Torch Wealth Management LLC Sells 253 Shares of AbbVie Inc (ABBV)
Torch Wealth Management LLC lowered its position in AbbVie Inc (NYSE:ABBV) by 4.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 4,914 shares of the company’s stock after selling 253 shares during the quarter. Torch Wealth Management LLC’s holdings in AbbVie were worth $453,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Summit Financial Wealth Advisors LLC boosted its stake in AbbVie by 4.2% in the 4th quarter. Summit Financial Wealth Advisors LLC now owns 80,438 shares of the company’s stock worth $7,416,000 after purchasing an additional 3,266 shares during the period. State Treasurer State of Michigan boosted its position in shares of AbbVie by 21.3% during the 4th quarter. State Treasurer State of Michigan now owns 793,403 shares of the company’s stock valued at $73,144,000 after acquiring an additional 139,400 shares during the last quarter. Essex Savings Bank bought a new stake in shares of AbbVie during the 4th quarter valued at about $888,000. Ibex Wealth Advisors bought a new stake in shares of AbbVie during the 4th quarter valued at about $1,041,000. Finally, Creative Planning boosted its position in shares of AbbVie by 4.6% during the 4th quarter. Creative Planning now owns 315,655 shares of the company’s stock valued at $29,100,000 after acquiring an additional 13,932 shares during the last quarter. 70.64% of the stock is owned by institutional investors.
Shares of NYSE:ABBV opened at $79.76 on Monday. The firm has a market cap of $117.65 billion, a PE ratio of 10.08, a price-to-earnings-growth ratio of 1.21 and a beta of 1.17. AbbVie Inc has a 1 year low of $75.77 and a 1 year high of $107.25.
AbbVie announced that its Board of Directors has authorized a stock repurchase program on Thursday, December 13th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 5.37%. The ex-dividend date of this dividend is Friday, April 12th. AbbVie’s dividend payout ratio (DPR) is presently 54.11%.
In other news, EVP Azita Saleki-Gerhardt sold 15,797 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $79.03, for a total value of $1,248,436.91. Following the completion of the sale, the executive vice president now directly owns 93,312 shares of the company’s stock, valued at approximately $7,374,447.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Laura J. Schumacher sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, December 28th. The shares were sold at an average price of $90.00, for a total value of $2,250,000.00. Following the completion of the sale, the insider now directly owns 134,322 shares of the company’s stock, valued at $12,088,980. The disclosure for this sale can be found here. In the last 90 days, insiders sold 90,797 shares of company stock valued at $7,748,437. Company insiders own 0.07% of the company’s stock.
A number of analysts recently weighed in on ABBV shares. Bank of America downgraded AbbVie from a “buy” rating to a “neutral” rating in a research report on Thursday, January 3rd. Standpoint Research began coverage on AbbVie in a research note on Wednesday, December 26th. They set a “buy” rating on the stock. Credit Suisse Group set a $79.00 target price on AbbVie and gave the company a “hold” rating in a research note on Friday, January 25th. ValuEngine lowered AbbVie from a “hold” rating to a “sell” rating in a research report on Friday, January 25th. Finally, UBS Group restated a “neutral” rating and set a $91.00 price target (down from $97.00) on shares of AbbVie in a research report on Wednesday, January 23rd. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. AbbVie currently has a consensus rating of “Hold” and a consensus price target of $94.48.
TRADEMARK VIOLATION WARNING: This article was originally reported by Daily Political and is the property of of Daily Political. If you are viewing this article on another website, it was stolen and republished in violation of U.S. & international trademark and copyright laws. The correct version of this article can be accessed at https://www.dailypolitical.com/2019/03/25/torch-wealth-management-llc-sells-253-shares-of-abbvie-inc-abbv.html.
AbbVie Company Profile
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 to treat adults with genotype 1 chronic hepatitis C.
Featured Story: What is a bull market?
Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.