Seaward Management Limited Partnership Lowers Position in AbbVie Inc. (ABBV)
Seaward Management Limited Partnership cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.1% during the second quarter, Holdings Channel reports. The firm owned 180,406 shares of the company’s stock after selling 181 shares during the period. Seaward Management Limited Partnership’s holdings in AbbVie were worth $11,168,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in ABBV. Buffington Mohr McNeal raised its position in shares of AbbVie by 26.7% in the first quarter. Buffington Mohr McNeal now owns 7,350 shares of the company’s stock valued at $419,000 after buying an additional 1,550 shares during the period. Mn Services Vermogensbeheer B.V. acquired a new position in shares of AbbVie during the first quarter valued at approximately $2,054,000. Aperio Group LLC raised its position in shares of AbbVie by 19.0% in the first quarter. Aperio Group LLC now owns 679,027 shares of the company’s stock valued at $38,786,000 after buying an additional 108,530 shares during the period. Commonwealth Equity Services Inc raised its position in shares of AbbVie by 13.4% in the first quarter. Commonwealth Equity Services Inc now owns 557,267 shares of the company’s stock valued at $31,831,000 after buying an additional 66,017 shares during the period. Finally, River Wealth Advisors LLC raised its position in shares of AbbVie by 3.1% in the first quarter. River Wealth Advisors LLC now owns 10,164 shares of the company’s stock valued at $581,000 after buying an additional 309 shares during the period. 68.36% of the stock is currently owned by institutional investors and hedge funds.
Shares of AbbVie Inc. (NYSE:ABBV) traded down 1.60% during mid-day trading on Friday, hitting $60.17. The company had a trading volume of 5,606,474 shares. The stock has a market cap of $97.99 billion, a price-to-earnings ratio of 17.36 and a beta of 1.50. The stock’s 50-day moving average is $63.50 and its 200-day moving average is $62.68. AbbVie Inc. has a 52-week low of $45.45 and a 52-week high of $68.12.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.20 by $0.06. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The business had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.20 billion. During the same period in the previous year, the company earned $1.08 earnings per share. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. Equities analysts forecast that AbbVie Inc. will post $4.81 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 15th. Investors of record on Friday, October 14th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.79%. The ex-dividend date is Wednesday, October 12th. AbbVie’s dividend payout ratio is currently 65.71%.
Several equities research analysts recently issued reports on ABBV shares. Barclays PLC reiterated an “equal weight” rating and issued a $68.00 price objective on shares of AbbVie in a report on Tuesday, August 2nd. Jefferies Group reiterated a “buy” rating on shares of AbbVie in a report on Thursday, August 4th. Argus reiterated a “buy” rating and issued a $85.00 price objective on shares of AbbVie in a report on Monday, August 8th. Vetr downgraded AbbVie from a “buy” rating to a “hold” rating and set a $67.14 price objective on the stock. in a report on Tuesday, July 12th. Finally, Goldman Sachs Group Inc. reiterated a “buy” rating and issued a $78.00 price objective on shares of AbbVie in a report on Thursday, September 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. AbbVie currently has an average rating of “Buy” and a consensus price target of $70.68.
In other news, insider Laura J. Schumacher sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $65.00, for a total transaction of $3,250,000.00. Following the completion of the transaction, the insider now directly owns 144,138 shares of the company’s stock, valued at $9,368,970. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.11% of the company’s stock.
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company operates in pharmaceutical products segment. 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 (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, as well as other serious health conditions.
Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV).
Receive News & Ratings for AbbVie Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie Inc. and related companies with MarketBeat.com's FREE daily email newsletter.