Brandywine Global Investment Management LLC cut its stake in AbbVie Inc (NYSE:ABBV) by 22.9% in the fourth quarter, Holdings Channel reports. The fund owned 1,146,610 shares of the company’s stock after selling 340,269 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in AbbVie were worth $105,706,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of AbbVie by 0.8% in the third quarter. Vanguard Group Inc. now owns 118,762,307 shares of the company’s stock valued at $11,232,540,000 after buying an additional 912,625 shares during the last quarter. Vanguard Group Inc raised its holdings in shares of AbbVie by 0.8% in the third quarter. Vanguard Group Inc now owns 118,762,307 shares of the company’s stock valued at $11,232,540,000 after buying an additional 912,625 shares during the last quarter. Northern Trust Corp raised its holdings in shares of AbbVie by 1.1% in the fourth quarter. Northern Trust Corp now owns 21,029,665 shares of the company’s stock valued at $1,938,725,000 after buying an additional 227,408 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of AbbVie by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 17,582,527 shares of the company’s stock valued at $1,617,957,000 after buying an additional 880,288 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of AbbVie by 0.3% in the fourth quarter. Bank of New York Mellon Corp now owns 15,921,433 shares of the company’s stock valued at $1,467,797,000 after buying an additional 41,680 shares during the last quarter. 70.53% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently issued reports on ABBV shares. UBS Group reissued a “neutral” rating and set a $91.00 price target (down from $97.00) on shares of AbbVie in a report on Wednesday, January 23rd. Zacks Investment Research cut shares of AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday, January 23rd. ValuEngine cut shares of AbbVie from a “hold” rating to a “sell” rating in a report on Friday, January 25th. Credit Suisse Group set a $79.00 price target on shares of AbbVie and gave the stock a “hold” rating in a report on Friday, January 25th. Finally, Barclays reissued a “hold” rating and set a $86.00 price target on shares of AbbVie in a report on Thursday, February 14th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $94.95.
In other AbbVie news, EVP Azita Saleki-Gerhardt sold 15,797 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $79.03, for a total transaction of $1,248,436.91. Following the transaction, the executive vice president now directly owns 93,312 shares in the company, valued at $7,374,447.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Laura J. Schumacher sold 25,000 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $80.00, for a total transaction of $2,000,000.00. Following the transaction, the insider now owns 139,838 shares in the company, valued at $11,187,040. The disclosure for this sale can be found here. Insiders have sold 41,272 shares of company stock worth $3,286,290 over the last 90 days. 0.08% of the stock is currently owned by company insiders.
Shares of ABBV opened at $79.46 on Monday. AbbVie Inc has a twelve month low of $75.62 and a twelve month high of $107.25. The stock has a market cap of $117.47 billion, a price-to-earnings ratio of 10.05, a P/E/G ratio of 1.62 and a beta of 1.14.
AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, April 25th. The company reported $2.14 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.08. AbbVie had a net margin of 16.42% and a negative return on equity of 221.09%. The company had revenue of $7.83 billion for the quarter, compared to analyst estimates of $7.81 billion. During the same period in the prior year, the business posted $1.87 earnings per share. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. Equities analysts anticipate that AbbVie Inc will post 8.83 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Monday, April 15th were given a dividend of $1.07 per share. The ex-dividend date was Friday, April 12th. This represents a $4.28 annualized dividend and a yield of 5.39%. AbbVie’s payout ratio is currently 54.11%.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström'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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