HCR Wealth Advisors Makes New $2.98 Million Investment in AbbVie Inc (NYSE:ABBV)

HCR Wealth Advisors bought a new position in shares of AbbVie Inc (NYSE:ABBV) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 30,028 shares of the company’s stock, valued at approximately $2,975,000. AbbVie accounts for 0.7% of HCR Wealth Advisors’ portfolio, making the stock its 21st largest holding.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABBV. Guggenheim Capital LLC raised its stake in AbbVie by 14.2% during the 4th quarter. Guggenheim Capital LLC now owns 734,809 shares of the company’s stock worth $65,060,000 after acquiring an additional 91,269 shares during the period. Sunbelt Securities Inc. raised its stake in AbbVie by 4.1% during the 4th quarter. Sunbelt Securities Inc. now owns 106,305 shares of the company’s stock worth $9,412,000 after acquiring an additional 4,175 shares during the period. IMS Capital Management raised its stake in AbbVie by 21.8% during the 1st quarter. IMS Capital Management now owns 24,583 shares of the company’s stock worth $1,873,000 after acquiring an additional 4,408 shares during the period. Woodstock Corp grew its holdings in AbbVie by 1.6% during the 1st quarter. Woodstock Corp now owns 88,306 shares of the company’s stock valued at $6,728,000 after buying an additional 1,380 shares in the last quarter. Finally, Fulton Bank N.A. grew its holdings in AbbVie by 1.2% during the 1st quarter. Fulton Bank N.A. now owns 78,468 shares of the company’s stock valued at $5,979,000 after buying an additional 937 shares in the last quarter. Institutional investors own 72.40% of the company’s stock.

In other news, EVP Timothy J. Richmond sold 19,445 shares of AbbVie stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $85.00, for a total transaction of $1,652,825.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Carlos Alban sold 53,325 shares of AbbVie stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $100.00, for a total value of $5,332,500.00. Following the sale, the insider now owns 137,899 shares of the company’s stock, valued at $13,789,900. The disclosure for this sale can be found here. Insiders have sold 95,794 shares of company stock valued at $9,057,485 over the last ninety days. 0.09% of the stock is owned by insiders.

A number of brokerages have issued reports on ABBV. Wolfe Research raised shares of AbbVie from a “peer perform” rating to an “outperform” rating in a report on Tuesday, June 9th. Mizuho increased their price objective on shares of AbbVie from $101.00 to $110.00 and gave the company a “buy” rating in a report on Monday, June 29th. Bank of America began coverage on shares of AbbVie in a report on Monday, May 18th. They set a “neutral” rating and a $95.00 price objective for the company. TheStreet raised shares of AbbVie from a “c+” rating to a “b-” rating in a report on Friday, June 12th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $95.00 price objective on shares of AbbVie in a report on Monday, May 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $106.80.

Shares of ABBV stock traded down $1.13 on Friday, reaching $94.91. The company’s stock had a trading volume of 14,614,332 shares, compared to its average volume of 5,717,843. The stock’s fifty day simple moving average is $97.25 and its 200-day simple moving average is $88.40. The company has a market capitalization of $141.83 billion, a price-to-earnings ratio of 16.80, a price-to-earnings-growth ratio of 1.65 and a beta of 0.86. AbbVie Inc has a 1 year low of $62.55 and a 1 year high of $101.28.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, July 31st. The company reported $2.34 EPS for the quarter, topping the consensus estimate of $2.20 by $0.14. The company had revenue of $10.43 billion during the quarter, compared to analyst estimates of $10.14 billion. AbbVie had a net margin of 24.77% and a negative return on equity of 169.80%. AbbVie’s quarterly revenue was up 26.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.26 earnings per share. On average, research analysts expect that AbbVie Inc will post 10.45 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a dividend of $1.18 per share. This represents a $4.72 annualized dividend and a yield of 4.97%. The ex-dividend date of this dividend is Tuesday, July 14th. AbbVie’s payout ratio is 52.80%.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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