Biltmore Family Office LLC Cuts Position in AbbVie Inc (ABBV)

Biltmore Family Office LLC cut its holdings in shares of AbbVie Inc (NYSE:ABBV) by 6.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 51,349 shares of the company’s stock after selling 3,770 shares during the period. AbbVie comprises approximately 2.4% of Biltmore Family Office LLC’s holdings, making the stock its 11th largest holding. Biltmore Family Office LLC’s holdings in AbbVie were worth $4,757,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. BlackRock Inc. increased its stake in shares of AbbVie by 2.8% during the 4th quarter. BlackRock Inc. now owns 101,322,201 shares of the company’s stock worth $9,798,871,000 after purchasing an additional 2,714,857 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of AbbVie by 4.5% during the 4th quarter. Geode Capital Management LLC now owns 16,042,851 shares of the company’s stock worth $1,548,096,000 after purchasing an additional 697,191 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in shares of AbbVie by 3.5% during the 4th quarter. TIAA CREF Investment Management LLC now owns 10,321,140 shares of the company’s stock worth $998,157,000 after purchasing an additional 347,642 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of AbbVie by 3.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 6,088,016 shares of the company’s stock worth $576,231,000 after purchasing an additional 220,125 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of AbbVie by 6.0% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,954,509 shares of the company’s stock worth $468,944,000 after purchasing an additional 281,453 shares during the last quarter. 68.53% of the stock is currently owned by hedge funds and other institutional investors.

In other AbbVie news, SVP Timothy J. Richmond sold 17,588 shares of the stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $99.47, for a total transaction of $1,749,478.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Edward J. Rapp bought 1,013 shares of the firm’s stock in a transaction on Wednesday, June 20th. The shares were acquired at an average price of $98.63 per share, for a total transaction of $99,912.19. The disclosure for this purchase can be found here. 0.07% of the stock is currently owned by corporate insiders.



Several research analysts have recently weighed in on the stock. Berenberg Bank assumed coverage on shares of AbbVie in a research note on Thursday, July 12th. They set a “hold” rating and a $105.00 price objective on the stock. BMO Capital Markets restated a “sell” rating and set a $78.00 price objective on shares of AbbVie in a research note on Friday, July 27th. Credit Suisse Group lowered shares of AbbVie from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $104.00 to $89.00 in a research note on Tuesday, May 29th. Cowen set a $110.00 price objective on shares of AbbVie and gave the stock a “buy” rating in a research note on Friday, July 27th. Finally, Piper Jaffray Companies restated a “hold” rating and set a $100.00 price objective on shares of AbbVie in a research note on Friday, July 27th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $105.88.

Shares of ABBV opened at $95.92 on Wednesday. AbbVie Inc has a 52 week low of $69.47 and a 52 week high of $125.86. The stock has a market capitalization of $145.07 billion, a P/E ratio of 17.13, a P/E/G ratio of 0.87 and a beta of 1.56. 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 results 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 business had revenue of $8.28 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the prior year, the business earned $1.42 EPS. AbbVie’s quarterly revenue was up 19.2% on a year-over-year basis. equities analysts expect that AbbVie Inc will post 7.86 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 15th. Investors of record on Friday, July 13th will be paid a $0.96 dividend. The ex-dividend date of this dividend is Thursday, July 12th. This represents a $3.84 dividend on an annualized basis and a yield of 4.00%. AbbVie’s dividend payout ratio (DPR) is currently 68.57%.

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, for the treatment of adults with genotype 1 chronic hepatitis C.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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