AbbVie Inc (ABBV) Holdings Cut by Investment Centers of America Inc.
Investment Centers of America Inc. lessened its holdings in AbbVie Inc (NYSE:ABBV) by 6.3% during the third quarter, Holdings Channel reports. The fund owned 67,870 shares of the company’s stock after selling 4,598 shares during the period. Investment Centers of America Inc.’s holdings in AbbVie were worth $6,040,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in ABBV. Tiedemann Wealth Management LLC grew its holdings in shares of AbbVie by 7.6% during the third quarter. Tiedemann Wealth Management LLC now owns 23,541 shares of the company’s stock worth $1,220,000 after purchasing an additional 1,660 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of AbbVie by 5.4% during the third quarter. Schwab Charles Investment Management Inc. now owns 5,509,682 shares of the company’s stock worth $489,591,000 after purchasing an additional 283,566 shares during the last quarter. Mckinley Capital Management LLC Delaware grew its holdings in shares of AbbVie by 302.7% during the third quarter. Mckinley Capital Management LLC Delaware now owns 238,672 shares of the company’s stock worth $21,208,000 after purchasing an additional 179,405 shares during the last quarter. Commonwealth Bank of Australia grew its holdings in shares of AbbVie by 4.7% during the third quarter. Commonwealth Bank of Australia now owns 127,750 shares of the company’s stock worth $11,344,000 after purchasing an additional 5,726 shares during the last quarter. Finally, Grove Bank & Trust grew its holdings in shares of AbbVie by 19.1% during the third quarter. Grove Bank & Trust now owns 19,203 shares of the company’s stock worth $1,706,000 after purchasing an additional 3,081 shares during the last quarter. Hedge funds and other institutional investors own 69.54% of the company’s stock.
In other AbbVie news, Chairman Richard A. Gonzalez sold 218,193 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $94.01, for a total value of $20,512,323.93. Following the transaction, the chairman now directly owns 492,030 shares of the company’s stock, valued at $46,255,740.30. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael Severino sold 25,633 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $94.69, for a total value of $2,427,188.77. Following the completion of the transaction, the executive vice president now directly owns 114,922 shares in the company, valued at $10,881,964.18. The disclosure for this sale can be found here. Over the last three months, insiders sold 476,376 shares of company stock worth $45,580,873. Insiders own 0.23% of the company’s stock.
AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, January 26th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.04. AbbVie had a return on equity of 152.78% and a net margin of 18.82%. The firm had revenue of $7.74 billion for the quarter, compared to analyst estimates of $7.53 billion. During the same period in the previous year, the firm earned $1.20 earnings per share. The company’s revenue was up 13.9% compared to the same quarter last year. equities research analysts anticipate that AbbVie Inc will post 7.46 EPS for the current year.
Several research firms have recently weighed in on ABBV. Argus boosted their price target on AbbVie from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. ValuEngine upgraded AbbVie from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Evercore ISI restated a “buy” rating and set a $144.00 price target on shares of AbbVie in a report on Monday, January 29th. Leerink Swann cut AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 target price on the stock. in a report on Monday, January 29th. Finally, Piper Jaffray Companies upped their target price on AbbVie from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, January 26th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $117.26.
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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.
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