Stralem & Co. Inc. Cuts Stake in AbbVie Inc (NYSE:ABBV)

Stralem & Co. Inc. cut its stake in AbbVie Inc (NYSE:ABBV) by 17.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,390 shares of the company’s stock after selling 12,250 shares during the quarter. Stralem & Co. Inc.’s holdings in AbbVie were worth $4,246,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Meridian Wealth Management LLC grew its stake in shares of AbbVie by 37.5% during the 4th quarter. Meridian Wealth Management LLC now owns 2,949 shares of the company’s stock valued at $272,000 after acquiring an additional 805 shares during the period. ST Germain D J Co. Inc. grew its stake in shares of AbbVie by 9.8% during the 4th quarter. ST Germain D J Co. Inc. now owns 13,977 shares of the company’s stock valued at $1,289,000 after acquiring an additional 1,245 shares during the period. Parallel Advisors LLC grew its stake in shares of AbbVie by 2.9% during the 4th quarter. Parallel Advisors LLC now owns 26,190 shares of the company’s stock valued at $2,414,000 after acquiring an additional 736 shares during the period. Pinnacle Wealth Management Advisory Group LLC grew its stake in shares of AbbVie by 1.7% during the 4th quarter. Pinnacle Wealth Management Advisory Group LLC now owns 12,331 shares of the company’s stock valued at $1,137,000 after acquiring an additional 206 shares during the period. Finally, Intersect Capital LLC grew its stake in shares of AbbVie by 7.0% during the 4th quarter. Intersect Capital LLC now owns 27,940 shares of the company’s stock valued at $2,576,000 after acquiring an additional 1,838 shares during the period. 68.52% of the stock is currently owned by institutional investors.

A number of brokerages recently issued reports on ABBV. Piper Jaffray Companies set a $80.00 price objective on AbbVie and gave the company a “hold” rating in a research note on Friday, July 26th. Wolfe Research upgraded AbbVie from an “underperform” rating to a “peer perform” rating in a research note on Thursday, June 27th. BMO Capital Markets upgraded AbbVie from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $71.00 to $79.00 in a research note on Sunday, April 28th. Zacks Investment Research downgraded AbbVie from a “hold” rating to a “sell” rating in a research note on Friday, April 5th. Finally, Citigroup reiterated a “hold” rating on shares of AbbVie in a research note on Wednesday, June 26th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. AbbVie currently has an average rating of “Hold” and an average target price of $92.05.

In other news, Director Roxanne S. Austin acquired 10,000 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The shares were acquired at an average cost of $66.35 per share, with a total value of $663,500.00. Following the acquisition, the director now directly owns 62,114 shares of the company’s stock, valued at $4,121,263.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Roxanne S. Austin acquired 11,500 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The shares were purchased at an average cost of $67.50 per share, for a total transaction of $776,250.00. Following the completion of the acquisition, the director now directly owns 52,114 shares in the company, valued at $3,517,695. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 81,900 shares of company stock worth $5,504,070. 0.08% of the stock is owned by insiders.

NYSE ABBV traded down $0.45 during trading hours on Friday, reaching $65.35. The company’s stock had a trading volume of 2,877,924 shares, compared to its average volume of 10,158,505. The business’s 50-day moving average is $71.96. AbbVie Inc has a 1 year low of $65.06 and a 1 year high of $100.23. The stock has a market cap of $99.31 billion, a P/E ratio of 8.26, a price-to-earnings-growth ratio of 1.60 and a beta of 0.98.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, July 26th. The company reported $2.26 EPS for the quarter, topping the Zacks’ consensus estimate of $2.21 by $0.05. AbbVie had a negative return on equity of 198.18% and a net margin of 12.62%. The company had revenue of $8.26 billion for the quarter, compared to analysts’ expectations of $8.09 billion. During the same period in the previous year, the firm earned $2.00 EPS. The firm’s revenue was down .3% compared to the same quarter last year. On average, sell-side analysts anticipate that AbbVie Inc will post 8.88 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a $1.07 dividend. The ex-dividend date is Friday, July 12th. This represents a $4.28 dividend on an annualized basis and a yield of 6.55%. AbbVie’s dividend 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.

Further Reading: What can cause a stock to outperform?

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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