’s payout ratio is currently 52.80%.
In other news, CEO Richard A. Gonzalez sold 231,604 shares of AbbVie stock in a transaction that occurred on Thursday, November 12th. The shares were sold at an average price of $96.88, for a total value of $22,437,795.52. Also, EVP Jeffrey Ryan Stewart sold 25,290 shares of AbbVie stock in a transaction that occurred on Tuesday, December 29th. The stock was sold at an average price of $105.00, for a total transaction of $2,655,450.00. Following the completion of the transaction, the executive vice president now directly owns 76,259 shares in the company, valued at approximately $8,007,195. The disclosure for this sale can be found here. Insiders sold a total of 308,884 shares of company stock worth $30,552,196 in the last ninety days. Corporate insiders own 0.09% of the company’s stock.
AbbVie Company Profile
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the United States, Japan, Germany, Canada, France, Spain, Italy, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal BehÃ§et's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenstrÃ¶m's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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