American Financial Network Advisory Services LLC lowered its position in shares of AbbVie Inc (NYSE:ABBV) by 38.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,486 shares of the company’s stock after selling 3,375 shares during the period. American Financial Network Advisory Services LLC’s holdings in AbbVie were worth $506,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of ABBV. Eagle Capital Management LLC grew its holdings in AbbVie by 2.3% during the 3rd quarter. Eagle Capital Management LLC now owns 34,102 shares of the company’s stock worth $3,225,000 after acquiring an additional 769 shares in the last quarter. Welch Group LLC grew its holdings in AbbVie by 1.2% during the 3rd quarter. Welch Group LLC now owns 282,216 shares of the company’s stock worth $26,692,000 after acquiring an additional 3,225 shares in the last quarter. Ashfield Capital Partners LLC grew its holdings in AbbVie by 4.0% during the 3rd quarter. Ashfield Capital Partners LLC now owns 116,789 shares of the company’s stock worth $11,046,000 after acquiring an additional 4,457 shares in the last quarter. Baugh & Associates LLC grew its holdings in AbbVie by 3.1% during the 3rd quarter. Baugh & Associates LLC now owns 41,578 shares of the company’s stock worth $3,932,000 after acquiring an additional 1,264 shares in the last quarter. Finally, Torray LLC grew its holdings in AbbVie by 14.8% during the 3rd quarter. Torray LLC now owns 20,459 shares of the company’s stock worth $1,935,000 after acquiring an additional 2,645 shares in the last quarter. Institutional investors and hedge funds own 70.62% of the company’s stock.
Several research analysts have commented on the stock. BMO Capital Markets upgraded shares of AbbVie from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $71.00 to $79.00 in a report on Sunday, April 28th. Credit Suisse Group set a $78.00 target price on shares of AbbVie and gave the company a “sell” rating in a report on Friday, April 26th. Zacks Investment Research cut shares of AbbVie from a “hold” rating to a “sell” rating in a report on Friday, April 5th. Argus cut shares of AbbVie from a “buy” rating to a “hold” rating in a report on Monday, March 25th. Finally, ValuEngine upgraded shares of AbbVie from a “strong sell” rating to a “sell” rating in a report on Friday, March 15th. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. AbbVie currently has an average rating of “Hold” and an average price target of $94.95.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, April 25th. The company reported $2.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.06 by $0.08. The firm had revenue of $7.83 billion during the quarter, compared to analysts’ expectations of $7.81 billion. AbbVie had a net margin of 16.42% and a negative return on equity of 253.85%. AbbVie’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.87 EPS. Analysts expect that AbbVie Inc will post 8.83 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 15th will be paid a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 5.44%. The ex-dividend date is Friday, April 12th. AbbVie’s dividend payout ratio is currently 54.11%.
In related news, EVP Azita Saleki-Gerhardt sold 15,797 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $79.03, for a total transaction of $1,248,436.91. Following the completion of the sale, the executive vice president now owns 93,312 shares in the company, valued at approximately $7,374,447.36. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Brian L. Durkin sold 475 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $79.69, for a total transaction of $37,852.75. Following the sale, the vice president now owns 9,121 shares of the company’s stock, valued at approximately $726,852.49. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,272 shares of company stock valued at $3,286,290. 0.08% of the stock is owned by company insiders.
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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