TrinityPoint Wealth LLC cut its holdings in AbbVie Inc (NYSE:ABBV) by 2.2% during the second quarter, Holdings Channel.com reports. The firm owned 7,335 shares of the company’s stock after selling 165 shares during the quarter. TrinityPoint Wealth LLC’s holdings in AbbVie were worth $495,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of ABBV. Weaver Consulting Group acquired a new stake in shares of AbbVie in the first quarter valued at approximately $25,000. Prime Capital Investment Advisors LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $27,000. Arbor Wealth Management LLC acquired a new stake in shares of AbbVie in the second quarter valued at approximately $28,000. Lowe Wealth Advisors LLC raised its holdings in shares of AbbVie by 206.7% in the second quarter. Lowe Wealth Advisors LLC now owns 460 shares of the company’s stock valued at $33,000 after purchasing an additional 310 shares during the last quarter. Finally, Horrell Capital Management Inc. acquired a new stake in shares of AbbVie in the second quarter valued at approximately $33,000. Institutional investors own 70.03% of the company’s stock.
ABBV traded down $0.44 during trading on Friday, reaching $67.08. 1,616,217 shares of the stock were exchanged, compared to its average volume of 10,102,875. The stock has a market cap of $98.19 billion, a P/E ratio of 8.48, a price-to-earnings-growth ratio of 1.58 and a beta of 0.96. AbbVie Inc has a twelve month low of $62.66 and a twelve month high of $98.70. The stock’s 50 day moving average price is $67.68 and its two-hundred day moving average price is $76.15.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, July 15th were issued a dividend of $1.07 per share. The ex-dividend date was Friday, July 12th. This represents a $4.28 dividend on an annualized basis and a yield of 6.38%. AbbVie’s payout ratio is 54.11%.
In related news, SVP Jeffrey Ryan Stewart acquired 15,552 shares of AbbVie stock in a transaction on Friday, August 16th. The stock was purchased at an average cost of $64.44 per share, with a total value of $1,002,170.88. Following the completion of the transaction, the senior vice president now directly owns 65,304 shares in the company, valued at approximately $4,208,189.76. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, EVP William J. Chase acquired 30,400 shares of AbbVie stock in a transaction on Wednesday, June 26th. The shares were bought at an average cost of $67.30 per share, with a total value of $2,045,920.00. Following the completion of the transaction, 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. Over the last 90 days, insiders have purchased 152,452 shares of company stock worth $10,128,541. 0.08% of the stock is owned by corporate insiders.
A number of analysts have recently issued reports on the stock. Credit Suisse Group set a $78.00 price objective on shares of AbbVie and gave the company a “sell” rating in a report on Friday, April 26th. Goldman Sachs Group assumed coverage on shares of AbbVie in a report on Tuesday, May 28th. They issued a “neutral” rating and a $84.00 price objective on the stock. Piper Jaffray Companies upgraded shares of AbbVie from a “neutral” rating to an “overweight” rating and set a $80.00 price objective on the stock in a report on Tuesday. BMO Capital Markets upgraded shares of AbbVie from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $71.00 to $79.00 in a report on Sunday, April 28th. Finally, ValuEngine downgraded shares of AbbVie from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 26th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $92.05.
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.
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