City Holding Co. Cuts Stake in AbbVie Inc (ABBV)
City Holding Co. lessened its position in shares of AbbVie Inc (NYSE:ABBV) by 3.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 34,202 shares of the company’s stock after selling 1,330 shares during the quarter. City Holding Co.’s holdings in AbbVie were worth $3,234,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in ABBV. Mainstay Capital Management LLC ADV raised its stake in AbbVie by 6,123.5% in the 2nd quarter. Mainstay Capital Management LLC ADV now owns 12,447 shares of the company’s stock valued at $143,000 after purchasing an additional 12,247 shares during the last quarter. First Mercantile Trust Co. acquired a new position in AbbVie in the 2nd quarter valued at about $150,000. MUFG Securities EMEA plc purchased a new stake in AbbVie in the 2nd quarter valued at about $157,000. Rainier Group Investment Advisory LLC purchased a new stake in AbbVie in the 1st quarter valued at about $161,000. Finally, Kiley Juergens Wealth Management LLC grew its holdings in AbbVie by 69.3% in the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 1,761 shares of the company’s stock valued at $166,000 after buying an additional 721 shares during the period. 69.47% of the stock is owned by institutional investors and hedge funds.
ABBV has been the subject of several recent analyst reports. SunTrust Banks lowered their price target on AbbVie from $157.00 to $135.00 and set a “buy” rating for the company in a report on Monday, October 22nd. Credit Suisse Group set a $85.00 price target on AbbVie and gave the company a “sell” rating in a report on Saturday, October 20th. Wolfe Research initiated coverage on AbbVie in a report on Tuesday, October 23rd. They issued an “underperform” rating for the company. Zacks Investment Research upgraded AbbVie from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a report on Monday, October 1st. Finally, Bank of America lowered their price target on AbbVie from $107.00 to $106.00 and set a “buy” rating for the company in a report on Thursday, October 4th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. AbbVie presently has an average rating of “Hold” and an average price target of $103.68.
AbbVie (NYSE:ABBV) last issued its earnings results on Friday, November 2nd. The company reported $2.14 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.01 by $0.13. AbbVie had a return on equity of 2,006.63% and a net margin of 23.50%. The business had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $8.23 billion. During the same quarter in the previous year, the business earned $1.41 EPS. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, sell-side analysts forecast that AbbVie Inc will post 7.93 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 15th. Investors of record on Tuesday, January 15th will be given a dividend of $1.07 per share. The ex-dividend date is Monday, January 14th. This is a positive change from AbbVie’s previous quarterly dividend of $0.96. This represents a $4.28 annualized dividend and a yield of 4.85%. AbbVie’s payout ratio is 68.57%.
In related news, EVP Michael Severino sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $97.52, for a total transaction of $4,876,000.00. Following the transaction, the executive vice president now directly owns 111,481 shares of the company’s stock, valued at approximately $10,871,627.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.07% of the company’s stock.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.
See Also: Do stock splits help investors?
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 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.