Carnegie Capital Asset Management LLC Sells 35,690 Shares of AbbVie Inc (ABBV)

Carnegie Capital Asset Management LLC lessened its holdings in shares of AbbVie Inc (NYSE:ABBV) by 26.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 98,084 shares of the company’s stock after selling 35,690 shares during the period. Carnegie Capital Asset Management LLC’s holdings in AbbVie were worth $9,414,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of ABBV. Financial Gravity Wealth Inc. bought a new stake in AbbVie in the first quarter valued at $396,000. Glen Harbor Capital Management LLC grew its position in AbbVie by 100.3% in the first quarter. Glen Harbor Capital Management LLC now owns 210,086 shares of the company’s stock valued at $19,885,000 after acquiring an additional 105,196 shares during the period. Canandaigua National Bank & Trust Co. grew its position in AbbVie by 6.6% in the first quarter. Canandaigua National Bank & Trust Co. now owns 35,953 shares of the company’s stock valued at $3,403,000 after acquiring an additional 2,212 shares during the period. Oppenheimer Asset Management Inc. grew its position in AbbVie by 0.8% in the first quarter. Oppenheimer Asset Management Inc. now owns 97,174 shares of the company’s stock valued at $9,198,000 after acquiring an additional 730 shares during the period. Finally, Candriam Luxembourg S.C.A. grew its position in AbbVie by 17.8% in the first quarter. Candriam Luxembourg S.C.A. now owns 331,859 shares of the company’s stock valued at $31,412,000 after acquiring an additional 50,033 shares during the period. 69.37% of the stock is owned by hedge funds and other institutional investors.

Shares of ABBV stock opened at $81.59 on Wednesday. The company has a current ratio of 0.80, a quick ratio of 0.71 and a debt-to-equity ratio of 8.70. The firm has a market cap of $122.34 billion, a PE ratio of 12.04, a price-to-earnings-growth ratio of 0.80 and a beta of 1.54. AbbVie Inc has a 52 week low of $79.26 and a 52 week high of $125.86.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, October 15th will be issued a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a dividend yield of 4.71%. The ex-dividend date of this dividend is Friday, October 12th. AbbVie’s payout ratio is presently 68.57%.

A number of analysts have weighed in on the company. Wolfe Research assumed coverage on AbbVie in a research report on Tuesday, October 23rd. They issued an “underperform” rating on the stock. SunTrust Banks lowered their price target on AbbVie from $157.00 to $135.00 and set a “buy” rating on the stock in a research 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 research report on Saturday, October 20th. ValuEngine cut AbbVie from a “hold” rating to a “sell” rating in a research report on Friday, October 19th. Finally, Bank of America lowered their price target on AbbVie from $107.00 to $106.00 and set a “buy” rating on the stock in a research report on Thursday, October 4th. Six research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. AbbVie currently has a consensus rating of “Hold” and an average target price of $105.68.

In other news, EVP Michael Severino sold 50,000 shares of the stock in a transaction 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 sale, the executive vice president now owns 111,481 shares in the company, valued at $10,871,627.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.07% of the stock is currently owned by corporate insiders.

AbbVie Profile

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.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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