Selway Asset Management trimmed its holdings in AbbVie Inc (NYSE:ABBV) by 23.3% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 14,175 shares of the company’s stock after selling 4,300 shares during the quarter. Selway Asset Management’s holdings in AbbVie were worth $1,341,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ABBV. First Citizens Bank & Trust Co. increased its holdings in AbbVie by 18.2% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 31,450 shares of the company’s stock worth $2,913,000 after buying an additional 4,842 shares in the last quarter. Vigilant Capital Management LLC increased its holdings in AbbVie by 0.5% in the 2nd quarter. Vigilant Capital Management LLC now owns 207,098 shares of the company’s stock worth $19,188,000 after buying an additional 931 shares in the last quarter. Accurate Investment Solutions Inc. increased its holdings in AbbVie by 2.1% in the 2nd quarter. Accurate Investment Solutions Inc. now owns 45,501 shares of the company’s stock worth $4,216,000 after buying an additional 938 shares in the last quarter. CX Institutional bought a new stake in AbbVie in the 2nd quarter worth about $1,247,000. Finally, NN Investment Partners Holdings N.V. increased its holdings in AbbVie by 1.0% in the 2nd quarter. NN Investment Partners Holdings N.V. now owns 1,306,413 shares of the company’s stock worth $121,041,000 after buying an additional 12,740 shares in the last quarter. Institutional investors own 69.85% of the company’s stock.
In other news, insider Laura J. Schumacher sold 94,140 shares of AbbVie stock in a transaction dated Tuesday, December 4th. The stock was sold at an average price of $93.58, for a total transaction of $8,809,621.20. Following the transaction, the insider now directly owns 192,398 shares of the company’s stock, valued at approximately $18,004,604.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Henry O. Gosebruch sold 42,450 shares of AbbVie stock in a transaction dated Thursday, November 29th. The shares were sold at an average price of $90.10, for a total value of $3,824,745.00. Following the transaction, the executive vice president now directly owns 30,350 shares in the company, valued at $2,734,535. The disclosure for this sale can be found here. Company insiders own 0.07% of the company’s stock.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, November 2nd. The company reported $2.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.13. The business had revenue of $8.24 billion for the quarter, compared to analysts’ expectations of $8.23 billion. AbbVie had a return on equity of 2,006.63% and a net margin of 23.50%. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same period last year, the firm posted $1.41 earnings per share. As a group, equities analysts anticipate that AbbVie Inc will post 7.93 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Shareholders of record on Tuesday, January 15th will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 4.92%. This is a boost from AbbVie’s previous quarterly dividend of $0.96. The ex-dividend date is Monday, January 14th. AbbVie’s dividend payout ratio (DPR) is presently 68.57%.
ABBV has been the subject of several research analyst reports. SunTrust Banks reduced their price objective on AbbVie from $157.00 to $135.00 and set a “buy” rating for the company in a report on Monday, October 22nd. Credit Suisse Group set a $85.00 price objective on AbbVie and gave the stock a “sell” rating in a report on Saturday, October 20th. Wolfe Research initiated coverage on AbbVie in a report on Tuesday, October 23rd. They issued an “underperform” rating for the company. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $105.00 price objective for the company in a report on Monday, October 1st. Finally, Bank of America dropped their target price on AbbVie from $107.00 to $106.00 and set a “buy” rating on the stock in a research report on Thursday, October 4th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. AbbVie has an average rating of “Hold” and a consensus price target of $103.68.
AbbVie Company Profile
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, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
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