AbbVie Inc (ABBV) Shares Sold by First Financial Corp IN
First Financial Corp IN cut its stake in AbbVie Inc (NYSE:ABBV) by 11.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,133 shares of the company’s stock after selling 1,511 shares during the period. AbbVie accounts for approximately 0.8% of First Financial Corp IN’s portfolio, making the stock its 23rd largest position. First Financial Corp IN’s holdings in AbbVie were worth $1,173,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Westchester Capital Management Inc. lifted its holdings in shares of AbbVie by 1.7% during the second quarter. Westchester Capital Management Inc. now owns 147,343 shares of the company’s stock valued at $10,684,000 after purchasing an additional 2,509 shares during the last quarter. Signature Financial Management Inc. lifted its holdings in shares of AbbVie by 25.2% during the second quarter. Signature Financial Management Inc. now owns 5,598 shares of the company’s stock valued at $407,000 after purchasing an additional 1,127 shares during the last quarter. Bingham Osborn & Scarborough LLC lifted its holdings in shares of AbbVie by 9.1% during the second quarter. Bingham Osborn & Scarborough LLC now owns 21,119 shares of the company’s stock valued at $1,531,000 after purchasing an additional 1,754 shares during the last quarter. Pinnacle Financial Partners Inc. lifted its holdings in shares of AbbVie by 42.9% during the second quarter. Pinnacle Financial Partners Inc. now owns 111,107 shares of the company’s stock valued at $8,057,000 after purchasing an additional 33,375 shares during the last quarter. Finally, Rational Advisors LLC purchased a new position in shares of AbbVie during the second quarter valued at approximately $660,000. Institutional investors and hedge funds own 69.49% of the company’s stock.
In other news, VP Robert A. Michael sold 4,294 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $119.43, for a total transaction of $512,832.42. Following the completion of the sale, the vice president now owns 11,170 shares of the company’s stock, valued at approximately $1,334,033.10. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Robert A. Michael sold 992 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $120.31, for a total transaction of $119,347.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 443,747 shares of company stock valued at $47,226,935. 0.23% of the stock is currently owned by insiders.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, January 26th. The company reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.04. AbbVie had a net margin of 18.82% and a return on equity of 158.15%. The business had revenue of $7.74 billion during the quarter, compared to the consensus estimate of $7.53 billion. During the same quarter in the previous year, the firm posted $1.20 EPS. The firm’s revenue was up 13.9% on a year-over-year basis. equities analysts expect that AbbVie Inc will post 7.48 earnings per share for the current year.
AbbVie announced that its Board of Directors has initiated a share repurchase plan on Thursday, February 15th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 15th. Shareholders of record on Friday, April 13th will be given a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date is Thursday, April 12th. This is an increase from AbbVie’s previous quarterly dividend of $0.71. AbbVie’s payout ratio is 86.32%.
ABBV has been the subject of a number of recent analyst reports. Jefferies Group set a $145.00 price objective on shares of AbbVie and gave the stock a “buy” rating in a report on Monday, February 26th. BidaskClub upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 11th. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $108.00 price objective for the company in a report on Tuesday, January 2nd. Vetr upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $113.08 price objective for the company in a report on Wednesday, December 20th. Finally, Credit Suisse Group set a $98.00 price objective on shares of AbbVie and gave the stock a “hold” rating in a report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $120.01.
AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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