Ocean Capital Management LLC Sells 325 Shares of AbbVie Inc (NYSE:ABBV)

Ocean Capital Management LLC cut its stake in AbbVie Inc (NYSE:ABBV) by 10.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,788 shares of the company’s stock after selling 325 shares during the period. Ocean Capital Management LLC’s holdings in AbbVie were worth $203,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ABBV. Weaver Consulting Group bought a new position in shares of AbbVie during the 1st quarter worth approximately $25,000. Prime Capital Investment Advisors LLC bought a new position in shares of AbbVie during the 4th quarter worth approximately $27,000. Arbor Wealth Management LLC bought a new position in shares of AbbVie during the 2nd quarter worth approximately $28,000. Lowe Wealth Advisors LLC boosted its holdings in shares of AbbVie by 206.7% during the 2nd quarter. Lowe Wealth Advisors LLC now owns 460 shares of the company’s stock worth $33,000 after buying an additional 310 shares in the last quarter. Finally, Horrell Capital Management Inc. bought a new position in shares of AbbVie during the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 68.15% of the company’s stock.

A number of brokerages recently issued reports on ABBV. Piper Jaffray Companies set a $80.00 target price on AbbVie and gave the stock a “hold” rating in a report on Friday, July 26th. ValuEngine cut AbbVie from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 26th. Svb Leerink upgraded AbbVie from a “market perform” rating to an “outperform” rating and set a $88.00 target price on the stock in a report on Wednesday, June 26th. Leerink Swann upgraded AbbVie to a “buy” rating in a report on Tuesday, July 2nd. Finally, Wolfe Research upgraded AbbVie from an “underperform” rating to a “peer perform” rating in a report on Thursday, June 27th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $92.05.

In related news, EVP William J. Chase purchased 30,400 shares of the stock in a transaction that occurred on Wednesday, June 26th. The stock was acquired at an average cost of $67.30 per share, with a total value of $2,045,920.00. Following the transaction, the executive vice president now owns 169,552 shares of the company’s stock, valued at approximately $11,410,849.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Roxanne S. Austin purchased 11,500 shares of the stock in a transaction that occurred on Wednesday, June 26th. The stock was bought at an average cost of $67.50 per share, with a total value of $776,250.00. Following the completion of the transaction, the director now directly owns 52,114 shares in the company, valued at approximately $3,517,695. The disclosure for this purchase can be found here. Insiders purchased a total of 136,900 shares of company stock valued at $9,126,370 over the last three months. 0.08% of the stock is currently owned by insiders.

Shares of ABBV traded down $0.47 during trading hours on Thursday, reaching $63.03. The stock had a trading volume of 306,584 shares, compared to its average volume of 10,238,484. AbbVie Inc has a 12 month low of $63.31 and a 12 month high of $100.23. The stock’s 50-day moving average is $68.73. The firm has a market cap of $95.41 billion, a P/E ratio of 7.95, a price-to-earnings-growth ratio of 1.54 and a beta of 0.96.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, July 26th. The company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.05. The business had revenue of $8.26 billion during the quarter, compared to analyst estimates of $8.09 billion. AbbVie had a negative return on equity of 182.70% and a net margin of 12.62%. AbbVie’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.00 EPS. On average, equities analysts predict that AbbVie Inc will post 8.88 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 6.79%. The ex-dividend date is Friday, July 12th. AbbVie’s payout ratio is currently 54.11%.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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