Park National Corp OH boosted its position in shares of AbbVie Inc (NYSE:ABBV) by 5.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 285,307 shares of the company’s stock after buying an additional 15,569 shares during the quarter. AbbVie accounts for approximately 1.6% of Park National Corp OH’s investment portfolio, making the stock its 18th largest position. Park National Corp OH’s holdings in AbbVie were worth $26,302,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ellenbecker Investment Group bought a new stake in shares of AbbVie during the fourth quarter worth $314,000. Northwest Quadrant Wealth Management LLC lifted its position in shares of AbbVie by 13.3% during the third quarter. Northwest Quadrant Wealth Management LLC now owns 2,577 shares of the company’s stock worth $226,000 after purchasing an additional 302 shares during the last quarter. Cornerstone Advisors Inc. lifted its position in shares of AbbVie by 4.2% during the third quarter. Cornerstone Advisors Inc. now owns 4,396 shares of the company’s stock worth $416,000 after purchasing an additional 178 shares during the last quarter. Central Bank & Trust Co. lifted its position in shares of AbbVie by 4.7% during the third quarter. Central Bank & Trust Co. now owns 8,124 shares of the company’s stock worth $768,000 after purchasing an additional 366 shares during the last quarter. Finally, Avitas Wealth Management LLC lifted its position in shares of AbbVie by 0.9% during the third quarter. Avitas Wealth Management LLC now owns 16,717 shares of the company’s stock worth $1,581,000 after purchasing an additional 150 shares during the last quarter. 70.63% of the stock is owned by institutional investors.
In other news, insider Laura J. Schumacher sold 94,140 shares of the company’s stock in a transaction that occurred on Tuesday, December 4th. The stock was sold at an average price of $93.58, for a total transaction of $8,809,621.20. Following the completion of the transaction, the insider now directly owns 192,398 shares of the company’s stock, valued at approximately $18,004,604.84. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Richard A. Gonzalez sold 16,850 shares of the company’s stock in a transaction that occurred on Tuesday, December 11th. The stock was sold at an average price of $88.75, for a total value of $1,495,437.50. Following the transaction, the chairman now directly owns 286,203 shares of the company’s stock, valued at $25,400,516.25. The disclosure for this sale can be found here. In the last 90 days, insiders sold 263,440 shares of company stock worth $24,029,804. Insiders own 0.07% of the company’s stock.
Shares of NYSE ABBV opened at $80.79 on Thursday. The company has a market capitalization of $118.80 billion, a P/E ratio of 10.21, a PEG ratio of 1.20 and a beta of 1.17. AbbVie Inc has a 52 week low of $75.77 and a 52 week high of $122.00.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, January 25th. The company reported $1.90 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.92 by ($0.02). AbbVie had a negative return on equity of 1,343.27% and a net margin of 17.36%. The company had revenue of $8.31 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the prior year, the company posted $1.48 EPS. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. As a group, equities analysts expect that AbbVie Inc will post 8.69 EPS for the current year.
AbbVie declared that its Board of Directors has authorized a stock buyback program on Thursday, December 13th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the company to repurchase up to 3.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.
Several analysts have recently weighed in on the company. Credit Suisse Group set a $79.00 target price on AbbVie and gave the stock a “hold” rating in a research report on Friday, January 25th. ValuEngine downgraded AbbVie from a “hold” rating to a “sell” rating in a report on Friday, January 25th. Zacks Investment Research downgraded AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday, January 23rd. UBS Group restated a “neutral” rating and issued a $91.00 price objective (down from $97.00) on shares of AbbVie in a report on Wednesday, January 23rd. Finally, Bank of America downgraded AbbVie from a “buy” rating to a “neutral” rating in a report on Thursday, January 3rd. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $96.85.
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AbbVie Company Profile
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.
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