filings.toolsItem 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
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Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Principal Market
The principal market for AbbVie's common stock is the New York Stock Exchange (NYSE). AbbVie's common stock is also listed on the Chicago Stock Exchange and traded on various regional and electronic exchanges.
| Market Price Per Share | |||||
| 2017 | 2016 | ||||
| High | Low | High | Low | ||
| First Quarter | $66.79 | $59.27 | $59.81 | $50.71 | |
| Second Quarter | $73.67 | $63.12 | $65.37 | $56.36 | |
| Third Quarter | $90.95 | $69.38 | $68.12 | $61.77 | |
| Fourth Quarter | $99.10 | $85.24 | $65.05 | $55.06 |
Stockholders
There were 50,095 stockholders of record of AbbVie common stock as of January 31, 2018.
Dividends
The following table summarizes quarterly cash dividends declared for the years ended December 31, 2017 and 2016:
| 2017 | 2016 | |||||||||
| Date Declared | Payment Date | Dividend Per Share | Date Declared | Payment Date | Dividend Per Share | |||||
| 10/27/17 | 02/15/18 | $0.71 | 10/28/16 | 02/15/17 | $0.64 | |||||
| 09/08/17 | 11/15/17 | $0.64 | 09/09/16 | 11/15/16 | $0.57 | |||||
| 06/22/17 | 08/15/17 | $0.64 | 06/16/16 | 08/15/16 | $0.57 | |||||
| 02/16/17 | 05/15/17 | $0.64 | 02/18/16 | 05/16/16 | $0.57 |
On October 27, 2017, AbbVie's board of directors declared an increase in the quarterly cash dividend from $0.64 per share to $0.71 per share, payable on February 15, 2018 to stockholders of record as of January 12, 2018. The timing, declaration, amount of and payment of any dividends by AbbVie in the future is within the discretion of its board of directors and will depend upon many factors, including AbbVie's financial condition, earnings, capital requirements of its operating subsidiaries, covenants associated with certain of AbbVie's debt service obligations, legal requirements, regulatory constraints, industry practice, ability to access capital markets and other factors deemed relevant by its board of directors. Moreover, if AbbVie determines to pay any dividend in the future, there can be no assurance that it will continue to pay such dividends or the amount of such dividends.
Performance Graph
The following graph compares the cumulative total returns of AbbVie, the S&P 500 Index and the NYSE Arca Pharmaceuticals Index. This graph covers the period from January 2, 2013 (the first day AbbVie's common stock began "regular-way" trading on the NYSE) through December 31, 2017. This graph assumes $100 was invested in AbbVie common stock and each index on January 2, 2013 and also assumes the reinvestment of dividends. The stock price performance on the following graph is not necessarily indicative of future stock price performance.
24  | 2017 Form 10-K |
This performance graph is furnished and shall not be deemed "filed" with the SEC or subject to Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any of AbbVie's filings under the Securities Act of 1933, as amended.
Issuer Purchases of Equity Securities
| Period | (a) Total Number of Shares (or Units) Purchased | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | |||||||||
| October 1, 2017 - October 31, 2017 | 8,469 | (1) | $ | 94.35 | — | $ | 4,536,288,945 | ||||||
| November 1, 2017 - November 30, 2017 | 5,279,237 | (1) | $ | 94.76 | 5,276,274 | $ | 4,036,289,077 | ||||||
| December 1, 2017 - December 31, 2017 | 20,588 | (1) | $ | 97.85 | — | $ | 4,036,289,077 | ||||||
| Total | 5,308,294 | (1) | 94.77 | 5,276,274 | $ | 4,036,289,077 |
| 1. | In addition to AbbVie shares repurchased on the open market under a publicly announced program, if any, these shares included the shares deemed surrendered to AbbVie to pay the exercise price in connection with the exercise of employee stock options – 4,552 in October; 1,855 in November; and 5,368 in December, with average exercise prices of $95.96 in October; $93.36 in November; and $97.33 in December. |
These shares also included the shares purchased on the open market for the benefit of participants in the AbbVie Employee Stock Purchase Plan – 3,917 in October; 1,108 in November; and 15,220 in December.
| 2017 Form 10-K | 25 |
These shares do not include the shares surrendered to AbbVie to satisfy minimum tax withholding obligations in connection with the vesting or exercise of stock-based awards.
On February 15, 2018, AbbVie's board of directors authorized a new $10.0 billion stock repurchase program, which superseded AbbVie's previous stock repurchase program. The new stock repurchase program permits purchases of AbbVie shares from time to time in open-market or private transactions, including accelerated share repurchases, at management’s discretion. The program has no time limit and can be discontinued at any time.
| 26 | 2017 Form 10-K |
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