Morse Asset Management Inc Lowers Stock Holdings in AbbVie Inc (NYSE:ABBV)

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Morse Asset Management Inc trimmed its position in shares of AbbVie Inc (NYSE:ABBV) by 1.7% in the second quarter, HoldingsChannel.com reports. The fund owned 11,750 shares of the company’s stock after selling 200 shares during the period. Morse Asset Management Inc’s holdings in AbbVie were worth $854,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. TD Asset Management Inc. boosted its holdings in AbbVie by 1.1% during the 2nd quarter. TD Asset Management Inc. now owns 625,378 shares of the company’s stock valued at $45,477,000 after acquiring an additional 6,931 shares during the period. Westpac Banking Corp boosted its holdings in AbbVie by 5.4% during the 2nd quarter. Westpac Banking Corp now owns 179,697 shares of the company’s stock valued at $13,068,000 after acquiring an additional 9,238 shares during the period. Wedbush Securities Inc. boosted its holdings in AbbVie by 5.1% during the 2nd quarter. Wedbush Securities Inc. now owns 63,865 shares of the company’s stock valued at $4,644,000 after acquiring an additional 3,100 shares during the period. Blue Chip Partners Inc. boosted its holdings in AbbVie by 8.2% during the 2nd quarter. Blue Chip Partners Inc. now owns 133,572 shares of the company’s stock valued at $9,713,000 after acquiring an additional 10,071 shares during the period. Finally, Capital Advisors Ltd. LLC boosted its holdings in AbbVie by 37.8% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 1,463 shares of the company’s stock valued at $106,000 after acquiring an additional 401 shares during the period. Institutional investors own 68.15% of the company’s stock.

Shares of ABBV traded up $0.47 during midday trading on Tuesday, hitting $65.00. The company had a trading volume of 6,226,188 shares, compared to its average volume of 10,463,384. The company has a 50-day moving average price of $69.02. The firm has a market capitalization of $96.96 billion, a price-to-earnings ratio of 8.22, a P/E/G ratio of 1.56 and a beta of 0.96. AbbVie Inc has a 1 year low of $63.31 and a 1 year high of $100.23.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 26th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.05. AbbVie had a negative return on equity of 182.70% and a net margin of 12.62%. The business had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same quarter last year, the company earned $2.00 EPS. The business’s quarterly revenue was down .3% on a year-over-year basis. Equities analysts predict that AbbVie Inc will post 8.88 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 6.58%. The ex-dividend date is Friday, July 12th. AbbVie’s dividend payout ratio (DPR) is presently 54.11%.

In other AbbVie news, Director Roxanne S. Austin bought 11,500 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were acquired at an average price of $67.50 per share, with a total value of $776,250.00. Following the transaction, the director now owns 52,114 shares of the company’s stock, valued at $3,517,695. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Roxanne S. Austin bought 10,000 shares of the business’s stock in a transaction dated Tuesday, July 30th. The shares were acquired at an average cost of $66.35 per share, for a total transaction of $663,500.00. Following the transaction, the director now directly owns 62,114 shares in the company, valued at approximately $4,121,263.90. The disclosure for this purchase can be found here. Insiders have bought a total of 136,900 shares of company stock worth $9,126,370 in the last three months. Corporate insiders own 0.08% of the company’s stock.

Several equities analysts have recently issued reports on the company. Credit Suisse Group set a $78.00 price objective on AbbVie and gave the company a “sell” rating in a research note on Friday, April 26th. BMO Capital Markets upgraded AbbVie from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $71.00 to $79.00 in a research note on Sunday, April 28th. Citigroup reiterated a “hold” rating on shares of AbbVie in a research note on Wednesday, June 26th. ValuEngine cut AbbVie from a “sell” rating to a “strong sell” rating in a research note on Wednesday, June 26th. Finally, Svb Leerink upgraded AbbVie from a “market perform” rating to an “outperform” rating and set a $88.00 price objective for the company in a research note on Wednesday, June 26th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $92.05.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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