Redpoint Investment Management Pty Ltd Reduces Position in AbbVie Inc (NYSE:ABBV)

Redpoint Investment Management Pty Ltd lessened its stake in shares of AbbVie Inc (NYSE:ABBV) by 5.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 110,516 shares of the company’s stock after selling 6,083 shares during the period. Redpoint Investment Management Pty Ltd’s holdings in AbbVie were worth $8,037,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Weaver Consulting Group acquired a new stake in AbbVie during the 1st quarter valued at approximately $25,000. Prime Capital Investment Advisors LLC acquired a new position in shares of AbbVie in the 4th quarter valued at $27,000. Arbor Wealth Management LLC acquired a new position in shares of AbbVie in the 2nd quarter valued at $28,000. Lowe Wealth Advisors LLC lifted its stake in shares of AbbVie by 206.7% in the 2nd 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 period. Finally, Horrell Capital Management Inc. acquired a new position in shares of AbbVie in the 2nd quarter valued at $33,000. 70.03% of the stock is currently owned by institutional investors.

NYSE:ABBV traded down $1.55 during trading hours on Friday, reaching $65.97. 7,180,763 shares of the company were exchanged, compared to its average volume of 9,558,582. The stock’s 50-day moving average is $67.51 and its 200-day moving average is $76.08. The firm has a market cap of $99.83 billion, a PE ratio of 8.34, a price-to-earnings-growth ratio of 1.61 and a beta of 0.96. AbbVie Inc has a twelve month low of $62.66 and a twelve month high of $98.70.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, July 26th. The company reported $2.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.21 by $0.05. The company had revenue of $8.26 billion during 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 firm’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. As a group, research analysts anticipate that AbbVie Inc will post 8.88 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were given a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 6.49%. The ex-dividend date was Friday, July 12th. AbbVie’s dividend payout ratio is presently 54.11%.

ABBV has been the subject 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 target price for the company. ValuEngine cut shares of AbbVie from a “sell” rating to a “strong sell” rating in a research note on Wednesday, June 26th. Citigroup reiterated a “hold” rating on shares of AbbVie in a research note on Wednesday, June 26th. Leerink Swann upgraded shares of AbbVie to a “buy” rating in a research note on Tuesday, July 2nd. Finally, Svb Leerink upgraded shares of AbbVie from a “market perform” rating to an “outperform” rating and set a $88.00 target price for the company in a research note on Wednesday, June 26th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company’s stock. AbbVie has an average rating of “Hold” and a consensus price target of $92.05.

In related news, SVP Jeffrey Ryan Stewart acquired 15,552 shares of AbbVie stock in a transaction on Friday, August 16th. The stock was bought at an average cost of $64.44 per share, for a total transaction of $1,002,170.88. Following the completion of the transaction, the senior vice president now owns 65,304 shares of the company’s stock, valued at approximately $4,208,189.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 price 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 directly owns 169,552 shares of the company’s stock, valued at approximately $11,410,849.60. The disclosure for this purchase can be found here. Insiders have acquired 152,452 shares of company stock valued at $10,128,541 over the last 90 days. 0.08% of the stock is currently owned by company insiders.

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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