Westbourne Investment Advisors Inc. trimmed its position in AbbVie Inc (NYSE:ABBV) by 5.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,125 shares of the company’s stock after selling 790 shares during the quarter. Westbourne Investment Advisors Inc.’s holdings in AbbVie were worth $1,027,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in ABBV. Northern Trust Corp grew its stake in shares of AbbVie by 1.1% during the fourth quarter. Northern Trust Corp now owns 21,029,665 shares of the company’s stock worth $1,938,725,000 after buying an additional 227,408 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of AbbVie by 5.3% in the fourth quarter. Geode Capital Management LLC now owns 17,582,527 shares of the company’s stock worth $1,617,957,000 after purchasing an additional 880,288 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of AbbVie by 0.3% in the fourth quarter. Bank of New York Mellon Corp now owns 15,921,433 shares of the company’s stock worth $1,467,797,000 after purchasing an additional 41,680 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of AbbVie by 4,385.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 15,195,586 shares of the company’s stock worth $165,000 after purchasing an additional 14,856,786 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of AbbVie in the fourth quarter worth $1,300,469,000. 68.52% of the stock is currently owned by institutional investors and hedge funds.
ABBV has been the topic of several analyst reports. Goldman Sachs Group initiated coverage on shares of AbbVie in a research note on Tuesday, May 28th. They issued a “neutral” rating and a $84.00 price objective on the stock. Zacks Investment Research cut shares of AbbVie from a “hold” rating to a “sell” rating in a research note on Friday, April 5th. ValuEngine cut shares of AbbVie from a “sell” rating to a “strong sell” rating in a research note on Wednesday, June 26th. Leerink Swann raised shares of AbbVie to a “buy” rating in a research note on Tuesday, July 2nd. Finally, Wolfe Research raised shares of AbbVie from an “underperform” rating to a “peer perform” rating in a research note on Thursday, June 27th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $92.05.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, July 26th. The company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.05. The business had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.09 billion. AbbVie had a net margin of 12.62% and a negative return on equity of 198.18%. AbbVie’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.00 earnings per share. As a group, sell-side analysts expect that AbbVie Inc will post 8.88 EPS for the current fiscal year.
The company also recently announced 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 annualized dividend and a yield of 6.55%. AbbVie’s payout ratio is 54.11%.
In other news, Director Roxanne S. Austin bought 11,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The shares were acquired at an average price 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP William J. Chase bought 30,400 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The stock was purchased at an average price of $67.30 per share, for a total transaction of $2,045,920.00. Following the acquisition, the executive vice president now owns 169,552 shares of the company’s stock, valued at $11,410,849.60. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 136,900 shares of company stock worth $9,126,370. 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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