Somerville Kurt F Cuts Holdings in AbbVie Inc. (ABBV)

Somerville Kurt F decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 4.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 30,350 shares of the company’s stock after selling 1,290 shares during the period. Somerville Kurt F’s holdings in AbbVie were worth $2,201,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Acropolis Investment Management LLC purchased a new position in AbbVie during the 2nd quarter valued at about $106,000. Franklin Parlapiano Turner & Welch LLC purchased a new position in AbbVie during the 1st quarter valued at about $108,000. Atwood & Palmer Inc. increased its position in AbbVie by 1,333.3% during the 1st quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock valued at $140,000 after purchasing an additional 2,000 shares during the period. Tradewinds Capital Management LLC increased its position in AbbVie by 87.2% during the 1st quarter. Tradewinds Capital Management LLC now owns 2,269 shares of the company’s stock valued at $148,000 after purchasing an additional 1,057 shares during the period. Finally, Exane Asset Management purchased a new position in AbbVie during the 2nd quarter valued at about $181,000. 68.25% of the stock is currently owned by institutional investors and hedge funds.

In related news, SVP Azita Saleki-Gerhardt sold 8,300 shares of the stock in a transaction on Monday, September 11th. The stock was sold at an average price of $85.02, for a total transaction of $705,666.00. Following the completion of the sale, the senior vice president now directly owns 93,099 shares of the company’s stock, valued at $7,915,276.98. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Edward J. Rapp purchased 4,000 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were bought at an average cost of $70.45 per share, with a total value of $281,800.00. Following the completion of the acquisition, the director now owns 15,498 shares of the company’s stock, valued at $1,091,834.10. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 373,191 shares of company stock valued at $26,598,305. Corporate insiders own 0.23% of the company’s stock.

Shares of AbbVie Inc. (NYSE:ABBV) traded up 0.78% during mid-day trading on Wednesday, reaching $87.04. 2,681,155 shares of the company’s stock traded hands. AbbVie Inc. has a one year low of $55.06 and a one year high of $89.69. The firm’s 50-day moving average is $75.76 and its 200 day moving average is $69.87. The firm has a market cap of $138.75 billion, a price-to-earnings ratio of 21.41 and a beta of 1.48. AbbVie also was the target of unusually large options trading activity on Monday. Investors purchased 278 put options on the company. This represents an increase of 121% compared to the typical daily volume of 126 put options.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 28th. The company reported $1.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.02. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The firm had revenue of $6.94 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same period last year, the company earned $1.26 earnings per share. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. Analysts predict that AbbVie Inc. will post $5.52 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Thursday, October 12th. AbbVie’s dividend payout ratio is presently 62.90%.

A number of research analysts have commented on ABBV shares. BidaskClub raised shares of AbbVie from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 6th. Credit Suisse Group reissued a “neutral” rating and set a $74.00 target price (up previously from $65.00) on shares of AbbVie in a research report on Thursday, July 20th. Jefferies Group LLC reissued a “buy” rating and set a $107.00 target price (up previously from $94.00) on shares of AbbVie in a research report on Friday, September 15th. Leerink Swann reissued a “market perform” rating on shares of AbbVie in a research report on Thursday, June 22nd. Finally, Vetr downgraded shares of AbbVie from a “buy” rating to a “hold” rating and set a $76.28 target price on the stock. in a research report on Thursday, July 20th. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. AbbVie presently has an average rating of “Buy” and an average price target of $82.38.

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AbbVie 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.

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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