Westchester Capital Management Inc. Decreases Position in AbbVie Inc. (NYSE:ABBV)

Westchester Capital Management Inc. cut its holdings in AbbVie Inc. (NYSE:ABBV) by 1.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 144,834 shares of the company’s stock after selling 2,085 shares during the period. AbbVie makes up approximately 4.5% of Westchester Capital Management Inc.’s investment portfolio, making the stock its 3rd largest position. Westchester Capital Management Inc.’s holdings in AbbVie were worth $9,437,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. First Command Financial Services Inc. grew its stake in AbbVie by 6.8% during the first quarter. First Command Financial Services Inc. now owns 1,565 shares of the company’s stock worth $102,000 after buying an additional 99 shares in the last quarter. Atwood & Palmer Inc. grew its stake in AbbVie by 1,333.3% during the first quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock worth $140,000 after buying an additional 2,000 shares in the last quarter. Tradewinds Capital Management LLC grew its stake in AbbVie by 87.2% during the first quarter. Tradewinds Capital Management LLC now owns 2,269 shares of the company’s stock worth $148,000 after buying an additional 1,057 shares in the last quarter. American National Bank grew its stake in AbbVie by 13.8% during the first quarter. American National Bank now owns 2,471 shares of the company’s stock worth $161,000 after buying an additional 299 shares in the last quarter. Finally, Cable Hill Partners LLC grew its stake in AbbVie by 7.4% during the first quarter. Cable Hill Partners LLC now owns 2,711 shares of the company’s stock worth $177,000 after buying an additional 186 shares in the last quarter. Institutional investors and hedge funds own 68.29% of the company’s stock.

In other news, Director Edward J. Rapp bought 4,000 shares of the business’s stock in a transaction on Monday, July 31st. The stock was acquired at an average price of $70.45 per share, with a total value of $281,800.00. Following the completion of the purchase, the director now directly owns 15,498 shares in the company, valued at $1,091,834.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Henry O. Gosebruch sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $70.09, for a total value of $1,261,620.00. Following the completion of the sale, the insider now directly owns 96,074 shares of the company’s stock, valued at approximately $6,733,826.66. The disclosure for this sale can be found here. In the last ninety days, insiders sold 373,191 shares of company stock valued at $26,598,305. 0.23% of the stock is owned by insiders.

A number of equities research analysts have issued reports on the stock. Piper Jaffray Companies reiterated a “buy” rating and set a $85.00 price objective on shares of AbbVie in a research note on Thursday, August 3rd. BidaskClub downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. Leerink Swann reiterated a “market perform” rating on shares of AbbVie in a research note on Tuesday. Cowen and Company reiterated a “hold” rating and set a $95.00 price objective (up from $70.00) on shares of AbbVie in a research note on Monday. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $94.00 target price on shares of AbbVie in a report on Friday, September 8th. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $82.38.

Shares of AbbVie Inc. (NYSE:ABBV) traded down 2.07% on Friday, reaching $87.37. 20,441,496 shares of the company were exchanged. The stock’s 50-day moving average is $74.86 and its 200 day moving average is $69.44. AbbVie Inc. has a 12-month low of $55.06 and a 12-month high of $89.69. The firm has a market capitalization of $139.28 billion, a PE ratio of 21.49 and a beta of 1.48.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.02. The business had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.93 billion. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. AbbVie’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.26 earnings per share. On average, analysts forecast that AbbVie Inc. will post $5.52 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 2.93%. The ex-dividend date is Thursday, October 12th. AbbVie’s dividend payout ratio is currently 62.90%.

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AbbVie Company Profile

AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. 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 virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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