AbbVie Inc (ABBV) Shares Bought by Riverhead Capital Management LLC

Riverhead Capital Management LLC lifted its stake in AbbVie Inc (NYSE:ABBV) by 24.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 146,021 shares of the company’s stock after purchasing an additional 28,410 shares during the quarter. Riverhead Capital Management LLC’s holdings in AbbVie were worth $13,811,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Signature Estate & Investment Advisors LLC acquired a new stake in shares of AbbVie during the 3rd quarter worth approximately $112,000. Mainstay Capital Management LLC ADV grew its stake in shares of 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 purchasing an additional 12,247 shares during the period. Kiley Juergens Wealth Management LLC grew its stake in shares of 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 purchasing an additional 721 shares during the period. SRS Capital Advisors Inc. acquired a new stake in shares of AbbVie during the 3rd quarter worth approximately $187,000. Finally, Biegel & Waller LLC acquired a new stake in shares of AbbVie during the 3rd quarter worth approximately $206,000. 69.76% of the stock is owned by hedge funds and other institutional investors.

AbbVie stock opened at $88.31 on Monday. AbbVie Inc has a 1 year low of $77.50 and a 1 year high of $125.86. The firm has a market capitalization of $132.09 billion, a P/E ratio of 15.77, a P/E/G ratio of 0.73 and a beta of 1.46.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, November 2nd. The company reported $2.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.13. AbbVie had a net margin of 23.50% and a return on equity of 2,006.63%. The firm had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $8.23 billion. During the same quarter last year, the company earned $1.41 EPS. The firm’s revenue for the quarter was up 17.7% compared to the same quarter last year. Equities analysts expect that AbbVie Inc will post 7.94 earnings per share for the current fiscal year.

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

AbbVie declared that its Board of Directors has authorized a share repurchase plan on Thursday, December 13th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 3.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

A number of equities research analysts have recently commented on ABBV shares. Bank of America cut shares of AbbVie from a “buy” rating to a “neutral” rating in a research note on Thursday, January 3rd. Standpoint Research started coverage on shares of AbbVie in a research note on Wednesday, December 26th. They set a “buy” rating on the stock. SunTrust Banks dropped their price objective on shares of AbbVie from $157.00 to $135.00 and set a “buy” rating on the stock in a research note on Monday, October 22nd. Credit Suisse Group set a $85.00 price objective on shares of AbbVie and gave the stock a “sell” rating in a research note on Saturday, October 20th. Finally, Wolfe Research started coverage on shares of AbbVie in a research note on Tuesday, October 23rd. They set an “underperform” rating on the stock. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. AbbVie presently has an average rating of “Hold” and a consensus target price of $102.10.

In related news, EVP William J. Chase sold 60,000 shares of AbbVie stock in a transaction on 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 sale, the executive vice president now owns 104,863 shares of the company’s stock, valued at approximately $9,437,670. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Laura J. Schumacher sold 25,000 shares of the firm’s stock in a transaction on Saturday, December 28th. The shares were sold at an average price of $90.00, for a total value of $2,250,000.00. Following the completion of the transaction, the insider now owns 134,322 shares in the company, valued at approximately $12,088,980. 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 three months. 0.07% of the stock is owned by corporate insiders.

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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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