Pacer Advisors Inc. Decreases Stock Position in AbbVie Inc. (NYSE:ABBV)
Pacer Advisors Inc. cut its stake in AbbVie Inc. (NYSE:ABBV) by 6.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 120,054 shares of the company’s stock after selling 8,213 shares during the period. Pacer Advisors Inc.’s holdings in AbbVie were worth $12,992,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. OLD Mission Capital LLC purchased a new stake in AbbVie during the 3rd quarter worth about $242,000. First Commonwealth Financial Corp PA lifted its holdings in AbbVie by 22.0% during the 3rd quarter. First Commonwealth Financial Corp PA now owns 2,768 shares of the company’s stock worth $243,000 after buying an additional 499 shares during the last quarter. Financial Advisory Service Inc. lifted its holdings in AbbVie by 6.3% during the 3rd quarter. Financial Advisory Service Inc. now owns 7,507 shares of the company’s stock worth $658,000 after buying an additional 443 shares during the last quarter. Cubist Systematic Strategies LLC lifted its holdings in AbbVie by 131.4% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 145,583 shares of the company’s stock worth $12,752,000 after buying an additional 82,674 shares during the last quarter. Finally, Te Ahumairangi Investment Management Ltd purchased a new stake in AbbVie during the 3rd quarter worth about $6,502,000. Hedge funds and other institutional investors own 67.49% of the company’s stock.
ABBV has been the subject of a number of recent analyst reports. Royal Bank of Canada initiated coverage on AbbVie in a report on Wednesday. They set a $135.00 price target for the company. SVB Leerink lifted their target price on AbbVie from $140.00 to $144.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 30th. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $114.00 target price on the stock in a research report on Tuesday, February 9th. Morgan Stanley cut their target price on AbbVie from $120.00 to $116.00 and set an “overweight” rating on the stock in a research report on Thursday, January 28th. Finally, Mizuho lifted their target price on AbbVie from $117.00 to $126.00 and gave the stock a “buy” rating in a research report on Thursday, February 4th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $115.65.
AbbVie (NYSE:ABBV) last released its earnings results on Tuesday, February 2nd. The company reported $2.92 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.85 by $0.07. AbbVie had a return on equity of 439.24% and a net margin of 18.16%. The company had revenue of $13.86 billion for the quarter, compared to analysts’ expectations of $13.70 billion. During the same quarter in the previous year, the firm posted $2.21 EPS. The firm’s quarterly revenue was up 59.2% on a year-over-year basis. On average, research analysts predict that AbbVie Inc. will post 10.48 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 14th. Shareholders of record on Thursday, April 15th will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 4.88%. The ex-dividend date of this dividend is Wednesday, April 14th. AbbVie’s payout ratio is 58.17%.
In other news, CEO Richard A. Gonzalez sold 170,113 shares of the business’s stock in a transaction that occurred on Monday, March 1st. The stock was sold at an average price of $108.61, for a total transaction of $18,475,972.93. Following the sale, the chief executive officer now owns 450,981 shares of the company’s stock, valued at approximately $48,981,046.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Elaine K. Sorg sold 8,440 shares of the business’s stock in a transaction that occurred on Monday, March 1st. The stock was sold at an average price of $108.61, for a total value of $916,668.40. Following the sale, the senior vice president now directly owns 26,035 shares in the company, valued at approximately $2,827,661.35. The disclosure for this sale can be found here. Insiders have sold a total of 198,067 shares of company stock worth $21,511,667 in the last quarter. 0.09% of the stock is currently owned by insiders.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal BehÃ§et's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenstrÃ¶m's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.
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