AbbVie Inc. (ABBV) Position Cut by Macnealy Hoover Investment Management Inc.
Macnealy Hoover Investment Management Inc. decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 5.3% during the third quarter, Holdings Channel reports. The institutional investor owned 26,074 shares of the company’s stock after selling 1,450 shares during the period. AbbVie makes up about 1.3% of Macnealy Hoover Investment Management Inc.’s holdings, making the stock its 22nd largest position. Macnealy Hoover Investment Management Inc.’s holdings in AbbVie were worth $1,644,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Capital Research Global Investors raised its stake in shares of AbbVie by 100.6% in the second quarter. Capital Research Global Investors now owns 152,718,713 shares of the company’s stock valued at $9,439,710,000 after buying an additional 76,593,054 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of AbbVie by 1.0% in the second quarter. Vanguard Group Inc. now owns 104,083,008 shares of the company’s stock valued at $6,443,780,000 after buying an additional 998,196 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of AbbVie by 0.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 42,335,781 shares of the company’s stock valued at $2,621,008,000 after buying an additional 370,153 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of AbbVie by 1.2% in the second quarter. BlackRock Fund Advisors now owns 20,072,568 shares of the company’s stock valued at $1,242,693,000 after buying an additional 241,624 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of AbbVie by 52.4% in the second quarter. Ameriprise Financial Inc. now owns 10,364,784 shares of the company’s stock valued at $641,739,000 after buying an additional 3,562,980 shares during the last quarter. 66.67% of the stock is owned by institutional investors.
AbbVie Inc. (NYSE:ABBV) traded down 1.28% during mid-day trading on Wednesday, hitting $60.80. 9,025,182 shares of the stock were exchanged. The stock has a 50 day moving average of $60.36 and a 200-day moving average of $62.70. AbbVie Inc. has a 52-week low of $50.71 and a 52-week high of $68.12. The stock has a market cap of $98.81 billion, a price-to-earnings ratio of 16.44 and a beta of 1.55.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, October 28th. The company reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. The company earned $6.43 billion during the quarter, compared to the consensus estimate of $6.55 billion. AbbVie had a return on equity of 150.77% and a net margin of 24.08%. AbbVie’s revenue was up 7.4% on a year-over-year basis. During the same period last year, the company earned $1.13 earnings per share. Equities analysts predict that AbbVie Inc. will post $4.82 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 15th. Investors of record on Friday, January 13th will be given a $0.64 dividend. The ex-dividend date is Wednesday, January 11th. This is an increase from AbbVie’s previous quarterly dividend of $0.57. This represents a $2.56 dividend on an annualized basis and a yield of 4.21%. AbbVie’s dividend payout ratio (DPR) is currently 61.62%.
Several equities research analysts have issued reports on ABBV shares. JPMorgan Chase & Co. lowered shares of AbbVie from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $75.00 to $73.00 in a research report on Thursday, September 8th. They noted that the move was a valuation call. Goldman Sachs Group Inc. restated a “buy” rating and issued a $78.00 price objective on shares of AbbVie in a report on Tuesday, September 27th. Jefferies Group restated a “buy” rating on shares of AbbVie in a report on Thursday, August 25th. Barclays PLC restated an “equal weight” rating and issued a $68.00 price objective on shares of AbbVie in a report on Tuesday, August 2nd. Finally, Raymond James Financial Inc. assumed coverage on shares of AbbVie in a report on Thursday, September 1st. They issued an “outperform” rating and a $82.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company’s stock. AbbVie has an average rating of “Hold” and a consensus target price of $69.54.
In related news, insider Laura J. Schumacher sold 50,000 shares of the firm’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $65.00, for a total value of $3,250,000.00. Following the completion of the sale, the insider now directly owns 144,138 shares in the company, valued at $9,368,970. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.11% of the stock is owned by corporate insiders.
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company operates in pharmaceutical products segment. Its products are focused on treating conditions, such as chronic autoimmune diseases, in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, as well as other serious health conditions.
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).
Receive News & Ratings for AbbVie Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie Inc. and related companies with MarketBeat.com's FREE daily email newsletter.