Oppenheimer Asset Management Inc. reduced its stake in shares of AbbVie Inc (NYSE:ABBV) by 4.3% in the fourth quarter, Holdings Channel reports. The firm owned 88,708 shares of the company’s stock after selling 3,998 shares during the period. Oppenheimer Asset Management Inc.’s holdings in AbbVie were worth $8,179,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Horrell Capital Management Inc. purchased a new stake in AbbVie in the fourth quarter valued at about $41,000. Massey Quick Simon & CO. LLC purchased a new stake in AbbVie in the fourth quarter valued at about $64,000. Brand Asset Management Group Inc. raised its stake in AbbVie by 60.7% in the fourth quarter. Brand Asset Management Group Inc. now owns 1,059 shares of the company’s stock valued at $98,000 after buying an additional 400 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new stake in AbbVie in the third quarter valued at about $112,000. Finally, LeJeune Puetz Investment Counsel LLC purchased a new stake in AbbVie in the fourth quarter valued at about $145,000. Hedge funds and other institutional investors own 68.40% of the company’s stock.

A number of brokerages have recently weighed in on ABBV. ValuEngine raised AbbVie from a “strong sell” rating to a “sell” rating in a report on Friday. UBS Group reissued a “neutral” rating and issued a $91.00 price objective (down from $97.00) on shares of AbbVie in a report on Wednesday, January 23rd. Standpoint Research began coverage on AbbVie in a report on Wednesday, December 26th. They issued a “buy” rating on the stock. Barclays reissued a “hold” rating and issued a $86.00 price objective on shares of AbbVie in a report on Thursday, February 14th. Finally, Credit Suisse Group raised AbbVie to a “hold” rating and set a $79.00 price objective on the stock in a report on Thursday, January 17th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. AbbVie currently has an average rating of “Hold” and a consensus target price of $94.48.

In related news, EVP Azita Saleki-Gerhardt sold 15,797 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $79.03, for a total transaction of $1,248,436.91. Following the sale, the executive vice president now directly owns 93,312 shares of the company’s stock, valued at $7,374,447.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Laura J. Schumacher sold 25,000 shares of the firm’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 sale, the insider now directly owns 134,322 shares in the company, valued at $12,088,980. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 65,797 shares of company stock worth $5,748,437. 0.07% of the stock is owned by corporate insiders.

Shares of ABBV stock opened at $79.95 on Friday. The stock has a market capitalization of $116.15 billion, a PE ratio of 10.11, a PEG ratio of 1.19 and a beta of 1.17. AbbVie Inc has a fifty-two week low of $75.77 and a fifty-two week high of $119.50.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, January 25th. The company reported $1.90 EPS for the quarter, missing the consensus estimate of $1.92 by ($0.02). The company had revenue of $8.31 billion for the quarter, compared to analyst estimates of $8.37 billion. AbbVie had a negative return on equity of 439.07% and a net margin of 17.36%. The firm’s revenue was up 7.3% on a year-over-year basis. During the same period last year, the business earned $1.48 earnings per share. Sell-side analysts anticipate that AbbVie Inc will post 8.68 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 5.35%. The ex-dividend date is Friday, April 12th. AbbVie’s dividend payout ratio (DPR) is 54.11%.

AbbVie announced that its board has approved a stock repurchase program on Thursday, December 13th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 3.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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About AbbVie

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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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