New England Research & Management Inc. Cuts Stake in AbbVie Inc (ABBV)

New England Research & Management Inc. lessened its holdings in AbbVie Inc (NYSE:ABBV) by 16.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,533 shares of the company’s stock after selling 2,650 shares during the quarter. New England Research & Management Inc.’s holdings in AbbVie were worth $1,280,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ABBV. Mainstay Capital Management LLC ADV raised its position in AbbVie by 6,123.5% during the second quarter. Mainstay Capital Management LLC ADV now owns 12,447 shares of the company’s stock worth $143,000 after acquiring an additional 12,247 shares in the last quarter. First Mercantile Trust Co. bought a new stake in AbbVie during the second quarter worth $150,000. MUFG Securities EMEA plc bought a new stake in AbbVie during the second quarter worth $157,000. Rainier Group Investment Advisory LLC bought a new stake in AbbVie during the first quarter worth $161,000. Finally, Clearwater Capital Advisors LLC bought a new stake in AbbVie during the first quarter worth $195,000. 69.37% of the stock is currently owned by institutional investors and hedge funds.

In other AbbVie news, EVP Michael Severino sold 50,000 shares of the company’s stock in a transaction on Friday, August 17th. The shares were sold at an average price of $97.52, for a total value of $4,876,000.00. Following the transaction, the executive vice president now directly owns 111,481 shares in the company, valued at $10,871,627.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.07% of the stock is owned by insiders.

Several analysts have issued reports on the stock. Credit Suisse Group set a $85.00 price target on shares of AbbVie and gave the stock a “sell” rating in a research report on Saturday, October 20th. Bank of America dropped their price target on shares of AbbVie from $112.00 to $105.00 and set a “buy” rating on the stock in a research report on Monday, July 30th. Cowen set a $110.00 price target on shares of AbbVie and gave the stock a “buy” rating in a research report on Friday, July 27th. Zacks Investment Research lowered shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Saturday, July 14th. Finally, BMO Capital Markets reaffirmed a “sell” rating and set a $78.00 price target on shares of AbbVie in a research report on Friday, July 27th. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $105.68.

NYSE:ABBV opened at $79.56 on Friday. AbbVie Inc has a one year low of $77.50 and a one year high of $125.86. The firm has a market capitalization of $120.48 billion, a price-to-earnings ratio of 10.62, a P/E/G ratio of 0.79 and a beta of 1.62. 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 (NYSE:ABBV) last released its quarterly earnings data on Friday, November 2nd. The company reported $2.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.01 by $0.13. AbbVie had a net margin of 20.84% and a return on equity of 362.05%. The firm had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $8.23 billion. During the same period in the previous year, the company earned $1.41 earnings per share. The company’s quarterly revenue was up 17.7% on a year-over-year basis. On average, analysts predict that AbbVie Inc will post 7.91 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, October 15th will be issued a $0.96 dividend. The ex-dividend date is Friday, October 12th. This represents a $3.84 annualized dividend and a dividend yield of 4.83%. AbbVie’s dividend payout ratio is currently 68.57%.

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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