AbbVie Inc (ABBV) Stake Boosted by Northeast Investment Management
Northeast Investment Management lifted its stake in shares of AbbVie Inc (NYSE:ABBV) by 19.5% during the third quarter, HoldingsChannel.com reports. The firm owned 10,054 shares of the company’s stock after purchasing an additional 1,642 shares during the period. Northeast Investment Management’s holdings in AbbVie were worth $893,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of ABBV. Signature Financial Management Inc. boosted its position in shares of AbbVie by 22.3% in the 3rd quarter. Signature Financial Management Inc. now owns 6,848 shares of the company’s stock worth $538,000 after buying an additional 1,250 shares in the last quarter. Geller Family Office Services LLC purchased a new stake in shares of AbbVie in the 3rd quarter worth about $204,000. ARGI Investment Services LLC boosted its position in shares of AbbVie by 6.6% in the 3rd quarter. ARGI Investment Services LLC now owns 34,587 shares of the company’s stock worth $3,067,000 after buying an additional 2,155 shares in the last quarter. Convergence Investment Partners LLC boosted its position in shares of AbbVie by 6.4% in the 3rd quarter. Convergence Investment Partners LLC now owns 106,733 shares of the company’s stock worth $9,484,000 after buying an additional 6,438 shares in the last quarter. Finally, Argent Trust Co boosted its position in shares of AbbVie by 5.5% in the 3rd quarter. Argent Trust Co now owns 28,365 shares of the company’s stock worth $2,520,000 after buying an additional 1,487 shares in the last quarter. 69.33% of the stock is currently owned by institutional investors and hedge funds.
In other news, SVP Timothy J. Richmond sold 87,040 shares of the company’s stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $98.45, for a total transaction of $8,569,088.00. Following the completion of the transaction, the senior vice president now owns 113,118 shares of the company’s stock, valued at approximately $11,136,467.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Laura J. Schumacher sold 145,510 shares of the company’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $96.71, for a total transaction of $14,072,272.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 450,743 shares of company stock valued at $43,153,684. Corporate insiders own 0.23% of the company’s stock.
AbbVie (NYSE:ABBV) last released its earnings results on Friday, January 26th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.44 by $0.04. The company had revenue of $7.74 billion for the quarter, compared to analyst estimates of $7.53 billion. AbbVie had a net margin of 18.82% and a return on equity of 152.78%. The firm’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.20 EPS. equities research analysts predict that AbbVie Inc will post 7.46 earnings per share for the current year.
Several equities research analysts recently commented on the stock. Argus boosted their price objective on shares of AbbVie from $120.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. ValuEngine upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Morgan Stanley boosted their price objective on shares of AbbVie from $99.00 to $131.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 30th. Evercore ISI restated a “buy” rating and issued a $144.00 target price on shares of AbbVie in a report on Monday, January 29th. Finally, Credit Suisse Group set a $135.00 target price on shares of AbbVie and gave the company a “hold” rating in a report on Monday, January 29th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $117.26.
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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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