AbbVie Inc (NYSE:ABBV) Shares Bought by Morse Asset Management Inc

Morse Asset Management Inc lifted its position in shares of AbbVie Inc (NYSE:ABBV) by 15.2% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 61,510 shares of the company’s stock after buying an additional 8,120 shares during the quarter. AbbVie comprises 1.6% of Morse Asset Management Inc’s holdings, making the stock its 16th biggest position. Morse Asset Management Inc’s holdings in AbbVie were worth $5,466,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Csenge Advisory Group bought a new stake in shares of AbbVie during the third quarter worth about $2,715,000. Andra AP fonden grew its holdings in shares of AbbVie by 17.3% during the third quarter. Andra AP fonden now owns 87,500 shares of the company’s stock worth $7,775,000 after purchasing an additional 12,915 shares during the last quarter. Palisade Capital Management LLC NJ lifted its stake in shares of AbbVie by 2.4% in the third quarter. Palisade Capital Management LLC NJ now owns 38,315 shares of the company’s stock worth $3,405,000 after acquiring an additional 885 shares during the period. McKinley Carter Wealth Services Inc. lifted its stake in shares of AbbVie by 55.1% in the third quarter. McKinley Carter Wealth Services Inc. now owns 6,849 shares of the company’s stock worth $609,000 after acquiring an additional 2,432 shares during the period. Finally, Pillar Pacific Capital Management LLC lifted its stake in shares of AbbVie by 48.9% in the third quarter. Pillar Pacific Capital Management LLC now owns 16,818 shares of the company’s stock worth $1,495,000 after acquiring an additional 5,520 shares during the period. Institutional investors own 69.19% of the company’s stock.

ABBV has been the topic of several recent analyst reports. UBS Group lowered AbbVie from a “buy” rating to a “neutral” rating and upped their target price for the stock from $79.00 to $92.00 in a research report on Monday, September 25th. Jefferies Group reaffirmed a “buy” rating and set a $107.00 target price on shares of AbbVie in a research report on Thursday, September 28th. Deutsche Bank upped their target price on AbbVie to $88.00 and gave the stock a “hold” rating in a research report on Thursday, September 28th. Morgan Stanley upped their price target on AbbVie from $70.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, September 29th. Finally, Argus upped their price target on AbbVie from $90.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, September 29th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. AbbVie has an average rating of “Buy” and a consensus price target of $100.94.

In related news, insider Henry O. Gosebruch sold 18,300 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $90.55, for a total transaction of $1,657,065.00. Following the transaction, the insider now directly owns 81,287 shares in the company, valued at approximately $7,360,537.85. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Timothy J. Richmond sold 87,040 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $98.45, for a total value of $8,569,088.00. Following the transaction, the senior vice president now owns 113,118 shares in the company, valued at $11,136,467.10. The disclosure for this sale can be found here. Insiders have sold a total of 494,676 shares of company stock worth $47,237,938 in the last three months. 0.23% of the stock is currently owned by insiders.

AbbVie Inc (NYSE:ABBV) opened at $102.49 on Wednesday. AbbVie Inc has a 1 year low of $59.27 and a 1 year high of $103.00. The company has a debt-to-equity ratio of 5.08, a quick ratio of 1.32 and a current ratio of 1.45. The company has a market capitalization of $163,380.00, a price-to-earnings ratio of 24.88, a PEG ratio of 1.20 and a beta of 1.53.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, October 27th. The company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $7 billion for the quarter, compared to analysts’ expectations of $7 billion. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.21 EPS. sell-side analysts forecast that AbbVie Inc will post 5.54 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Friday, January 12th will be issued a dividend of $0.71 per share. This is a boost from AbbVie’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend is Thursday, January 11th. This represents a $2.84 dividend on an annualized basis and a yield of 2.77%. AbbVie’s dividend payout ratio is 68.93%.

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About AbbVie

AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. Its products are focused on treating conditions, such as chronic autoimmune diseases in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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