AbbVie Inc. (ABBV) Stake Reduced by Kanawha Capital Management LLC
Kanawha Capital Management LLC lowered its position in AbbVie Inc. (NYSE:ABBV) by 1.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 172,130 shares of the company’s stock after selling 2,125 shares during the period. AbbVie accounts for about 1.8% of Kanawha Capital Management LLC’s investment portfolio, making the stock its 18th largest position. Kanawha Capital Management LLC’s holdings in AbbVie were worth $11,216,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the company. Elgethun Capital Management bought a new stake in shares of AbbVie during the fourth quarter worth about $359,000. Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of AbbVie by 2.7% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 79,892 shares of the company’s stock worth $5,003,000 after buying an additional 2,077 shares during the period. Comerica Bank raised its stake in shares of AbbVie by 1.5% in the fourth quarter. Comerica Bank now owns 1,042,947 shares of the company’s stock worth $64,653,000 after buying an additional 15,764 shares during the period. Handelsbanken Fonder AB raised its stake in shares of AbbVie by 4.5% in the fourth quarter. Handelsbanken Fonder AB now owns 699,841 shares of the company’s stock worth $43,824,000 after buying an additional 30,000 shares during the period. Finally, Hall Capital Management Co. Inc. bought a new stake in shares of AbbVie during the fourth quarter worth about $2,567,000. Institutional investors own 68.02% of the company’s stock.
AbbVie Inc. (ABBV) opened at 72.39 on Wednesday. The stock has a market capitalization of $115.21 billion, a price-to-earnings ratio of 18.76 and a beta of 1.52. The firm’s 50-day moving average is $67.41 and its 200 day moving average is $64.18. AbbVie Inc. has a 1-year low of $55.06 and a 1-year high of $73.06.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Thursday, April 27th. The company reported $1.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.26 by $0.02. AbbVie had a return on equity of 148.83% and a net margin of 24.07%. The firm had revenue of $6.54 billion during the quarter, compared to the consensus estimate of $6.49 billion. During the same period in the prior year, the company earned $1.15 EPS. The firm’s revenue was up 9.7% compared to the same quarter last year. Equities analysts anticipate that AbbVie Inc. will post $5.53 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.54%. The ex-dividend date of this dividend is Wednesday, July 12th. AbbVie’s dividend payout ratio is currently 66.32%.
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A number of research analysts recently weighed in on ABBV shares. Vetr raised shares of AbbVie from a “buy” rating to a “strong-buy” rating and set a $74.38 target price for the company in a report on Monday, May 8th. BMO Capital Markets set a $63.00 target price on shares of AbbVie and gave the company a “hold” rating in a report on Thursday, April 27th. BidaskClub raised shares of AbbVie from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 10th. Societe Generale raised shares of AbbVie from a “sell” rating to a “hold” rating in a report on Wednesday, March 22nd. Finally, Leerink Swann reissued a “market perform” rating on shares of AbbVie in a report on Thursday, June 22nd. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. AbbVie has an average rating of “Buy” and a consensus price target of $73.27.
In other AbbVie news, CFO William J. Chase sold 38,300 shares of the company’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $65.35, for a total value of $2,502,905.00. Following the completion of the sale, the chief financial officer now directly owns 209,043 shares in the company, valued at approximately $13,660,960.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Laura J. Schumacher sold 79,800 shares of the company’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $70.00, for a total value of $5,586,000.00. Following the completion of the sale, the insider now owns 187,625 shares of the company’s stock, valued at $13,133,750. The disclosure for this sale can be found here. Over the last three months, insiders sold 278,135 shares of company stock valued at $18,841,085. 0.23% of the stock is owned by corporate insiders.
AbbVie Company Profile
AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company is engaged in the discovery, development, manufacture and sale of a range of pharmaceutical products. 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 virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease and multiple sclerosis; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, and other serious health conditions.
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