Bangor Savings Bank cut its stake in AbbVie Inc (NYSE:ABBV) by 3.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,674 shares of the company’s stock after selling 206 shares during the period. Bangor Savings Bank’s holdings in AbbVie were worth $615,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Signature Estate & Investment Advisors LLC bought a new position in shares of AbbVie in the 3rd quarter valued at $112,000. Mainstay Capital Management LLC ADV grew its position in AbbVie by 6,123.5% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 12,447 shares of the company’s stock worth $143,000 after acquiring an additional 12,247 shares during the last quarter. Kiley Juergens Wealth Management LLC grew its position in AbbVie by 69.3% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,761 shares of the company’s stock worth $166,000 after acquiring an additional 721 shares during the last quarter. American Beacon Advisors Inc. bought a new stake in AbbVie during the 3rd quarter worth $169,000. Finally, SRS Capital Advisors Inc. bought a new stake in AbbVie during the 3rd quarter worth $187,000. 70.63% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts recently weighed in on ABBV shares. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $100.00 price objective on the stock in a research report on Tuesday, January 8th. SunTrust Banks reduced their price objective on AbbVie from $157.00 to $135.00 and set a “buy” rating on the stock in a research report on Monday, October 22nd. Argus reduced their price objective on AbbVie from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Tuesday, November 6th. Standpoint Research started coverage on AbbVie in a research report on Wednesday, December 26th. They set a “buy” rating on the stock. Finally, Morgan Stanley set a $88.00 price objective on AbbVie and gave the stock a “hold” rating in a research report on Thursday, December 20th. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $96.85.
NYSE ABBV opened at $80.79 on Thursday. AbbVie Inc has a 12 month low of $75.77 and a 12 month high of $122.00. The stock has a market capitalization of $118.80 billion, a price-to-earnings ratio of 10.21, a P/E/G ratio of 1.20 and a beta of 1.17.
AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, January 25th. The company reported $1.90 EPS for the quarter, missing analysts’ consensus estimates of $1.92 by ($0.02). AbbVie had a net margin of 17.36% and a negative return on equity of 1,343.27%. The company had revenue of $8.31 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter last year, the firm posted $1.48 EPS. The company’s quarterly revenue was up 7.3% on a year-over-year basis. On average, equities research analysts expect that AbbVie Inc will post 8.69 earnings per share for the current fiscal year.
AbbVie declared that its Board of Directors has initiated a share repurchase plan on Thursday, December 13th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 3.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, Vice Chairman Laura J. Schumacher sold 25,000 shares of the business’s stock in a transaction dated Friday, December 28th. The stock was sold at an average price of $90.00, for a total value of $2,250,000.00. Following the transaction, the insider now directly owns 134,322 shares of the company’s stock, valued at approximately $12,088,980. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP William J. Chase sold 60,000 shares of the business’s stock in a transaction dated Wednesday, December 12th. The shares were sold at an average price of $90.00, for a total value of $5,400,000.00. Following the completion of the transaction, the executive vice president now directly owns 104,863 shares in the company, valued at $9,437,670. The disclosure for this sale can be found here. Insiders sold a total of 263,440 shares of company stock worth $24,029,804 in the last quarter. Corporate insiders own 0.07% of the company’s stock.
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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.
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