Traders Buy AbbVie (ABBV) on Weakness
Traders bought shares of AbbVie Inc (NYSE:ABBV) on weakness during trading hours on Thursday. $265.83 million flowed into the stock on the tick-up and $144.78 million flowed out of the stock on the tick-down, for a money net flow of $121.05 million into the stock. Of all equities tracked, AbbVie had the 12th highest net in-flow for the day. AbbVie traded down ($0.22) for the day and closed at $90.33
Several equities analysts have commented on ABBV shares. BMO Capital Markets reissued a “sell” rating and set a $78.00 target price on shares of AbbVie in a research report on Wednesday, August 22nd. ValuEngine cut shares of AbbVie from a “hold” rating to a “sell” rating in a research report on Friday, October 19th. Bank of America lifted their target price on shares of AbbVie from $105.00 to $107.00 and gave the stock a “buy” rating in a research report on Wednesday, August 22nd. Credit Suisse Group set a $85.00 target price on shares of AbbVie and gave the stock a “hold” rating in a research report on Friday, November 2nd. Finally, Wolfe Research started coverage on shares of AbbVie in a research report on Tuesday, October 23rd. They set an “underperform” rating on the stock. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $103.68.
The company has a debt-to-equity ratio of 8.70, a quick ratio of 1.08 and a current ratio of 1.20. The firm has a market capitalization of $136.21 billion, a P/E ratio of 12.09, a P/E/G ratio of 0.84 and a beta of 1.68.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Investors of record on Tuesday, January 15th will be issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.74%. The ex-dividend date is Monday, January 14th. This is a boost from AbbVie’s previous quarterly dividend of $0.96. AbbVie’s payout ratio is 68.57%.
In related news, EVP Henry O. Gosebruch sold 42,450 shares of AbbVie stock in a transaction that occurred on Thursday, November 29th. The shares were sold at an average price of $90.10, for a total value of $3,824,745.00. Following the sale, the executive vice president now owns 30,350 shares of the company’s stock, valued at approximately $2,734,535. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.07% of the company’s stock.
A number of hedge funds have recently modified their holdings of ABBV. Trust Co. of Vermont raised its holdings in AbbVie by 0.7% during the 2nd quarter. Trust Co. of Vermont now owns 215,371 shares of the company’s stock valued at $19,955,000 after acquiring an additional 1,449 shares during the period. Atlas Brown Inc. raised its holdings in AbbVie by 2.0% during the 2nd quarter. Atlas Brown Inc. now owns 31,200 shares of the company’s stock valued at $302,000 after acquiring an additional 608 shares during the period. First Citizens Bank & Trust Co. raised its holdings in AbbVie by 18.2% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 31,450 shares of the company’s stock valued at $2,913,000 after acquiring an additional 4,842 shares during the period. Vigilant Capital Management LLC grew its position in shares of AbbVie by 0.5% during the 2nd quarter. Vigilant Capital Management LLC now owns 207,098 shares of the company’s stock valued at $19,188,000 after purchasing an additional 931 shares in the last quarter. Finally, Accurate Investment Solutions Inc. grew its position in shares of AbbVie by 2.1% during the 2nd quarter. Accurate Investment Solutions Inc. now owns 45,501 shares of the company’s stock valued at $4,216,000 after purchasing an additional 938 shares in the last quarter. 69.85% of the stock is currently owned by institutional investors and hedge funds.
About AbbVie (NYSE:ABBV)
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune diseases; IMBRUVICA, an oral therapy for treating chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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