AbbVie Inc. (ABBV) Holdings Cut by Garland Capital Management Inc.
Garland Capital Management Inc. decreased its stake in AbbVie Inc. (NYSE:ABBV) by 12.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,201 shares of the company’s stock after selling 8,055 shares during the period. AbbVie makes up 3.8% of Garland Capital Management Inc.’s portfolio, making the stock its 5th biggest position. Garland Capital Management Inc.’s holdings in AbbVie were worth $5,725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Bristlecone Advisors LLC purchased a new position in AbbVie in the third quarter valued at about $113,000. Ffcm LLC boosted its holdings in AbbVie by 167.2% in 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 during the last quarter. Hudock Capital Group LLC boosted its holdings in AbbVie by 109.5% in 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 during the last quarter. Hershey Trust Co. purchased a new position in AbbVie in the third quarter valued at about $139,000. Finally, BDO Wealth Advisors LLC purchased a new position in AbbVie in the second quarter valued at about $115,000. 70.51% of the stock is owned by institutional investors.
Shares of AbbVie stock opened at $113.71 on Monday. AbbVie Inc. has a one year low of $63.12 and a one year high of $125.86. The stock has a market capitalization of $180,568.41, a P/E ratio of 34.56, a price-to-earnings-growth ratio of 1.07 and a beta of 1.52. The company has a current ratio of 1.28, a quick ratio of 1.18 and a debt-to-equity ratio of 6.07.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be paid a dividend of $0.96 per share. The ex-dividend date is Thursday, April 12th. This represents a $3.84 annualized dividend and a yield of 3.38%. This is a boost from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s dividend payout ratio is presently 86.32%.
AbbVie announced that its Board of Directors has authorized a share repurchase program on Thursday, February 15th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
A number of research analysts recently commented on the company. Piper Jaffray Companies increased their price target on AbbVie from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, January 26th. SunTrust Banks increased their price target on AbbVie to $157.00 and gave the company an “average” rating in a report on Monday, January 29th. Leerink Swann downgraded AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price target for the company. in a report on Monday, January 29th. BMO Capital Markets downgraded AbbVie from a “market perform” rating to an “underperform” rating and reduced their price target for the company from $125.86 to $84.00 in a report on Monday, January 29th. They noted that the move was a valuation call. Finally, Evercore ISI reissued a “buy” rating and issued a $144.00 price target on shares of AbbVie in a report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $120.96.
In other news, VP Robert A. Michael sold 992 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $120.31, for a total transaction of $119,347.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 8,280 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $117.88, for a total value of $976,046.40. Following the sale, the chairman now owns 321,292 shares in the company, valued at $37,873,900.96. The disclosure for this sale can be found here. Insiders have sold 211,197 shares of company stock worth $24,585,575 in the last 90 days. 0.23% of the stock is currently owned by insiders.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.
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