Kessler Investment Group LLC Trims Holdings in AbbVie Inc (NYSE:ABBV)
Kessler Investment Group LLC trimmed its stake in AbbVie Inc (NYSE:ABBV) by 32.6% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 594 shares of the company’s stock after selling 287 shares during the period. Kessler Investment Group LLC’s holdings in AbbVie were worth $43,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Weaver Consulting Group purchased a new stake in AbbVie during the 1st quarter worth approximately $25,000. Prime Capital Investment Advisors LLC purchased a new stake in AbbVie during the 4th quarter worth approximately $27,000. Arbor Wealth Management LLC purchased a new stake in AbbVie during the 2nd quarter worth approximately $28,000. Penserra Capital Management LLC purchased a new stake in AbbVie during the 4th quarter worth approximately $32,000. Finally, Lowe Wealth Advisors LLC increased its stake in AbbVie by 206.7% during the 2nd quarter. Lowe Wealth Advisors LLC now owns 460 shares of the company’s stock worth $33,000 after buying an additional 310 shares during the period. 68.52% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have commented on ABBV. Piper Jaffray Companies set a $265.00 price target on shares of SVB Financial Group and gave the stock a “buy” rating in a report on Friday. Svb Leerink upgraded shares of 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. Citigroup reiterated a “hold” rating on shares of AbbVie in a report on Wednesday, June 26th. Wolfe Research upgraded shares of AbbVie from an “underperform” rating to a “peer perform” rating in a report on Thursday, June 27th. Finally, BMO Capital Markets upgraded shares of AbbVie from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $71.00 to $79.00 in a report on Sunday, April 28th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company’s stock. AbbVie presently has an average rating of “Hold” and an average price target of $92.05.
AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, July 26th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.21 by $0.05. AbbVie had a net margin of 12.62% and a negative return on equity of 198.18%. The company had revenue of $8.26 billion during the quarter, compared to analysts’ expectations of $8.09 billion. During the same quarter in the previous year, the business posted $2.00 EPS. The firm’s revenue was down .3% on a year-over-year basis. On average, analysts predict that AbbVie Inc will post 8.89 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, July 15th will be issued a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 6.35%. The ex-dividend date is Friday, July 12th. AbbVie’s payout ratio is 54.11%.
In related news, EVP William J. Chase bought 30,400 shares of the stock in a transaction dated Wednesday, June 26th. The stock was acquired at an average price of $67.30 per share, for a total transaction of $2,045,920.00. Following the acquisition, the executive vice president now owns 169,552 shares in the company, valued at approximately $11,410,849.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Roxanne S. Austin bought 11,500 shares of the stock in a transaction dated Wednesday, June 26th. The stock was bought at an average price of $67.50 per share, with a total value of $776,250.00. Following the acquisition, the director now owns 52,114 shares in the company, valued at approximately $3,517,695. The disclosure for this purchase can be found here. Corporate insiders own 0.08% of the company’s stock.
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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