Wedge Capital Management L L P NC Decreases Stake in AbbVie Inc (NYSE:ABBV)
Wedge Capital Management L L P NC cut its stake in shares of AbbVie Inc (NYSE:ABBV) by 2.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 471,819 shares of the company’s stock after selling 13,115 shares during the quarter. Wedge Capital Management L L P NC’s holdings in AbbVie were worth $41,775,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in ABBV. BlackRock Inc. lifted its position in AbbVie by 3.3% in the second quarter. BlackRock Inc. now owns 98,295,272 shares of the company’s stock valued at $7,148,030,000 after acquiring an additional 3,100,309 shares during the last quarter. State Street Corp boosted its holdings in shares of AbbVie by 2.3% in the third quarter. State Street Corp now owns 68,783,527 shares of the company’s stock valued at $5,208,289,000 after acquiring an additional 1,516,048 shares during the period. Nuveen Asset Management LLC boosted its stake in AbbVie by 1,715.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 9,593,845 shares of the company’s stock worth $697,664,000 after purchasing an additional 9,065,487 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of AbbVie by 0.8% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 5,817,992 shares of the company’s stock worth $440,538,000 after buying an additional 48,571 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of AbbVie by 81.6% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 5,176,070 shares of the company’s stock valued at $376,404,000 after purchasing an additional 2,326,510 shares during the last quarter. Hedge funds and other institutional investors own 70.42% of the company’s stock.
Several analysts have recently weighed in on the stock. UBS Group lifted their target price on shares of AbbVie from $79.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Piper Jaffray Companies increased their price target on shares of AbbVie from $81.00 to $90.00 in a report on Friday, November 1st. Cowen raised their price objective on shares of AbbVie from $90.00 to $98.00 and gave the company an “outperform” rating in a research report on Thursday, December 26th. Bank of America downgraded shares of AbbVie from a “buy” rating to a “neutral” rating in a research report on Friday, January 3rd. Finally, Royal Bank of Canada initiated coverage on AbbVie in a report on Monday, January 6th. They issued a “sector perform” rating and a $86.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. AbbVie has an average rating of “Hold” and an average target price of $86.33.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, November 1st. The company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.04. AbbVie had a net margin of 9.90% and a negative return on equity of 155.96%. The company had revenue of $8.48 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the business posted $2.14 earnings per share. The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, equities analysts forecast that AbbVie Inc will post 8.95 EPS for the current fiscal year.
The company also recently declared a — dividend, which will be paid on Friday, February 14th. Stockholders of record on Wednesday, January 15th will be paid a dividend of $1.18 per share. This is a positive change from AbbVie’s previous — dividend of $1.07. The ex-dividend date is Tuesday, January 14th. This represents a dividend yield of 5.93%. AbbVie’s payout ratio is 59.67%.
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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