Wellington Shields Capital Management LLC Has $2.87 Million Holdings in AbbVie Inc (ABBV)

Wellington Shields Capital Management LLC cut its stake in AbbVie Inc (NYSE:ABBV) by 31.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 31,012 shares of the company’s stock after selling 14,368 shares during the period. Wellington Shields Capital Management LLC’s holdings in AbbVie were worth $2,873,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Fairfield Bush & CO. bought a new position in shares of AbbVie in the first quarter worth $146,000. We Are One Seven LLC bought a new position in shares of AbbVie in the fourth quarter worth $148,000. First Mercantile Trust Co. bought a new position in shares of AbbVie in the second quarter worth $150,000. Centaurus Financial Inc. bought a new position in shares of AbbVie in the first quarter worth $153,000. Finally, Wagner Wealth Management LLC bought a new position in shares of AbbVie in the fourth quarter worth $154,000. 69.37% of the stock is owned by institutional investors.

In other news, Director Glenn F. Tilton bought 5,400 shares of the firm’s stock in a transaction that occurred on Wednesday, June 27th. The stock was acquired at an average price of $91.90 per share, with a total value of $496,260.00. Following the completion of the purchase, the director now directly owns 39,735 shares of the company’s stock, valued at approximately $3,651,646.50. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Edward J. Rapp bought 1,013 shares of the firm’s stock in a transaction that occurred on Wednesday, June 20th. The shares were purchased at an average cost of $98.63 per share, with a total value of $99,912.19. The disclosure for this purchase can be found here. Company insiders own 0.07% of the company’s stock.

Several research firms have recently issued reports on ABBV. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $103.00 price target for the company in a research note on Wednesday, June 27th. ValuEngine cut AbbVie from a “buy” rating to a “hold” rating in a research note on Friday, June 22nd. Berenberg Bank began coverage on AbbVie in a research note on Thursday, July 12th. They issued a “hold” rating and a $105.00 price target for the company. Jefferies Financial Group set a $100.00 price target on AbbVie and gave the stock a “buy” rating in a research note on Sunday, July 15th. Finally, Piper Jaffray Companies cut AbbVie from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $125.86 to $66.62 in a research note on Friday, June 1st. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $106.31.

Shares of ABBV stock opened at $95.68 on Friday. AbbVie Inc has a fifty-two week low of $83.19 and a fifty-two week high of $125.86. The stock has a market cap of $141.19 billion, a P/E ratio of 13.79, a PEG ratio of 0.85 and a beta of 1.54. The company has a quick ratio of 0.71, a current ratio of 0.80 and a debt-to-equity ratio of -9.06.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 27th. The company reported $2.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.98 by $0.02. AbbVie had a return on equity of 362.05% and a net margin of 20.84%. The business had revenue of $8.28 billion during the quarter, compared to analysts’ expectations of $8.22 billion. During the same quarter last year, the business posted $1.42 earnings per share. The company’s quarterly revenue was up 19.2% on a year-over-year basis. sell-side analysts predict that AbbVie Inc will post 7.86 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be paid a dividend of $0.96 per share. The ex-dividend date of this dividend is Friday, October 12th. This represents a $3.84 annualized dividend and a yield of 4.01%. AbbVie’s dividend payout ratio is currently 68.57%.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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