Spirit of America Management Corp NY raised its holdings in shares of AbbVie Inc (NYSE:ABBV) by 12.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,300 shares of the company’s stock after acquiring an additional 600 shares during the quarter. Spirit of America Management Corp NY’s holdings in AbbVie were worth $489,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the business. Signature Estate & Investment Advisors LLC acquired a new stake in shares of AbbVie during the 3rd quarter valued at about $112,000. Mainstay Capital Management LLC ADV lifted its holdings in shares of AbbVie by 6,123.5% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 12,447 shares of the company’s stock valued at $143,000 after buying an additional 12,247 shares during the last quarter. Kiley Juergens Wealth Management LLC lifted its holdings in shares of AbbVie by 69.3% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,761 shares of the company’s stock valued at $166,000 after buying an additional 721 shares during the last quarter. American Beacon Advisors Inc. acquired a new stake in shares of AbbVie during the 3rd quarter valued at about $169,000. Finally, SRS Capital Advisors Inc. acquired a new stake in shares of AbbVie during the 3rd quarter valued at about $187,000. 69.65% of the stock is currently owned by institutional investors.
In other news, 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 transaction of $1,495,437.50. Following the completion of the transaction, the chairman now directly owns 286,203 shares in the company, valued at $25,400,516.25. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Vice Chairman Laura J. Schumacher sold 25,000 shares of the company’s stock in a transaction that occurred on Saturday, December 28th. The stock was sold at an average price of $90.00, for a total value of $2,250,000.00. Following the transaction, the insider now owns 134,322 shares of the company’s stock, valued at $12,088,980. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 263,440 shares of company stock valued at $24,029,804. Corporate insiders own 0.07% of the company’s stock.
Several equities research analysts have recently issued reports on ABBV shares. SunTrust Banks reduced their price target on AbbVie from $157.00 to $135.00 and set a “buy” rating for the company in a report on Monday, October 22nd. Argus reduced their price target on AbbVie from $130.00 to $115.00 and set a “buy” rating for the company in a report on Tuesday, November 6th. Standpoint Research started coverage on AbbVie in a report on Wednesday, December 26th. They set a “buy” rating for the company. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a report on Tuesday, January 8th. Finally, Morgan Stanley set a $88.00 price target on AbbVie and gave the company a “hold” rating in a report on Thursday, December 20th. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. AbbVie has a consensus rating of “Hold” and an average price target of $96.85.
ABBV opened at $79.69 on Wednesday. AbbVie Inc has a twelve month low of $75.77 and a twelve month high of $122.00. The company has a market capitalization of $118.13 billion, a P/E ratio of 10.07, a P/E/G ratio of 1.19 and a beta of 1.17.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, January 25th. The company reported $1.90 earnings per share 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 analyst estimates of $8.37 billion. During the same quarter last year, the firm posted $1.48 earnings per share. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. Analysts predict that AbbVie Inc will post 8.69 earnings per share for the current year.
AbbVie declared that its Board of Directors has approved a share repurchase 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 stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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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