Schmidt P J Investment Management Inc. Lowers Position in AbbVie Inc (NYSE:ABBV)

Schmidt P J Investment Management Inc. cut its stake in AbbVie Inc (NYSE:ABBV) by 7.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 66,466 shares of the company’s stock after selling 5,004 shares during the quarter. AbbVie accounts for about 1.4% of Schmidt P J Investment Management Inc.’s portfolio, making the stock its 27th biggest position. Schmidt P J Investment Management Inc.’s holdings in AbbVie were worth $4,833,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of ABBV. Northern Trust Corp grew its holdings in AbbVie by 1.1% during the fourth quarter. Northern Trust Corp now owns 21,029,665 shares of the company’s stock valued at $1,938,725,000 after purchasing an additional 227,408 shares during the period. Geode Capital Management LLC grew its holdings in AbbVie by 5.3% during the fourth quarter. Geode Capital Management LLC now owns 17,582,527 shares of the company’s stock valued at $1,617,957,000 after purchasing an additional 880,288 shares during the period. Bank of New York Mellon Corp grew its holdings in AbbVie by 0.3% during the fourth quarter. Bank of New York Mellon Corp now owns 15,921,433 shares of the company’s stock valued at $1,467,797,000 after purchasing an additional 41,680 shares during the period. Norges Bank bought a new position in AbbVie during the fourth quarter valued at $1,300,469,000. Finally, FMR LLC grew its holdings in AbbVie by 56.5% during the first quarter. FMR LLC now owns 13,200,141 shares of the company’s stock valued at $1,063,799,000 after purchasing an additional 4,765,946 shares during the period. 68.53% of the stock is owned by hedge funds and other institutional investors.

Shares of AbbVie stock traded down $0.23 during trading hours on Tuesday, reaching $65.00. The company had a trading volume of 3,156,341 shares, compared to its average volume of 10,947,081. AbbVie Inc has a one year low of $64.54 and a one year high of $100.23. The business has a fifty day moving average price of $70.90. The company has a market cap of $96.61 billion, a price-to-earnings ratio of 8.22, a PEG ratio of 1.56 and a beta of 0.96.

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 firm had revenue of $8.26 billion during the quarter, compared to analyst estimates of $8.09 billion. During the same period last year, the company earned $2.00 earnings per share. The business’s revenue for the quarter was down .3% on a year-over-year basis. Research analysts forecast that AbbVie Inc will post 8.88 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a dividend yield of 6.58%. The ex-dividend date of this dividend is Friday, July 12th. AbbVie’s payout ratio is currently 54.11%.

In other AbbVie news, Director Roxanne S. Austin acquired 55,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were bought at an average price of $65.86 per share, for a total transaction of $3,622,300.00. Following the completion of the transaction, the director now owns 92,114 shares of the company’s stock, valued at approximately $6,066,628.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Henry O. Gosebruch acquired 30,000 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was acquired at an average price of $67.28 per share, for a total transaction of $2,018,400.00. Following the transaction, the executive vice president now directly owns 75,763 shares of the company’s stock, valued at approximately $5,097,334.64. The disclosure for this purchase can be found here. Insiders bought 136,900 shares of company stock valued at $9,126,370 over the last ninety days. Corporate insiders own 0.08% of the company’s stock.

Several equities analysts have weighed in on ABBV shares. ValuEngine lowered AbbVie from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 26th. Wolfe Research raised AbbVie from an “underperform” rating to a “peer perform” rating in a report on Thursday, June 27th. BMO Capital Markets raised AbbVie from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $71.00 to $79.00 in a report on Sunday, April 28th. Citigroup reissued a “hold” rating on shares of AbbVie in a report on Wednesday, June 26th. Finally, Goldman Sachs Group assumed coverage on AbbVie in a report on Tuesday, May 28th. They issued a “neutral” rating and a $84.00 price target for the company. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $92.05.

About AbbVie

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: Swap

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc (NYSE:ABBV).

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.