Gareth Morgan Investments Limited Partnership Cuts Holdings in AbbVie Inc (NYSE:ABBV)

Gareth Morgan Investments Limited Partnership trimmed its position in shares of AbbVie Inc (NYSE:ABBV) by 15.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 145,916 shares of the company’s stock after selling 26,376 shares during the quarter. AbbVie makes up about 1.0% of Gareth Morgan Investments Limited Partnership’s investment portfolio, making the stock its 22nd biggest position. Gareth Morgan Investments Limited Partnership’s holdings in AbbVie were worth $10,580,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. WealthTrust Axiom LLC raised its holdings in AbbVie by 0.3% in the second quarter. WealthTrust Axiom LLC now owns 4,307 shares of the company’s stock worth $312,000 after purchasing an additional 15 shares during the period. Abner Herrman & Brock LLC raised its holdings in AbbVie by 0.3% in the second quarter. Abner Herrman & Brock LLC now owns 6,293 shares of the company’s stock worth $456,000 after purchasing an additional 18 shares during the period. Bollard Group LLC raised its holdings in AbbVie by 0.5% in the second quarter. Bollard Group LLC now owns 3,764 shares of the company’s stock worth $273,000 after purchasing an additional 19 shares during the period. St. Louis Trust Co raised its holdings in AbbVie by 0.7% in the second quarter. St. Louis Trust Co now owns 3,411 shares of the company’s stock worth $248,000 after purchasing an additional 23 shares during the period. Finally, TRUE Private Wealth Advisors raised its holdings in AbbVie by 0.6% in the second quarter. TRUE Private Wealth Advisors now owns 4,814 shares of the company’s stock worth $349,000 after purchasing an additional 27 shares during the period. Institutional investors own 69.18% of the company’s stock.

In other AbbVie news, insider Henry O. Gosebruch sold 18,300 shares of the company’s stock in a transaction on Monday, October 30th. The shares were sold at an average price of $90.55, for a total transaction of $1,657,065.00. Following the transaction, the insider now owns 81,287 shares in the company, valued at $7,360,537.85. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Timothy J. Richmond sold 87,040 shares of the company’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $98.45, for a total transaction of $8,569,088.00. Following the transaction, the senior vice president now owns 113,118 shares in the company, valued at approximately $11,136,467.10. The disclosure for this sale can be found here. Insiders sold a total of 494,676 shares of company stock worth $47,237,938 in the last 90 days. Corporate insiders own 0.23% of the company’s stock.

Shares of AbbVie Inc (NYSE:ABBV) traded down $1.08 during trading on Friday, hitting $96.71. 3,213,870 shares of the company traded hands, compared to its average volume of 4,128,349. The company has a market cap of $156,114.89, a price-to-earnings ratio of 23.53, a PEG ratio of 1.36 and a beta of 1.52. The company has a quick ratio of 1.32, a current ratio of 1.45 and a debt-to-equity ratio of 5.08. AbbVie Inc has a 12 month low of $59.27 and a 12 month high of $99.10.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, October 27th. The company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. The company had revenue of $7 billion for the quarter, compared to analyst estimates of $7 billion. AbbVie had a net margin of 24.38% and a return on equity of 153.80%. The firm’s revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.21 EPS. equities research analysts predict that AbbVie Inc will post 5.55 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Friday, January 12th will be given a $0.71 dividend. The ex-dividend date of this dividend is Thursday, January 11th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 2.94%. This is an increase from AbbVie’s previous quarterly dividend of $0.64. AbbVie’s payout ratio is 62.29%.

Several equities research analysts have recently issued reports on the stock. UBS Group reissued a “neutral” rating on shares of AbbVie in a research report on Friday, October 13th. Jefferies Group lifted their price objective on shares of AbbVie from $107.00 to $115.00 and gave the company a “buy” rating in a research report on Monday, October 16th. Cowen reissued a “hold” rating and issued a $95.00 price objective (up previously from $70.00) on shares of AbbVie in a research report on Monday, September 11th. BMO Capital Markets reissued a “hold” rating and issued a $84.00 price objective on shares of AbbVie in a research report on Tuesday, November 21st. Finally, Piper Jaffray Companies raised their target price on shares of AbbVie to $115.00 and gave the stock an “overweight” rating in a research note on Friday, October 27th. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $100.26.

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AbbVie 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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