Princeton Global Asset Management LLC Increases Stock Holdings in AbbVie Inc. (NYSE:ABBV)


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Princeton Global Asset Management LLC raised its stake in AbbVie Inc. (NYSE:ABBV) by 1.6% during the 4th quarter, HoldingsChannel reports. The firm owned 30,816 shares of the company’s stock after acquiring an additional 471 shares during the period. AbbVie accounts for 1.2% of Princeton Global Asset Management LLC’s portfolio, making the stock its 21st biggest position. Princeton Global Asset Management LLC’s holdings in AbbVie were worth $3,302,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in ABBV. Boston Partners raised its holdings in shares of AbbVie by 1,962.8% in the fourth quarter. Boston Partners now owns 2,881,764 shares of the company’s stock worth $308,781,000 after acquiring an additional 2,742,063 shares during the last quarter. BlackRock Inc. grew its position in shares of AbbVie by 2.0% in the fourth quarter. BlackRock Inc. now owns 124,423,484 shares of the company’s stock valued at $13,331,975,000 after purchasing an additional 2,406,847 shares during the period. Principal Financial Group Inc. grew its position in shares of AbbVie by 58.0% in the fourth quarter. Principal Financial Group Inc. now owns 3,991,459 shares of the company’s stock valued at $427,684,000 after purchasing an additional 1,465,208 shares during the period. Morgan Stanley grew its position in shares of AbbVie by 10.4% in the third quarter. Morgan Stanley now owns 13,731,455 shares of the company’s stock valued at $1,202,737,000 after purchasing an additional 1,296,673 shares during the period. Finally, AJO LP grew its position in shares of AbbVie by 2,163.7% in the third quarter. AJO LP now owns 1,231,416 shares of the company’s stock valued at $107,858,000 after purchasing an additional 1,177,017 shares during the period. Institutional investors own 67.49% of the company’s stock.

A number of research analysts have commented on the company. Royal Bank of Canada boosted their price objective on AbbVie from $129.00 to $135.00 and gave the stock an “outperform” rating in a research note on Thursday, February 4th. They noted that the move was a valuation call. Sanford C. Bernstein assumed coverage on AbbVie in a report on Tuesday, November 10th. They set an “outperform” rating and a $120.00 target price for the company. BMO Capital Markets assumed coverage on AbbVie in a report on Wednesday, November 18th. They issued an “outperform” rating and a $123.00 price objective for the company. Morgan Stanley decreased their price objective on AbbVie from $120.00 to $116.00 and set an “overweight” rating for the company in a report on Thursday, January 28th. Finally, Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $114.00 price objective for the company in a report on Tuesday, February 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have issued a buy rating to the company. AbbVie presently has a consensus rating of “Buy” and a consensus price target of $114.39.

In other news, EVP Timothy J. Richmond sold 51,990 shares of the stock in a transaction on Friday, November 27th. The stock was sold at an average price of $105.00, for a total value of $5,458,950.00. Following the completion of the sale, the executive vice president now owns 51,990 shares in the company, valued at $5,458,950. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey Ryan Stewart sold 25,290 shares of the stock in a transaction on Tuesday, December 29th. The shares were sold at an average price of $105.00, for a total value of $2,655,450.00. Following the completion of the sale, the executive vice president now owns 76,259 shares of the company’s stock, valued at approximately $8,007,195. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by corporate insiders.

NYSE ABBV traded down $0.54 on Tuesday, reaching $106.52. 173,321 shares of the stock traded hands, compared to its average volume of 7,651,642. The firm’s fifty day simple moving average is $107.18 and its 200 day simple moving average is $97.93. The company has a quick ratio of 0.81, a current ratio of 0.95 and a debt-to-equity ratio of 5.38. The company has a market cap of $188.06 billion, a price-to-earnings ratio of 22.66, a P/E/G ratio of 1.54 and a beta of 0.84. AbbVie Inc. has a 12 month low of $62.55 and a 12 month high of $113.41.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Tuesday, February 2nd. The company reported $2.92 EPS for the quarter, beating analysts’ consensus estimates of $2.85 by $0.07. AbbVie had a return on equity of 439.24% and a net margin of 18.16%. The company had revenue of $13.86 billion during the quarter, compared to the consensus estimate of $13.70 billion. During the same quarter in the prior year, the firm earned $2.21 EPS. The company’s quarterly revenue was up 59.2% compared to the same quarter last year. As a group, equities research analysts forecast that AbbVie Inc. will post 10.48 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 14th. Stockholders of record on Thursday, April 15th will be given a dividend of $1.30 per share. The ex-dividend date is Wednesday, April 14th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.88%. AbbVie’s dividend payout ratio (DPR) is presently 58.17%.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals in the United States, Japan, Germany, Canada, France, Spain, Italy, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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