AbbVie Inc. (ABBV) is Fort Point Capital Partners LLC’s 6th Largest Position
Fort Point Capital Partners LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.4% during the first quarter, Holdings Channel reports. The institutional investor owned 113,518 shares of the company’s stock after selling 500 shares during the period. AbbVie comprises about 3.8% of Fort Point Capital Partners LLC’s investment portfolio, making the stock its 6th largest position. Fort Point Capital Partners LLC’s holdings in AbbVie were worth $7,397,000 as of its most recent filing with the SEC.
A number of other hedge funds have also bought and sold shares of the stock. Two Sigma Securities LLC increased its stake in shares of AbbVie by 610.2% in the first quarter. Two Sigma Securities LLC now owns 27,627 shares of the company’s stock worth $1,800,000 after buying an additional 23,737 shares during the period. MEMBERS Trust Co purchased a new stake in shares of AbbVie during the first quarter worth $298,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of AbbVie during the first quarter worth $10,760,000. Oppenheimer & Co. Inc. increased its stake in shares of AbbVie by 10.7% in the first quarter. Oppenheimer & Co. Inc. now owns 223,637 shares of the company’s stock worth $14,573,000 after buying an additional 21,548 shares during the period. Finally, Logan Capital Management Inc. increased its stake in shares of AbbVie by 0.7% in the first quarter. Logan Capital Management Inc. now owns 162,261 shares of the company’s stock worth $10,572,000 after buying an additional 1,185 shares during the period. 67.89% of the stock is owned by hedge funds and other institutional investors.
Shares of AbbVie Inc. (NYSE ABBV) traded up 0.27% during trading on Friday, reaching $70.63. 3,248,300 shares of the company’s stock traded hands. AbbVie Inc. has a 52-week low of $55.06 and a 52-week high of $75.04. The company has a market cap of $112.59 billion, a price-to-earnings ratio of 17.37 and a beta of 1.50. The company’s 50-day moving average is $72.05 and its 200 day moving average is $66.76.
AbbVie (NYSE:ABBV) last announced its earnings results on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.02. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. The business had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.93 billion. During the same period in the previous year, the business posted $1.26 earnings per share. AbbVie’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities analysts forecast that AbbVie Inc. will post $5.52 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Friday, July 14th will be given a dividend of $0.64 per share. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $2.56 annualized dividend and a yield of 3.62%. AbbVie’s payout ratio is presently 62.90%.
A number of brokerages have recently weighed in on ABBV. BidaskClub downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $85.00 price target on shares of AbbVie in a report on Thursday, August 3rd. Cowen and Company set a $70.00 price target on shares of AbbVie and gave the stock a “hold” rating in a report on Sunday, July 30th. Vetr raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $76.28 price target for the company in a report on Wednesday, July 26th. Finally, Credit Suisse Group reaffirmed a “neutral” rating and set a $74.00 price target (up previously from $65.00) on shares of AbbVie in a report on Thursday, July 20th. Nine research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $74.66.
In other AbbVie news, Chairman Richard A. Gonzalez sold 71,235 shares of AbbVie stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $65.49, for a total transaction of $4,665,180.15. Following the completion of the sale, the chairman now directly owns 349,462 shares in the company, valued at $22,886,266.38. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO William J. Chase sold 38,300 shares of AbbVie stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $65.35, for a total transaction of $2,502,905.00. Following the sale, the chief financial officer now owns 209,043 shares of the company’s stock, valued at $13,660,960.05. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 600,026 shares of company stock valued at $41,852,724. 0.23% of the stock is currently owned by company 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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