The Advisor Resource Council reduces its holdings in AbbVie Inc. (NYSE:ABBV)


Advisor Resource Council reduced its position in AbbVie Inc. (NYSE: ABBV – Get Rating) by 35.9% in the first quarter, according to the company in its latest filing with the Securities and Exchange Commission (SEC). The fund held 12,887 shares of the company after selling 7,207 shares during the period. Advisor Resource Council’s holdings in AbbVie were worth $2,089,000 at the end of the last quarter.

Other institutional investors also changed their positions in the company. Castle Financial & Retirement Planning Associates Inc. purchased a new stake in AbbVie stock in the fourth quarter for $25,000. Intelligent Financial Strategies acquired a new position in AbbVie during Q4 worth $27,000. Psagot Value Holdings Ltd. Israel increased its position in AbbVie shares by 311.3% in the fourth quarter. Psagot Value Holdings Ltd. Israel now owns 4,360 shares in the company worth $28,000 after buying 3,300 more shares in the last quarter. Steward Financial Group LLC acquired a new stake in AbbVie stock in Q4 valued at approximately $30,000. Finally, Joseph P. Lucia & Associates LLC bought a new position in AbbVie stock during the first quarter worth approximately $34,000. Institutional investors hold 67.03% of the company’s shares.

ABBV opened at $153.80 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.71 and a debt ratio of 3.89. The company’s 50-day moving average is $149.33 and its 200-day moving average is $147.57. The stock has a market capitalization of $271.78 billion, a PE ratio of 22.07, a growth price-earnings ratio of 4.29 and a beta of 0.83. AbbVie Inc. has a 12-month low of $105.56 and a 12-month high of $175.91.

AbbVie (NYSE: ABBV – Get Rating) last reported results on Friday, April 29. The company reported earnings per share of $3.16 for the quarter, beating the consensus estimate of $3.15 by $0.01. AbbVie had a return on equity of 159.31% and a net margin of 22.00%. The company posted revenue of $13.36 billion for the quarter, versus a consensus estimate of $13.61 billion. In the same quarter of the previous year, the company achieved EPS of $2.95. The company’s revenue for the quarter increased 2.7% year over year. As a group, analysts expect AbbVie Inc. to post EPS of 14.02 for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 15. Investors of record on Friday, July 15 will receive a dividend of $1.41. This represents an annualized dividend of $5.64 and a yield of 3.67%. The ex-dividend date is Thursday, July 14. AbbVie’s payout ratio is currently 80.92%.

In other news, Vice Chairman Michael Severino sold 100,000 shares in a trade that took place on Monday, May 9. The shares were sold at an average price of $150.28, for a total value of $15,028,000.00. Following the completion of the transaction, the insider now directly owns 152,103 shares of the company, valued at $22,858,038.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Additionally, Executive Vice Chairman Henry O. Gosebruch sold 83,960 shares of the company in a transaction that took place on Monday, May 16. The stock was sold at an average price of $155.00, for a total value of $13,013,800.00. Following the sale, the executive vice president now directly owns 16,623 shares of the company, valued at approximately $2,576,565. The disclosure of this sale can be found here. Insiders sold a total of 463,761 shares of the company worth $70,609,771 during the last quarter. 0.08% of the shares are currently held by insiders.

A number of research companies commented on ABBV. BMO Capital Markets raised its target price on AbbVie from $161.00 to $174.00 and gave the stock an “outperform” rating in a Monday, April 25 report. StockNews.com upgraded AbbVie from a “buy” rating to a “strong buy” rating in a Friday, April 8 research rating. Morgan Stanley raised its price target on AbbVie shares from $142.00 to $192.00 and gave the company an “overweight” rating in a Wednesday, April 6 research note. Daiwa Capital Markets downgraded AbbVie shares from an “outperform” rating to a “neutral” rating and set a price target of $150.00 for the stock. in a research report on Friday, May 6. Finally, SVB Leerink assumed coverage of AbbVie shares in a Monday, May 23 research report. They set an “underperforming” rating and a price target of $140.00 for the company. One research analyst rated the stock with a sell rating, five gave a hold rating, ten issued a buy rating and one issued a strong buy rating for the stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $159.75.

AbbVie Company Profile (Get a rating)

AbbVie Inc discovers, develops, manufactures and sells pharmaceutical products worldwide. The Company offers HUMIRA, an injection therapy for autoimmune and intestinal Behçet’s disease; SKYRIZI to treat moderate to severe plaque psoriasis in adults; RINVOQ, a JAK inhibitor for the treatment of moderate to severe active rheumatoid arthritis in adult patients; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL) and VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; and MAVYRET to treat patients with chronic HCV genotype 1 to 6 infection.

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Institutional ownership by quarter for AbbVie (NYSE: ABBV)



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