Penobscot Investment Management Company Inc. trimmed its holdings in shares of AbbVie Inc (NYSE:ABBV) by 0.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,620 shares of the company’s stock after selling 380 shares during the quarter. AbbVie makes up approximately 1.4% of Penobscot Investment Management Company Inc.’s investment portfolio, making the stock its 19th largest position. Penobscot Investment Management Company Inc.’s holdings in AbbVie were worth $6,808,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. Portfolio Solutions LLC purchased a new stake in AbbVie in the 4th quarter valued at $46,000. Smith Chas P & Associates PA Cpas lifted its holdings in shares of AbbVie by 72.8% in the 4th quarter. Smith Chas P & Associates PA Cpas now owns 4,431 shares of the company’s stock valued at $408,000 after buying an additional 1,867 shares during the period. FDx Advisors Inc. raised its holdings in AbbVie by 497.1% during the fourth quarter. FDx Advisors Inc. now owns 392,156 shares of the company’s stock worth $36,153,000 after purchasing an additional 326,475 shares during the last quarter. Greenleaf Trust raised its holdings in AbbVie by 12.5% during the fourth quarter. Greenleaf Trust now owns 38,830 shares of the company’s stock worth $3,580,000 after purchasing an additional 4,324 shares during the last quarter. Finally, Bank of The West raised its holdings in AbbVie by 3.2% during the fourth quarter. Bank of The West now owns 56,957 shares of the company’s stock worth $5,251,000 after purchasing an additional 1,769 shares during the last quarter. 68.15% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently issued reports on ABBV. Citigroup reaffirmed a “hold” rating on shares of AbbVie in a report on Wednesday, June 26th. Svb Leerink raised AbbVie from a “market perform” rating to an “outperform” rating and set a $88.00 price target for the company in a report on Wednesday, June 26th. Wolfe Research raised AbbVie from an “underperform” rating to a “peer perform” rating in a report on Thursday, June 27th. ValuEngine cut AbbVie from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 26th. Finally, Credit Suisse Group set a $78.00 price target on AbbVie and gave the stock a “sell” rating in a report on Friday, April 26th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $92.05.
AbbVie (NYSE:ABBV) last posted its earnings results on Friday, July 26th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.05. The firm had revenue of $8.26 billion during the quarter, compared to the consensus estimate of $8.09 billion. AbbVie had a net margin of 12.62% and a negative return on equity of 182.70%. The company’s revenue was down .3% on a year-over-year basis. During the same quarter last year, the company earned $2.00 earnings per share. As a group, sell-side analysts anticipate that AbbVie Inc will post 8.88 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were paid a $1.07 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $4.28 dividend on an annualized basis and a yield of 6.64%. AbbVie’s dividend payout ratio is presently 54.11%.
In other AbbVie news, Director Roxanne S. Austin acquired 11,500 shares of the stock in a transaction dated Wednesday, June 26th. The stock was purchased at an average cost of $67.50 per share, for a total transaction of $776,250.00. Following the acquisition, the director now owns 52,114 shares in the company, valued at approximately $3,517,695. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Roxanne S. Austin acquired 55,000 shares of the stock in a transaction dated Thursday, August 1st. The stock was acquired at an average price of $65.86 per share, with a total value of $3,622,300.00. Following the completion of the acquisition, the director now owns 92,114 shares in the company, valued at approximately $6,066,628.04. The disclosure for this purchase can be found here. In the last three months, insiders acquired 136,900 shares of company stock valued at $9,126,370. Corporate insiders own 0.08% of the company’s stock.
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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