HighPoint Advisor Group LLC Decreases Position in AbbVie Inc (ABBV)

HighPoint Advisor Group LLC lessened its holdings in shares of AbbVie Inc (NYSE:ABBV) by 1.9% in the second quarter, HoldingsChannel reports. The fund owned 66,525 shares of the company’s stock after selling 1,259 shares during the period. AbbVie comprises approximately 1.8% of HighPoint Advisor Group LLC’s portfolio, making the stock its 9th largest holding. HighPoint Advisor Group LLC’s holdings in AbbVie were worth $6,534,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Verition Fund Management LLC grew its stake in shares of AbbVie by 7.4% in the first quarter. Verition Fund Management LLC now owns 7,269 shares of the company’s stock worth $688,000 after acquiring an additional 500 shares during the last quarter. Baxter Bros Inc. grew its stake in shares of AbbVie by 19.6% in the first quarter. Baxter Bros Inc. now owns 3,049 shares of the company’s stock worth $289,000 after acquiring an additional 500 shares during the last quarter. Hanson & Doremus Investment Management grew its stake in shares of AbbVie by 7.4% in the first quarter. Hanson & Doremus Investment Management now owns 7,290 shares of the company’s stock worth $690,000 after acquiring an additional 501 shares during the last quarter. Good Life Advisors LLC grew its stake in shares of AbbVie by 5.6% in the second quarter. Good Life Advisors LLC now owns 10,060 shares of the company’s stock worth $933,000 after acquiring an additional 537 shares during the last quarter. Finally, Lido Advisors LLC grew its stake in shares of AbbVie by 2.4% in the second quarter. Lido Advisors LLC now owns 23,371 shares of the company’s stock worth $2,165,000 after acquiring an additional 537 shares during the last quarter. Institutional investors own 69.37% of the company’s stock.

AbbVie stock opened at $77.85 on Thursday. The company has a debt-to-equity ratio of 8.70, a quick ratio of 0.71 and a current ratio of 0.80. AbbVie Inc has a one year low of $77.74 and a one year high of $125.86. The firm has a market cap of $122.34 billion, a P/E ratio of 13.90, a price-to-earnings-growth ratio of 0.80 and a beta of 1.54.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be given a dividend of $0.96 per share. The ex-dividend date of this dividend is Friday, October 12th. This represents a $3.84 annualized dividend and a dividend yield of 4.93%. AbbVie’s dividend payout ratio (DPR) is presently 68.57%.

In related 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 directly owns 111,481 shares of the company’s stock, valued at $10,871,627.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.07% of the company’s stock.

A number of equities research analysts have recently commented on ABBV shares. BMO Capital Markets reissued a “sell” rating and issued a $78.00 target price on shares of AbbVie in a research note on Wednesday, August 22nd. ValuEngine cut AbbVie from a “hold” rating to a “sell” rating in a research note on Friday, October 19th. Zacks Investment Research cut AbbVie from a “buy” rating to a “hold” rating in a research note on Saturday, July 14th. Bank of America increased their target price on AbbVie from $105.00 to $107.00 and gave the stock a “buy” rating in a research note on Wednesday, August 22nd. Finally, Credit Suisse Group raised AbbVie to a “hold” rating and set a $89.00 target price on the stock in a research note on Friday, July 13th. Six analysts have rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $105.68.

About AbbVie

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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