Novare Capital Management LLC Decreases Holdings in AbbVie Inc (ABBV)
Novare Capital Management LLC trimmed its position in AbbVie Inc (NYSE:ABBV) by 9.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,140 shares of the company’s stock after selling 4,990 shares during the quarter. Novare Capital Management LLC’s holdings in AbbVie were worth $4,651,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Truewealth LLC acquired a new stake in shares of AbbVie during the 4th quarter worth $126,000. Delpha Capital Management LLC acquired a new stake in shares of AbbVie during the 4th quarter worth $131,000. Virtue Capital Management LLC acquired a new stake in shares of AbbVie during the 4th quarter worth $139,000. We Are One Seven LLC acquired a new stake in shares of AbbVie during the 4th quarter worth $148,000. Finally, Trustcore Financial Services LLC acquired a new stake in shares of AbbVie during the 4th quarter worth $148,000. 69.42% of the stock is currently owned by hedge funds and other institutional investors.
AbbVie stock opened at $93.61 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.20 and a debt-to-equity ratio of 8.70. The stock has a market capitalization of $147.75 billion, a price-to-earnings ratio of 15.07, a PEG ratio of 0.87 and a beta of 1.61. AbbVie Inc has a 12 month low of $69.38 and a 12 month high of $125.86.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 15th. Shareholders of record on Friday, July 13th will be given a $0.96 dividend. The ex-dividend date is Thursday, July 12th. This represents a $3.84 annualized dividend and a yield of 4.10%. AbbVie’s dividend payout ratio is presently 68.57%.
ABBV has been the topic of several analyst reports. BMO Capital Markets reduced their target price on AbbVie from $95.00 to $80.00 and set an “underperform” rating on the stock in a report on Friday, March 23rd. Jefferies Financial Group set a $125.00 target price on AbbVie and gave the stock a “buy” rating in a report on Friday, March 23rd. Deutsche Bank lowered AbbVie from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $125.86 to $65.61 in a report on Wednesday, May 30th. Credit Suisse Group reduced their target price on AbbVie from $109.00 to $98.10 and set a “neutral” rating on the stock in a report on Friday, March 23rd. Finally, Piper Jaffray Companies lowered AbbVie from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $125.86 to $66.62 in a report on Friday, June 1st. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and two have given a strong buy rating to the company. AbbVie currently has a consensus rating of “Hold” and an average target price of $105.85.
In other AbbVie news, SVP Timothy J. Richmond sold 17,588 shares of the stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $99.47, for a total value of $1,749,478.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Glenn F. Tilton bought 5,400 shares of the company’s stock in a transaction on Wednesday, June 27th. The stock was purchased at an average price of $91.90 per share, with a total value of $496,260.00. Following the completion of the transaction, the director now directly owns 39,735 shares of the company’s stock, valued at approximately $3,651,646.50. The disclosure for this purchase can be found here. 0.07% of the stock is currently owned by company insiders.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of 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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