AbbVie Inc (ABBV) Stake Lowered by Dowling & Yahnke LLC

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Dowling & Yahnke LLC cut its stake in AbbVie Inc (NYSE:ABBV) by 1.3% in the third quarter, Holdings Channel reports. The fund owned 70,375 shares of the company’s stock after selling 894 shares during the period. Dowling & Yahnke LLC’s holdings in AbbVie were worth $6,656,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of ABBV. Cornerstone Wealth Management LLC grew its position in shares of AbbVie by 8,774.3% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,102,183 shares of the company’s stock valued at $11,837,000 after purchasing an additional 1,089,763 shares during the period. Assenagon Asset Management S.A. grew its position in shares of AbbVie by 3,516.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 746,656 shares of the company’s stock valued at $70,619,000 after purchasing an additional 726,012 shares during the period. Janus Henderson Group PLC grew its position in shares of AbbVie by 15.9% in the 2nd quarter. Janus Henderson Group PLC now owns 5,243,956 shares of the company’s stock valued at $485,867,000 after purchasing an additional 717,452 shares during the period. Royal London Asset Management Ltd. acquired a new position in shares of AbbVie in the 2nd quarter valued at approximately $62,780,000. Finally, Renaissance Technologies LLC grew its position in shares of AbbVie by 34.6% in the 2nd quarter. Renaissance Technologies LLC now owns 2,362,283 shares of the company’s stock valued at $218,866,000 after purchasing an additional 606,627 shares during the period. Institutional investors and hedge funds own 69.85% of the company’s stock.

ABBV has been the subject of several research analyst reports. Argus decreased their price objective on AbbVie from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Tuesday, November 6th. Bank of America decreased their price objective on AbbVie from $107.00 to $106.00 and set a “buy” rating for the company in a research report on Thursday, October 4th. Zacks Investment Research raised AbbVie from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a research report on Monday, October 1st. SunTrust Banks reduced their price target on AbbVie from $157.00 to $135.00 and set a “buy” rating for the company in a research report on Monday, October 22nd. Finally, Barclays reaffirmed a “hold” rating and set a $90.00 price target on shares of AbbVie in a research report on Sunday, November 4th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. AbbVie has an average rating of “Hold” and an average target price of $103.68.

NYSE:ABBV opened at $86.96 on Friday. AbbVie Inc has a twelve month low of $77.50 and a twelve month high of $125.86. The company has a debt-to-equity ratio of 8.70, a current ratio of 1.20 and a quick ratio of 1.08. The company has a market cap of $136.21 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 0.84 and a beta of 1.68.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, November 2nd. The company reported $2.14 earnings per share for the quarter, topping analysts’ consensus estimates of $2.01 by $0.13. AbbVie had a return on equity of 2,006.63% and a net margin of 23.50%. The firm had revenue of $8.24 billion during the quarter, compared to the consensus estimate of $8.23 billion. During the same quarter in the prior year, the firm posted $1.41 EPS. The business’s revenue was up 17.7% on a year-over-year basis. On average, sell-side analysts forecast that AbbVie Inc will post 7.93 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Shareholders of record on Tuesday, January 15th will be given a dividend of $1.07 per share. The ex-dividend date is Monday, January 14th. This represents a $4.28 dividend on an annualized basis and a yield of 4.92%. This is an increase from AbbVie’s previous quarterly dividend of $0.96. AbbVie’s dividend payout ratio is 68.57%.

In other news, EVP Henry O. Gosebruch sold 42,450 shares of the stock in a transaction that occurred on Thursday, November 29th. The stock was sold at an average price of $90.10, for a total value of $3,824,745.00. Following the completion of the sale, the executive vice president now owns 30,350 shares of the company’s stock, valued at approximately $2,734,535. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Laura J. Schumacher sold 94,140 shares of the stock in a transaction that occurred on Tuesday, December 4th. The shares were sold at an average price of $93.58, for a total value of $8,809,621.20. Following the completion of the sale, the insider now directly owns 192,398 shares of the company’s stock, valued at approximately $18,004,604.84. The disclosure for this sale can be found here. Corporate insiders own 0.07% of the company’s stock.

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AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune diseases; IMBRUVICA, an oral therapy for treating chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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