Pittenger & Anderson Inc. Raises Holdings in AbbVie Inc (ABBV)

Pittenger & Anderson Inc. raised its stake in AbbVie Inc (NYSE:ABBV) by 107.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,175 shares of the company’s stock after acquiring an additional 14,060 shares during the period. Pittenger & Anderson Inc.’s holdings in AbbVie were worth $2,518,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ABBV. Cornerstone Wealth Management LLC boosted its stake in AbbVie by 8,774.3% in the second quarter. Cornerstone Wealth Management LLC now owns 1,102,183 shares of the company’s stock valued at $11,837,000 after acquiring an additional 1,089,763 shares during the period. Summit Trail Advisors LLC boosted its stake in AbbVie by 7,637.2% in the first quarter. Summit Trail Advisors LLC now owns 997,253 shares of the company’s stock valued at $997,000 after acquiring an additional 984,364 shares during the period. Janus Henderson Group PLC boosted its stake in AbbVie by 15.9% in the second quarter. Janus Henderson Group PLC now owns 5,243,956 shares of the company’s stock valued at $485,867,000 after acquiring an additional 717,452 shares during the period. Renaissance Technologies LLC raised its holdings in shares of AbbVie by 34.6% during the second quarter. Renaissance Technologies LLC now owns 2,362,283 shares of the company’s stock valued at $218,866,000 after buying an additional 606,627 shares during the last quarter. Finally, Rock Springs Capital Management LP bought a new stake in shares of AbbVie during the first quarter valued at approximately $56,790,000. Institutional investors own 69.44% of the company’s stock.

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 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 owns 111,481 shares of the company’s stock, valued at $10,871,627.12. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.07% of the stock is owned by insiders.



A number of research firms have recently weighed in on ABBV. Credit Suisse Group set a $85.00 price target on AbbVie and gave the company a “hold” rating in a report on Sunday, October 14th. BMO Capital Markets reaffirmed a “sell” rating and set a $78.00 price target on shares of AbbVie in a report on Friday, July 27th. Berenberg Bank began coverage on AbbVie in a report on Thursday, July 12th. They set a “hold” rating and a $105.00 price target on the stock. Cowen set a $110.00 price target on AbbVie and gave the company a “buy” rating in a report on Friday, July 27th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $100.00 price target on shares of AbbVie in a report on Friday, July 27th. Six analysts have rated the stock with a sell rating, five have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $105.68.

Shares of NYSE:ABBV opened at $80.79 on Friday. AbbVie Inc has a 12 month low of $79.26 and a 12 month high of $125.86. The company has a market cap of $122.34 billion, a P/E ratio of 11.95, a PEG ratio of 0.80 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 8.70.

AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 27th. The company reported $2.00 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.98 by $0.02. AbbVie had a return on equity of 362.05% and a net margin of 20.84%. The firm had revenue of $8.28 billion for the quarter, compared to analysts’ expectations of $8.22 billion. During the same quarter in the previous year, the company earned $1.42 earnings per share. The firm’s quarterly revenue was up 19.2% compared to the same quarter last year. As a group, analysts anticipate that AbbVie Inc will post 7.86 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, October 15th will be issued a dividend of $0.96 per share. The ex-dividend date is Friday, October 12th. This represents a $3.84 annualized dividend and a yield of 4.75%. AbbVie’s payout ratio is 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, 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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