Highland Capital Management LLC reduces its holdings in AbbVie Inc. (NYSE: ABBV)


Highland Capital Management LLC reduced its stake in AbbVie Inc. (NYSE: ABBVGet a rating) by 0.6% in the 1st quarter, Holdings Channel.com reports. The company held 27,191 shares of the company after selling 159 shares during the quarter. Highland Capital Management LLC’s holdings in AbbVie were worth $4,408,000 when it last filed with the SEC.

Other institutional investors and hedge funds have also been buying and selling shares of the company recently. Castle Financial & Retirement Planning Associates Inc. bought a new position in AbbVie in Q4 worth approximately $25,000. Intelligent Financial Strategies bought a new position in AbbVie in Q4 worth around $27,000. Psagot Value Holdings Ltd. Israel increased its position in AbbVie 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 bought a new position in AbbVie in Q4 worth around $30,000. Finally, Maryland Capital Advisors Inc. bought a new position in AbbVie in Q4 worth approximately $41,000. 67.03% of the shares are held by hedge funds and other institutional investors.

A number of stock analysts have weighed in on the company. Wells Fargo & Company raised its target price on AbbVie from $165.00 to $200.00 in a Monday, May 2 research report. 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 report. Daiwa Capital Markets downgraded AbbVie shares from an “outperform” rating to a “neutral” rating and set a price target of $150.00 for the company. in a research report on Friday, May 6. Goldman Sachs Group raised its price target on AbbVie shares from $122.00 to $140.00 and gave the company a “neutral” rating in a Tuesday, April 12 research report. Finally, Barclays raised its price target on AbbVie shares from $150.00 to $174.00 and gave the company an “equal weight” rating in a Tuesday, April 12 research report. One analyst rated the stock with a sell rating, five gave the stock a hold rating, ten gave the stock a buy rating and one gave the stock a strong buy rating. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $159.75.

In other news, Executive Vice Chairman Henry O. Gosebruch sold 83,960 shares of the company in a trade that took place on Monday, May 16. The stock was sold at an average price of $155.00, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Also, Vice President Michel Severino sold 79,801 shares of the company in a transaction that took place on Monday, May 23. The stock was sold at an average price of $150.90, for a total value of $12,041,970.90. Following the sale, the insider now directly owns 152,103 shares of the company, valued at $22,952,342.70. Disclosure of this sale can be found here. Insiders sold a total of 463,761 shares of the company worth $70,609,771 in the past 90 days. 0.08% of the shares are currently held by company insiders.

Shares of NYSE: ABBV opened at $153.16 on Friday. AbbVie Inc. has a 12 month minimum of $105.56 and a 12 month maximum of $175.91. The company has a current ratio of 0.82, a quick ratio of 0.71 and a debt ratio of 3.89. The company has a market capitalization of $270.65 billion, a PE ratio of 21.97, a growth price-earnings ratio of 4.29 and a beta of 0.83. The stock has a 50-day moving average of $149.35 and a 200-day moving average of $147.38.

Abbie (NYSE: ABBVGet a rating) last released its quarterly 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 in the quarter, versus a consensus estimate of $13.61 billion. During the same period a year earlier, the company posted EPS of $2.95. The company’s revenue for the quarter increased by 2.7% compared to the same quarter last year. Equity research analysts expect AbbVie Inc. to post earnings per share of 14.02 for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 15. Shareholders of record on Friday, July 15 will receive a dividend of $1.41. The ex-dividend date is Thursday July 14. This represents an annualized dividend of $5.64 and a yield of 3.68%. AbbVie’s payout ratio is 80.92%.

Profile AbbVie (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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Want to see which other hedge funds own ABBV? Visit HoldingsChannel.com for the latest 13F filings and insider trading for AbbVie Inc. (NYSE: ABBVGet a rating).

Institutional ownership by quarter for AbbVie (NYSE: ABBV)



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