First Foundation Advisors Raises Stake in AbbVie Inc (ABBV)

First Foundation Advisors grew its position in AbbVie Inc (NYSE:ABBV) by 6.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,839 shares of the company’s stock after buying an additional 689 shares during the quarter. First Foundation Advisors’ holdings in AbbVie were worth $1,025,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in AbbVie by 2.5% in the third quarter. Bank of New York Mellon Corp now owns 15,879,753 shares of the company’s stock valued at $1,501,907,000 after purchasing an additional 382,597 shares during the period. Morgan Stanley boosted its holdings in AbbVie by 3.2% in the second quarter. Morgan Stanley now owns 11,134,470 shares of the company’s stock valued at $1,031,608,000 after purchasing an additional 348,882 shares during the period. FMR LLC boosted its holdings in AbbVie by 22.1% in the third quarter. FMR LLC now owns 8,707,454 shares of the company’s stock valued at $823,551,000 after purchasing an additional 1,574,495 shares during the period. LSV Asset Management boosted its holdings in AbbVie by 2.3% in the third quarter. LSV Asset Management now owns 6,280,847 shares of the company’s stock valued at $594,042,000 after purchasing an additional 140,560 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in AbbVie by 15.9% in the second quarter. Janus Henderson Group PLC now owns 5,243,956 shares of the company’s stock valued at $485,867,000 after purchasing an additional 717,452 shares during the period. 69.76% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have issued reports on ABBV. Wolfe Research began coverage on AbbVie in a report on Tuesday, October 23rd. They set an “underperform” rating for the company. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a report on Monday, October 1st. Standpoint Research began coverage on AbbVie in a report on Wednesday, December 26th. They set a “buy” rating for the company. Credit Suisse Group set a $85.00 price target on AbbVie and gave the stock a “hold” rating in a report on Friday, November 2nd. Finally, Barclays reaffirmed a “hold” rating and set a $90.00 price target on shares of AbbVie in a report on Sunday, November 4th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $102.10.



In related news, Chairman Richard A. Gonzalez sold 16,850 shares of the business’s stock in a transaction dated Tuesday, December 11th. The stock was sold at an average price of $88.75, for a total value of $1,495,437.50. Following the transaction, the chairman now owns 286,203 shares in the company, valued at approximately $25,400,516.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Laura J. Schumacher sold 25,000 shares of the business’s stock in a transaction dated 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 valued at $24,029,804 over the last three months. Company insiders own 0.07% of the company’s stock.

AbbVie stock opened at $88.31 on Friday. AbbVie Inc has a fifty-two week low of $77.50 and a fifty-two week high of $125.86. The stock has a market capitalization of $132.09 billion, a PE ratio of 15.77, a PEG ratio of 0.73 and a beta of 1.46.

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

The company also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Tuesday, January 15th will be issued a $1.07 dividend. This is an increase from AbbVie’s previous quarterly dividend of $0.96. This represents a $4.28 annualized dividend and a dividend yield of 4.85%. The ex-dividend date of this dividend is Monday, January 14th. AbbVie’s payout ratio is presently 68.57%.

AbbVie declared that its Board of Directors has initiated a stock buyback plan on Thursday, December 13th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 3.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is 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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