Main Street Research LLC cut its position in shares of AbbVie Inc (NYSE:ABBV) by 10.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,143 shares of the company’s stock after selling 900 shares during the period. Main Street Research LLC’s holdings in AbbVie were worth $617,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of AbbVie by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 121,523,538 shares of the company’s stock worth $8,837,192,000 after acquiring an additional 679,398 shares in the last quarter. BlackRock Inc. raised its position in shares of AbbVie by 3.3% in the 2nd quarter. BlackRock Inc. now owns 98,295,272 shares of the company’s stock worth $7,148,030,000 after acquiring an additional 3,100,309 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of AbbVie by 1,715.8% in the 2nd quarter. Nuveen Asset Management LLC now owns 9,593,845 shares of the company’s stock worth $697,664,000 after acquiring an additional 9,065,487 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of AbbVie by 2.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 6,613,086 shares of the company’s stock worth $480,904,000 after acquiring an additional 182,795 shares in the last quarter. Finally, LSV Asset Management raised its position in shares of AbbVie by 1.3% in the 2nd quarter. LSV Asset Management now owns 6,504,926 shares of the company’s stock worth $473,038,000 after acquiring an additional 83,454 shares in the last quarter. 68.22% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently commented on ABBV. TheStreet lowered AbbVie from a “b-” rating to a “c” rating in a research report on Monday, August 26th. UBS Group raised AbbVie from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $85.00 to $79.00 in a research report on Thursday, September 12th. Leerink Swann raised AbbVie to a “buy” rating in a research report on Tuesday, July 2nd. Piper Jaffray Companies boosted their price target on AbbVie from $80.00 to $81.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Finally, Citigroup raised AbbVie from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $87.00 to $90.00 in a research report on Thursday, September 26th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $89.97.
In other AbbVie news, Director Roxanne S. Austin purchased 10,000 shares of AbbVie stock in a transaction that occurred on Tuesday, July 30th. The stock was bought at an average price of $66.35 per share, with a total value of $663,500.00. Following the acquisition, the director now owns 62,114 shares of the company’s stock, valued at approximately $4,121,263.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Timothy J. Richmond sold 15,515 shares of the company’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $75.02, for a total value of $1,163,935.30. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 183,077 shares of company stock worth $10,705,751. Company insiders own 0.08% of the company’s stock.
NYSE:ABBV traded up $0.84 during mid-day trading on Monday, hitting $77.30. 7,827,185 shares of the company’s stock traded hands, compared to its average volume of 7,705,024. The company has a fifty day moving average of $71.60 and a 200 day moving average of $73.69. AbbVie Inc has a twelve month low of $62.66 and a twelve month high of $94.98. The company has a market capitalization of $111.09 billion, a P/E ratio of 9.77, a P/E/G ratio of 1.53 and a beta of 0.99.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 26th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.21 by $0.05. AbbVie had a negative return on equity of 182.70% and a net margin of 12.62%. The company had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same period in the prior year, the company posted $2.00 EPS. The firm’s quarterly revenue was down .3% compared to the same quarter last year. Analysts expect that AbbVie Inc will post 8.93 earnings per share for the current year.
The company also recently declared a — dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a dividend of $1.07 per share. The ex-dividend date is Friday, October 11th. This represents a yield of 6.4%. AbbVie’s payout ratio is presently 54.11%.
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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