AbbVie Inc (ABBV) Position Lowered by Jennison Associates LLC
Jennison Associates LLC lessened its holdings in shares of AbbVie Inc (NYSE:ABBV) by 96.4% in the second quarter, HoldingsChannel reports. The fund owned 222,278 shares of the company’s stock after selling 5,970,070 shares during the period. Jennison Associates LLC’s holdings in AbbVie were worth $20,594,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in ABBV. Cornerstone Wealth Management LLC raised its holdings in shares of AbbVie by 8,774.3% during the second quarter. Cornerstone Wealth Management LLC now owns 1,102,183 shares of the company’s stock valued at $11,837,000 after acquiring an additional 1,089,763 shares in the last quarter. Summit Trail Advisors LLC grew its stake in AbbVie by 7,637.2% in the first quarter. Summit Trail Advisors LLC now owns 997,253 shares of the company’s stock worth $997,000 after purchasing an additional 984,364 shares during the period. Mackay Shields LLC purchased a new stake in AbbVie in the first quarter worth $69,341,000. Rock Springs Capital Management LP purchased a new stake in AbbVie in the first quarter worth $56,790,000. Finally, SG Americas Securities LLC grew its stake in AbbVie by 162.0% in the first quarter. SG Americas Securities LLC now owns 921,963 shares of the company’s stock worth $87,264,000 after purchasing an additional 570,075 shares during the period. Institutional investors own 69.31% of the company’s stock.
NYSE ABBV opened at $95.37 on Tuesday. AbbVie Inc has a 12 month low of $83.19 and a 12 month high of $125.86. The firm has a market capitalization of $144.89 billion, a PE ratio of 14.15, a P/E/G ratio of 0.87 and a beta of 1.54. The company has a debt-to-equity ratio of -9.06, a quick ratio of 0.71 and a current ratio of 0.80.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 15th will be paid a $0.96 dividend. The ex-dividend date is Friday, October 12th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.03%. AbbVie’s dividend payout ratio is currently 68.57%.
In related news, Director Glenn F. Tilton bought 5,400 shares of the business’s stock in a transaction dated Wednesday, June 27th. The shares were purchased at an average cost of $91.90 per share, with a total value of $496,260.00. Following the completion of the purchase, the director now owns 39,735 shares in the company, valued at approximately $3,651,646.50. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael Severino sold 50,000 shares of the stock in a transaction on Friday, August 17th. The shares were sold at an average price of $97.52, for a total value of $4,876,000.00. Following the sale, the executive vice president now directly owns 111,481 shares in the company, valued at $10,871,627.12. The disclosure for this sale can be found here. Corporate insiders own 0.07% of the company’s stock.
Several brokerages recently weighed in on ABBV. Berenberg Bank began coverage on AbbVie in a research note on Thursday, July 12th. They issued a “hold” rating and a $105.00 price target on the stock. BMO Capital Markets reaffirmed a “sell” rating and issued a $78.00 price target on shares of AbbVie in a research note on Friday, July 27th. Credit Suisse Group cut AbbVie from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $104.00 to $89.00 in a research note on Tuesday, May 29th. Cowen set a $110.00 price target on AbbVie and gave the stock a “buy” rating in a research note on Friday, July 27th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $100.00 price target on shares of AbbVie in a research note on Friday, July 27th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. AbbVie currently has a consensus rating of “Hold” and a consensus price target of $106.31.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for 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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