Renaissance Technologies LLC Lowers Position in AbbVie Inc (ABBV)

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Renaissance Technologies LLC trimmed its position in shares of AbbVie Inc (NYSE:ABBV) by 48.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,220,056 shares of the company’s stock after selling 1,142,227 shares during the period. Renaissance Technologies LLC owned approximately 0.08% of AbbVie worth $115,393,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Signature Estate & Investment Advisors LLC acquired a new position in AbbVie during the 3rd quarter worth $112,000. Kiley Juergens Wealth Management LLC lifted its holdings 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 buying an additional 721 shares in the last quarter. SRS Capital Advisors Inc. acquired a new position in AbbVie during the 3rd quarter worth $187,000. Biegel & Waller LLC acquired a new position in AbbVie during the 3rd quarter worth $206,000. Finally, Clearwater Capital Advisors LLC acquired a new position in AbbVie during the 3rd quarter worth $211,000. Hedge funds and other institutional investors own 69.76% of the company’s stock.

Several research firms have issued reports on ABBV. Credit Suisse Group set a $85.00 price objective on AbbVie and gave the stock a “hold” rating in a report on Sunday, October 14th. Barclays reaffirmed a “hold” rating and set a $90.00 price objective on shares of AbbVie in a report on Sunday, November 4th. Bank of America reduced their price objective on AbbVie from $107.00 to $106.00 and set a “buy” rating on the stock in a report on Thursday, October 4th. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $105.00 price objective on the stock in a report on Monday, October 1st. Finally, Argus reduced their price objective on AbbVie from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Tuesday, November 6th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $102.10.

In related news, Chairman Richard A. Gonzalez sold 16,850 shares of the firm’s stock in a transaction on Tuesday, December 11th. The stock was sold at an average price of $88.75, for a total transaction of $1,495,437.50. Following the sale, the chairman now owns 286,203 shares of the company’s stock, valued at approximately $25,400,516.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP William J. Chase sold 60,000 shares of the firm’s stock in a transaction on Wednesday, December 12th. The stock was sold at an average price of $90.00, for a total value of $5,400,000.00. Following the sale, the executive vice president now directly owns 104,863 shares in the company, valued at approximately $9,437,670. The disclosure for this sale can be found here. Insiders have sold a total of 263,440 shares of company stock worth $24,029,804 in the last ninety days. 0.07% of the stock is currently owned by company insiders.

ABBV stock opened at $88.31 on Monday. The firm has a market capitalization of $132.09 billion, a PE ratio of 15.77, a P/E/G ratio of 0.73 and a beta of 1.46. AbbVie Inc has a twelve month low of $77.50 and a twelve month high of $125.86.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, November 2nd. The company reported $2.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.01 by $0.13. The company had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $8.23 billion. AbbVie had a return on equity of 2,006.63% and a net margin of 23.50%. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.41 EPS. Sell-side analysts forecast that AbbVie Inc will post 7.94 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 15th. Investors of record on Tuesday, January 15th will be paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 4.85%. The ex-dividend date is Monday, January 14th. This is an increase from AbbVie’s previous quarterly dividend of $0.96. AbbVie’s dividend payout ratio (DPR) is presently 68.57%.

AbbVie announced that its Board of Directors has approved a stock buyback program on Thursday, December 13th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 3.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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