25,944 Shares in AbbVie Inc (ABBV) Acquired by MHI Funds LLC
MHI Funds LLC bought a new position in shares of AbbVie Inc (NYSE:ABBV) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 25,944 shares of the company’s stock, valued at approximately $2,509,000. AbbVie comprises approximately 2.2% of MHI Funds LLC’s investment portfolio, making the stock its 26th largest holding.
Several other institutional investors have also modified their holdings of ABBV. Bristlecone Advisors LLC acquired a new stake in AbbVie during the third quarter valued at $113,000. Ffcm LLC grew its position in shares of 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 period. Hudock Capital Group LLC grew its position in shares of 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 period. Hershey Trust Co. acquired a new stake in shares of AbbVie in the third quarter valued at about $139,000. Finally, BDO Wealth Advisors LLC acquired a new stake in shares of AbbVie in the second quarter valued at about $115,000. 70.63% of the stock is owned by hedge funds and other institutional investors.
AbbVie Inc (NYSE:ABBV) opened at $119.75 on Wednesday. The firm has a market cap of $187,857.22, a PE ratio of 21.16, a P/E/G ratio of 1.12 and a beta of 1.52. AbbVie Inc has a 52-week low of $63.12 and a 52-week high of $125.86. The company has a debt-to-equity ratio of 6.07, a quick ratio of 1.18 and a current ratio of 1.28.
AbbVie declared that its Board of Directors has approved a share repurchase program on Thursday, February 15th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 15th. Investors of record on Friday, April 13th will be given a dividend of $0.96 per share. The ex-dividend date of this dividend is Thursday, April 12th. This is a positive change from AbbVie’s previous quarterly dividend of $0.71. This represents a $3.84 dividend on an annualized basis and a yield of 3.21%. AbbVie’s payout ratio is presently 86.32%.
In other AbbVie news, VP Robert A. Michael sold 992 shares of AbbVie stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $120.31, for a total transaction of $119,347.52. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Laura J. Schumacher sold 25,000 shares of AbbVie stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $117.85, for a total transaction of $2,946,250.00. Following the transaction, the insider now directly owns 123,317 shares in the company, valued at $14,532,908.45. The disclosure for this sale can be found here. Insiders have sold 443,747 shares of company stock worth $47,226,935 over the last 90 days. 0.23% of the stock is currently owned by company insiders.
Several brokerages have recently issued reports on ABBV. BMO Capital Markets set a $95.00 target price on shares of AbbVie and gave the company a “sell” rating in a research report on Tuesday. Vetr upgraded shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $128.42 target price on the stock in a research report on Tuesday, March 6th. Jefferies Group set a $145.00 target price on shares of AbbVie and gave the company a “buy” rating in a research report on Monday, February 26th. Evercore ISI reiterated a “buy” rating and issued a $144.00 target price on shares of AbbVie in a research report on Monday, January 29th. Finally, Leerink Swann set a $106.00 target price on shares of AbbVie and gave the company a “buy” rating in a research report on Tuesday, December 5th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $120.96.
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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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