Brick & Kyle Associates Lowers Stake in AbbVie Inc (NYSE:ABBV)
Brick & Kyle Associates reduced its position in AbbVie Inc (NYSE:ABBV) by 2.2% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 43,731 shares of the company’s stock after selling 991 shares during the period. AbbVie accounts for 3.0% of Brick & Kyle Associates’ investment portfolio, making the stock its 11th biggest holding. Brick & Kyle Associates’ holdings in AbbVie were worth $3,524,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABBV. Prime Capital Investment Advisors LLC bought a new position in shares of AbbVie in the 4th quarter worth $27,000. Penserra Capital Management LLC bought a new position in shares of AbbVie in the 4th quarter worth $32,000. Larson Financial Group LLC bought a new position in shares of AbbVie in the 4th quarter worth $37,000. Horrell Capital Management Inc. bought a new position in shares of AbbVie in the 4th quarter worth $41,000. Finally, Capital Financial Planning LLC bought a new position in shares of AbbVie in the 4th quarter worth $41,000. 68.33% of the stock is owned by institutional investors.
Several research analysts have recently issued reports on ABBV shares. ValuEngine upgraded AbbVie from a “strong sell” rating to a “sell” rating in a research report on Friday, March 15th. Zacks Investment Research lowered AbbVie from a “hold” rating to a “sell” rating in a research report on Friday, April 5th. Goldman Sachs Group initiated coverage on AbbVie in a research report on Tuesday, May 28th. They issued a “neutral” rating and a $84.00 price target on the stock. BMO Capital Markets upgraded AbbVie from an “underperform” rating to a “market perform” rating and lifted their target price for the stock from $71.00 to $79.00 in a report on Sunday, April 28th. Finally, Credit Suisse Group set a $78.00 target price on AbbVie and gave the stock a “sell” rating in a report on Friday, April 26th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. AbbVie currently has a consensus rating of “Hold” and an average price target of $98.36.
ABBV stock traded down $0.26 during midday trading on Friday, hitting $78.69. 4,075,868 shares of the company’s stock were exchanged, compared to its average volume of 4,324,057. The firm has a market cap of $116.33 billion, a PE ratio of 9.95, a P/E/G ratio of 1.61 and a beta of 1.10. AbbVie Inc has a one year low of $73.81 and a one year high of $100.23.
AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, April 25th. The company reported $2.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.06 by $0.08. The firm had revenue of $7.83 billion for the quarter, compared to analyst estimates of $7.81 billion. AbbVie had a negative return on equity of 221.09% and a net margin of 16.42%. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.87 earnings per share. On average, sell-side analysts expect that AbbVie Inc will post 8.81 earnings per share for the current year.
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AbbVie Company Profile
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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