AbbVie Inc (ABBV) Holdings Cut by Douglas Lane & Associates LLC

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Douglas Lane & Associates LLC lowered its holdings in shares of AbbVie Inc (NYSE:ABBV) by 1.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,166 shares of the company’s stock after selling 300 shares during the quarter. Douglas Lane & Associates LLC’s holdings in AbbVie were worth $1,490,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. NumerixS Investment Technologies Inc grew its stake in AbbVie by 105.8% during the second quarter. NumerixS Investment Technologies Inc now owns 50,489 shares of the company’s stock worth $4,667,000 after buying an additional 25,955 shares in the last quarter. Employees Retirement System of Texas grew its stake in AbbVie by 9.6% during the second quarter. Employees Retirement System of Texas now owns 293,400 shares of the company’s stock worth $27,184,000 after buying an additional 25,700 shares in the last quarter. Richard Bernstein Advisors LLC grew its stake in AbbVie by 44.7% during the second quarter. Richard Bernstein Advisors LLC now owns 7,741 shares of the company’s stock worth $717,000 after buying an additional 2,390 shares in the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in AbbVie by 7.2% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 248,776 shares of the company’s stock worth $23,049,000 after buying an additional 16,664 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board boosted its stake in shares of AbbVie by 32.4% in the 2nd quarter. Ontario Teachers Pension Plan Board now owns 89,175 shares of the company’s stock valued at $8,262,000 after purchasing an additional 21,827 shares in the last quarter. Institutional investors own 70.63% of the company’s stock.

A number of research firms have recently weighed in on ABBV. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a research note on Tuesday, January 8th. ValuEngine upgraded shares of AbbVie from a “sell” rating to a “hold” rating in a research note on Monday, November 12th. Bank of America downgraded shares of AbbVie from a “buy” rating to a “neutral” rating in a research note on Thursday, January 3rd. UBS Group restated a “neutral” rating and issued a $91.00 price target (down from $97.00) on shares of AbbVie in a research note on Wednesday, January 23rd. Finally, Credit Suisse Group set a $85.00 price target on shares of AbbVie and gave the company a “sell” rating in a research note on Saturday, October 20th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $96.85.

In related news, Chairman Richard A. Gonzalez sold 16,850 shares of the firm’s stock in a transaction that occurred on Tuesday, December 11th. The shares were sold at an average price of $88.75, for a total value of $1,495,437.50. Following the completion of the transaction, the chairman now owns 286,203 shares in the company, valued at approximately $25,400,516.25. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Vice Chairman Laura J. Schumacher sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, December 28th. The shares were sold at an average price of $90.00, for a total transaction of $2,250,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 263,440 shares of company stock valued at $24,029,804. 0.07% of the stock is owned by company insiders.

ABBV opened at $80.79 on Thursday. The company has a market capitalization of $118.80 billion, a PE ratio of 10.21, a P/E/G ratio of 1.20 and a beta of 1.17. AbbVie Inc has a 1-year low of $75.77 and a 1-year high of $122.00.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, January 25th. The company reported $1.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.92 by ($0.02). The business had revenue of $8.31 billion during the quarter, compared to the consensus estimate of $8.37 billion. AbbVie had a net margin of 17.36% and a negative return on equity of 1,343.27%. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.48 EPS. Sell-side analysts anticipate that AbbVie Inc will post 8.69 earnings per share for the current year.

AbbVie declared that its Board of Directors has initiated a share repurchase plan on Thursday, December 13th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the company to buy up to 3.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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AbbVie Company 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 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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