Keel Point LLC Sells 290 Shares of AbbVie Inc. (ABBV)
Keel Point LLC lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 3.4% during the first quarter, Holdings Channel reports. The institutional investor owned 8,201 shares of the company’s stock after selling 290 shares during the period. Keel Point LLC’s holdings in AbbVie were worth $534,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Toth Financial Advisory Corp raised its stake in AbbVie by 2.6% in the first quarter. Toth Financial Advisory Corp now owns 61,012 shares of the company’s stock valued at $3,976,000 after buying an additional 1,536 shares in the last quarter. Orbis Allan Gray Ltd raised its stake in AbbVie by 11.8% in the fourth quarter. Orbis Allan Gray Ltd now owns 5,485,407 shares of the company’s stock valued at $343,496,000 after buying an additional 579,378 shares in the last quarter. Iowa State Bank raised its stake in AbbVie by 3.6% in the first quarter. Iowa State Bank now owns 71,888 shares of the company’s stock valued at $4,684,000 after buying an additional 2,496 shares in the last quarter. Dynamic Advisors Solutions LLC raised its stake in AbbVie by 680.0% in the first quarter. Dynamic Advisors Solutions LLC now owns 69,407 shares of the company’s stock valued at $4,523,000 after buying an additional 60,509 shares in the last quarter. Finally, Hamlin Capital Management LLC raised its stake in AbbVie by 14.6% in the first quarter. Hamlin Capital Management LLC now owns 1,244,866 shares of the company’s stock valued at $81,115,000 after buying an additional 158,763 shares in the last quarter. 67.89% of the stock is owned by institutional investors and hedge funds.
AbbVie Inc. (NYSE:ABBV) traded up 0.65% during midday trading on Friday, hitting $70.90. The company had a trading volume of 806,153 shares. The firm has a market capitalization of $113.02 billion, a P/E ratio of 17.44 and a beta of 1.50. AbbVie Inc. has a 1-year low of $55.06 and a 1-year high of $75.04. The company has a 50 day moving average price of $72.13 and a 200 day moving average price of $66.69.
AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.02. AbbVie had a return on equity of 150.27% and a net margin of 24.77%. The company had revenue of $6.94 billion for the quarter, compared to analysts’ expectations of $6.93 billion. During the same period in the previous year, the firm posted $1.26 EPS. AbbVie’s revenue was up 7.6% compared to the same quarter last year. Equities research analysts forecast that AbbVie Inc. will post $5.52 earnings per share 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 issued a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.63%. The ex-dividend date is Wednesday, July 12th. AbbVie’s payout ratio is 62.90%.
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ABBV has been the subject of several recent research reports. Zacks Investment Research lowered AbbVie from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Vetr raised AbbVie from a “buy” rating to a “strong-buy” rating and set a $74.38 price target for the company in a report on Monday, May 8th. Deutsche Bank AG boosted their price objective on AbbVie from $64.00 to $65.00 and gave the company a “hold” rating in a research report on Friday, April 28th. Jefferies Group LLC restated a “buy” rating on shares of AbbVie in a research report on Friday, May 26th. Finally, Credit Suisse Group restated a “hold” rating and issued a $65.00 price objective on shares of AbbVie in a research report on Wednesday, June 7th. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $74.66.
In related news, Chairman Richard A. Gonzalez sold 193,131 shares of AbbVie stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $71.00, for a total value of $13,712,301.00. Following the sale, the chairman now directly owns 469,623 shares in the company, valued at approximately $33,343,233. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO William J. Chase sold 38,300 shares of AbbVie stock in a transaction dated 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 owns 209,043 shares in the company, valued at $13,660,960.05. The disclosure for this sale can be found here. Over the last quarter, insiders sold 600,026 shares of company stock worth $41,852,724. 0.23% of the stock is currently owned by insiders.
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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