Prudential Financial Inc. Has $396.58 Million Stake in AbbVie Inc. (ABBV)

Prudential Financial Inc. lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 41.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,469,241 shares of the company’s stock after buying an additional 1,603,748 shares during the quarter. AbbVie makes up approximately 0.6% of Prudential Financial Inc.’s portfolio, making the stock its 26th biggest position. Prudential Financial Inc. owned 0.34% of AbbVie worth $396,575,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in ABBV. Welch Investments LLC boosted its holdings in AbbVie by 7.0% in the first quarter. Welch Investments LLC now owns 63,098 shares of the company’s stock valued at $4,111,000 after purchasing an additional 4,151 shares in the last quarter. Wedge Capital Management L L P NC acquired a new position in AbbVie in the first quarter valued at approximately $46,744,000. DT Investment Partners LLC boosted its holdings in AbbVie by 8.8% in the first quarter. DT Investment Partners LLC now owns 22,811 shares of the company’s stock valued at $1,486,000 after purchasing an additional 1,843 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its holdings in AbbVie by 9.5% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 70,246 shares of the company’s stock valued at $4,577,000 after purchasing an additional 6,097 shares in the last quarter. Finally, Webster Bank N. A. boosted its holdings in AbbVie by 410.6% in the first quarter. Webster Bank N. A. now owns 58,413 shares of the company’s stock valued at $3,806,000 after purchasing an additional 46,972 shares in the last quarter. 67.65% of the stock is owned by institutional investors and hedge funds.

In related news, EVP Michael Severino sold 25,633 shares of the company’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $94.69, for a total transaction of $2,427,188.77. Following the transaction, the executive vice president now owns 114,922 shares of the company’s stock, valued at $10,881,964.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert A. Michael sold 6,699 shares of the company’s stock in a transaction on Thursday, September 28th. The stock was sold at an average price of $88.00, for a total value of $589,512.00. Following the transaction, the vice president now directly owns 10,007 shares in the company, valued at approximately $880,616. The disclosure for this sale can be found here. Insiders have sold 58,932 shares of company stock worth $5,379,432 in the last ninety days. 0.23% of the stock is currently owned by corporate insiders.

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A number of brokerages have weighed in on ABBV. Piper Jaffray Companies reiterated a “buy” rating and issued a $85.00 price objective on shares of AbbVie in a research note on Thursday, August 3rd. Barclays PLC reiterated a “hold” rating and issued a $68.00 price objective on shares of AbbVie in a research note on Thursday, September 28th. Evercore ISI reiterated an “outperform” rating and issued a $100.00 price objective (up previously from $95.00) on shares of AbbVie in a research note on Saturday, September 30th. BidaskClub cut AbbVie from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $66.00 price objective on shares of AbbVie in a research note on Thursday, September 28th. Eight investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. AbbVie currently has a consensus rating of “Buy” and a consensus target price of $93.68.

AbbVie Inc. (ABBV) opened at $93.60 on Tuesday. AbbVie Inc. has a twelve month low of $58.60 and a twelve month high of $98.26. The firm has a market capitalization of $149,140.00, a price-to-earnings ratio of 17.63, a P/E/G ratio of 1.30 and a beta of 1.52. The company has a current ratio of 1.45, a quick ratio of 1.32 and a debt-to-equity ratio of 5.08.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, October 27th. The company reported $1.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.02. AbbVie had a return on equity of 153.80% and a net margin of 24.38%. The firm had revenue of $7 billion for the quarter, compared to analyst estimates of $7 billion. During the same quarter in the prior year, the company posted $1.21 earnings per share. AbbVie’s quarterly revenue was up 8.8% on a year-over-year basis. analysts expect that AbbVie Inc. will post 5.55 EPS for the current fiscal year.

The firm 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 represents a $2.84 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date is Thursday, January 11th. This is a positive change from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s dividend payout ratio is currently 61.84%.

AbbVie Company Profile

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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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