Concert Wealth Management Inc. reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 64,157 shares of the company’s stock after selling 111 shares during the period. Concert Wealth Management Inc.’s holdings in AbbVie were worth $4,042,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ABBV. Acropolis Investment Management LLC purchased a new position in shares of AbbVie during the second quarter worth approximately $106,000. Glassman Wealth Services increased its position in shares of AbbVie by 221.1% in the second quarter. Glassman Wealth Services now owns 1,824 shares of the company’s stock worth $113,000 after buying an additional 1,256 shares during the period. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie during the second quarter worth approximately $114,000. Hartford Financial Management Inc. increased its position in shares of AbbVie by 100.0% in the second quarter. Hartford Financial Management Inc. now owns 1,958 shares of the company’s stock worth $115,000 after buying an additional 979 shares during the period. Finally, Americafirst Capital Management LLC purchased a new position in shares of AbbVie during the second quarter worth approximately $122,000. 66.67% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

AbbVie Inc. (NYSE:ABBV) traded down 1.28% during midday trading on Wednesday, reaching $60.80. 9,017,721 shares of the company’s stock were exchanged. The stock has a market cap of $98.81 billion, a PE ratio of 16.44 and a beta of 1.55. AbbVie Inc. has a 12 month low of $50.71 and a 12 month high of $68.12. The firm has a 50 day moving average of $60.36 and a 200-day moving average of $62.70.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, October 28th. The company reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. The firm earned $6.43 billion during the quarter, compared to analyst estimates of $6.55 billion. AbbVie had a net margin of 24.08% and a return on equity of 150.77%. The company’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the business earned $1.13 earnings per share. On average, equities research analysts predict that AbbVie Inc. will post $4.82 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Shareholders of record on Friday, January 13th will be given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date is Wednesday, January 11th. This is a positive change from AbbVie’s previous quarterly dividend of $0.57. AbbVie’s dividend payout ratio (DPR) is currently 61.62%.

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A number of analysts have recently issued reports on the stock. Jefferies Group restated a “buy” rating on shares of AbbVie in a research note on Thursday, August 25th. JPMorgan Chase & Co. cut shares of AbbVie from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $75.00 to $73.00 in a research note on Thursday, September 8th. They noted that the move was a valuation call. Raymond James Financial Inc. assumed coverage on shares of AbbVie in a research note on Thursday, September 1st. They set an “outperform” rating and a $82.00 target price for the company. Goldman Sachs Group Inc. restated a “buy” rating and set a $78.00 target price on shares of AbbVie in a research note on Thursday, September 8th. Finally, Argus restated a “buy” rating and set a $85.00 target price on shares of AbbVie in a research note on Monday, August 8th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $69.54.

In other news, insider Laura J. Schumacher sold 50,000 shares of the stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $65.00, for a total value of $3,250,000.00. Following the sale, the insider now directly owns 144,138 shares of the company’s stock, valued at $9,368,970. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.11% of the company’s stock.

AbbVie Company Profile

AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company operates in pharmaceutical products segment. Its products are focused on treating conditions, such as chronic autoimmune diseases, in rheumatology, gastroenterology and dermatology; oncology, including blood cancers; virology, including hepatitis C (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, as well as other serious health conditions.

5 Day Chart for NYSE:ABBV

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