Occidental Asset Management LLC Grows Stock Holdings in AbbVie Inc (NYSE:ABBV)

Occidental Asset Management LLC boosted its holdings in shares of AbbVie Inc (NYSE:ABBV) by 19.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,665 shares of the company’s stock after purchasing an additional 1,231 shares during the quarter. Occidental Asset Management LLC’s holdings in AbbVie were worth $557,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Benedict Financial Advisors Inc. raised its stake in AbbVie by 11.0% during the second quarter. Benedict Financial Advisors Inc. now owns 3,046 shares of the company’s stock valued at $221,000 after purchasing an additional 302 shares in the last quarter. Sigma Planning Corp raised its stake in AbbVie by 9.3% during the second quarter. Sigma Planning Corp now owns 71,966 shares of the company’s stock valued at $5,233,000 after purchasing an additional 6,095 shares in the last quarter. Kavar Capital Partners LLC raised its stake in AbbVie by 12.3% during the second quarter. Kavar Capital Partners LLC now owns 33,696 shares of the company’s stock valued at $2,450,000 after purchasing an additional 3,700 shares in the last quarter. Stephens Inc. AR raised its stake in AbbVie by 17.6% during the second quarter. Stephens Inc. AR now owns 240,549 shares of the company’s stock valued at $17,493,000 after purchasing an additional 36,043 shares in the last quarter. Finally, Cohen Lawrence B purchased a new stake in AbbVie during the second quarter valued at $353,000. 68.15% of the stock is currently owned by institutional investors.

Shares of NYSE ABBV traded down $0.50 during mid-day trading on Thursday, reaching $63.00. The company had a trading volume of 5,846,899 shares, compared to its average volume of 10,238,484. The stock’s 50-day moving average price is $68.73. The firm has a market cap of $95.41 billion, a PE ratio of 7.96, a price-to-earnings-growth ratio of 1.54 and a beta of 0.96. AbbVie Inc has a 52 week low of $63.31 and a 52 week high of $100.23.

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. The firm had revenue of $8.26 billion for the quarter, compared to analysts’ expectations of $8.09 billion. AbbVie had a net margin of 12.62% and a negative return on equity of 182.70%. The business’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the business posted $2.00 earnings per share. Equities research analysts expect 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 6.79%. The ex-dividend date of this dividend is Friday, July 12th. AbbVie’s payout ratio is presently 54.11%.

In other AbbVie news, Director Roxanne S. Austin bought 55,000 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were bought at an average cost of $65.86 per share, for a total transaction of $3,622,300.00. Following the acquisition, the director now directly owns 92,114 shares in the company, valued at $6,066,628.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Henry O. Gosebruch bought 30,000 shares of the company’s stock in a transaction on Monday, July 29th. The shares were acquired at an average price of $67.28 per share, for a total transaction of $2,018,400.00. Following the completion of the acquisition, the executive vice president now owns 75,763 shares in the company, valued at $5,097,334.64. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 136,900 shares of company stock worth $9,126,370. Company insiders own 0.08% of the company’s stock.

A number of research analysts have weighed in on ABBV shares. Piper Jaffray Companies set a $80.00 price objective on shares of AbbVie and gave the company a “hold” rating in a research report on Friday, July 26th. Goldman Sachs Group started coverage on shares of AbbVie in a research report on Tuesday, May 28th. They set a “neutral” rating and a $84.00 price objective on the stock. Leerink Swann upgraded shares of AbbVie to a “buy” rating in a research report on Tuesday, July 2nd. BMO Capital Markets upgraded shares of 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 report on Sunday, April 28th. Finally, Wolfe Research upgraded shares of AbbVie from an “underperform” rating to a “peer perform” rating in a research report on Thursday, June 27th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target 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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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