Trust Co. of Virginia VA cut its stake in shares of AbbVie Inc (NYSE:ABBV) by 21.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,154 shares of the company’s stock after selling 2,740 shares during the quarter. Trust Co. of Virginia VA’s holdings in AbbVie were worth $738,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. Portfolio Solutions LLC bought a new stake in AbbVie during the 4th quarter worth approximately $46,000. Level Four Advisory Services LLC lifted its position in shares of AbbVie by 3.0% in the 4th quarter. Level Four Advisory Services LLC now owns 41,575 shares of the company’s stock worth $3,833,000 after purchasing an additional 1,203 shares during the period. CRA Financial Services LLC acquired a new position in shares of AbbVie in the 4th quarter worth approximately $230,000. Summit Wealth & Retirement Planning Inc. acquired a new position in shares of AbbVie in the 4th quarter worth approximately $334,000. Finally, Braun Bostich & Associates Inc. lifted its position in shares of AbbVie by 596.2% in the 4th quarter. Braun Bostich & Associates Inc. now owns 6,767 shares of the company’s stock worth $624,000 after purchasing an additional 5,795 shares during the period. 70.03% of the stock is currently owned by institutional investors.
A number of research analysts have recently issued reports on the stock. Svb Leerink upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $88.00 price target on the stock in a research report on Wednesday, June 26th. ValuEngine downgraded shares of AbbVie from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 26th. Goldman Sachs Group assumed coverage on shares of AbbVie in a research report on Tuesday, May 28th. They issued a “neutral” rating and a $84.00 price target on the stock. Citigroup restated a “hold” rating on shares of AbbVie in a research report on Wednesday, June 26th. Finally, Piper Jaffray Companies set a $80.00 price target on shares of AbbVie and gave the stock a “hold” rating in a research report on Friday, July 26th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. AbbVie has an average rating of “Hold” and a consensus target price of $92.05.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, July 26th. The company reported $2.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.21 by $0.05. AbbVie had a net margin of 12.62% and a negative return on equity of 182.70%. The firm had revenue of $8.26 billion during the quarter, compared to analyst estimates of $8.09 billion. During the same quarter in the prior year, the business posted $2.00 EPS. The business’s revenue was down .3% compared to the same quarter last year. As a group, research analysts expect that AbbVie Inc will post 8.88 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were paid a $1.07 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $4.28 annualized dividend and a dividend yield of 6.46%. AbbVie’s payout ratio is 54.11%.
In related news, EVP Henry O. Gosebruch purchased 30,000 shares of AbbVie stock in a transaction that occurred on Monday, July 29th. The stock was bought at an average price of $67.28 per share, for a total transaction of $2,018,400.00. Following the completion of the transaction, the executive vice president now owns 75,763 shares in the company, valued at $5,097,334.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Roxanne S. Austin purchased 55,000 shares of AbbVie stock in a transaction that occurred on Thursday, August 1st. The shares were bought at an average price of $65.86 per share, with a total value of $3,622,300.00. Following the transaction, the director now owns 92,114 shares of the company’s stock, valued at approximately $6,066,628.04. The disclosure for this purchase can be found here. In the last quarter, insiders bought 136,900 shares of company stock valued at $9,126,370. Company insiders own 0.08% of the company’s stock.
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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