AbbVie Inc (ABBV) Holdings Lowered by Oak Ridge Investments LLC

Oak Ridge Investments LLC reduced its holdings in AbbVie Inc (NYSE:ABBV) by 4.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,907 shares of the company’s stock after selling 4,309 shares during the quarter. Oak Ridge Investments LLC’s holdings in AbbVie were worth $9,534,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ABBV. Financial Gravity Wealth Inc. acquired a new stake in shares of AbbVie during the first quarter valued at approximately $396,000. Penobscot Investment Management Company Inc. raised its holdings in shares of AbbVie by 8.1% during the first quarter. Penobscot Investment Management Company Inc. now owns 102,469 shares of the company’s stock valued at $9,699,000 after acquiring an additional 7,665 shares during the period. Montag A & Associates Inc. raised its holdings in shares of AbbVie by 1.5% during the first quarter. Montag A & Associates Inc. now owns 70,625 shares of the company’s stock valued at $6,685,000 after acquiring an additional 1,026 shares during the period. ING Groep NV raised its holdings in shares of AbbVie by 997.4% during the first quarter. ING Groep NV now owns 351,320 shares of the company’s stock valued at $33,252,000 after acquiring an additional 319,305 shares during the period. Finally, Pendal Group Ltd raised its holdings in shares of AbbVie by 1.1% during the first quarter. Pendal Group Ltd now owns 94,563 shares of the company’s stock valued at $8,950,000 after acquiring an additional 1,036 shares during the period. Institutional investors and hedge funds own 69.44% of the company’s stock.

Shares of ABBV opened at $89.90 on Friday. AbbVie Inc has a 52 week low of $85.24 and a 52 week high of $125.86. The company has a market cap of $139.72 billion, a P/E ratio of 13.65, a P/E/G ratio of 0.91 and a beta of 1.54. The company has a current ratio of 0.80, a quick ratio of 0.71 and a debt-to-equity ratio of -9.06.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, July 27th. The company reported $2.00 EPS for the quarter, beating the Zacks’ consensus estimate of $1.98 by $0.02. AbbVie had a net margin of 20.84% and a return on equity of 362.05%. The firm had revenue of $8.28 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same period in the previous year, the firm posted $1.42 earnings per share. The firm’s revenue was up 19.2% on a year-over-year basis. On average, equities research analysts predict that AbbVie Inc will post 7.86 EPS for the current year.

The business 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. This represents a $3.84 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date of this dividend is Friday, October 12th. AbbVie’s payout ratio is presently 68.57%.

A number of equities research analysts have recently issued reports on ABBV shares. ValuEngine lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Friday, June 22nd. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $103.00 price target on the stock in a report on Wednesday, June 27th. Berenberg Bank started coverage on shares of AbbVie in a report on Thursday, July 12th. They set a “hold” rating and a $105.00 price target on the stock. Credit Suisse Group upgraded shares of AbbVie to a “hold” rating and set a $89.00 price target on the stock in a report on Friday, July 13th. Finally, Jefferies Financial Group set a $100.00 price target on shares of AbbVie and gave the company a “buy” rating in a report on Sunday, July 15th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. AbbVie presently has an average rating of “Hold” and a consensus price target of $106.98.

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 shares were 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 $10,871,627.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.07% of the company’s stock.

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.

See Also: 52-Week High/Low

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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