AbbVie Inc (ABBV) Shares Sold by Tower Bridge Advisors

Tower Bridge Advisors cut its holdings in shares of AbbVie Inc (NYSE:ABBV) by 4.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 29,901 shares of the company’s stock after selling 1,444 shares during the quarter. Tower Bridge Advisors’ holdings in AbbVie were worth $2,828,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ABBV. Hengehold Capital Management LLC grew its stake in shares of AbbVie by 2.7% in the third quarter. Hengehold Capital Management LLC now owns 25,173 shares of the company’s stock worth $2,381,000 after acquiring an additional 650 shares during the last quarter. WESPAC Advisors SoCal LLC lifted its holdings in shares of AbbVie by 6.8% during the third quarter. WESPAC Advisors SoCal LLC now owns 12,249 shares of the company’s stock valued at $1,158,000 after purchasing an additional 775 shares in the last quarter. Sawyer & Company Inc lifted its holdings in shares of AbbVie by 8.6% during the third quarter. Sawyer & Company Inc now owns 22,815 shares of the company’s stock valued at $2,158,000 after purchasing an additional 1,805 shares in the last quarter. Regent Investment Management LLC lifted its holdings in shares of AbbVie by 56.3% during the third quarter. Regent Investment Management LLC now owns 20,866 shares of the company’s stock valued at $1,973,000 after purchasing an additional 7,515 shares in the last quarter. Finally, Leavell Investment Management Inc. lifted its holdings in shares of AbbVie by 1.9% during the third quarter. Leavell Investment Management Inc. now owns 70,039 shares of the company’s stock valued at $6,624,000 after purchasing an additional 1,300 shares in the last quarter. 69.26% of the stock is currently owned by hedge funds and other institutional investors.

ABBV stock opened at $85.63 on Monday. AbbVie Inc has a fifty-two week low of $77.50 and a fifty-two week high of $125.86. The company has a debt-to-equity ratio of 8.70, a quick ratio of 1.08 and a current ratio of 1.20. The stock has a market capitalization of $128.81 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 0.80 and a beta of 1.62.

AbbVie (NYSE:ABBV) last posted its earnings results on Friday, November 2nd. The company reported $2.14 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.13. AbbVie had a return on equity of 2,006.63% and a net margin of 23.50%. The company had revenue of $8.24 billion for the quarter, compared to the consensus estimate of $8.23 billion. During the same quarter in the prior year, the company earned $1.41 earnings per share. AbbVie’s revenue was up 17.7% on a year-over-year basis. On average, equities analysts predict that AbbVie Inc will post 7.93 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Shareholders of record on Tuesday, January 15th will be issued a $1.07 dividend. This is an increase from AbbVie’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Monday, January 14th. This represents a $4.28 dividend on an annualized basis and a yield of 5.00%. AbbVie’s dividend payout ratio is currently 68.57%.

A number of brokerages have recently issued reports on ABBV. ValuEngine raised AbbVie from a “sell” rating to a “hold” rating in a report on Monday, November 12th. Argus lowered their price target on AbbVie from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Tuesday, November 6th. BMO Capital Markets lowered their price target on AbbVie from $78.00 to $71.00 and set an “underperform” rating on the stock in a report on Monday, November 5th. Barclays reaffirmed a “hold” rating and set a $90.00 price target on shares of AbbVie in a report on Sunday, November 4th. Finally, Credit Suisse Group set a $85.00 price target on AbbVie and gave the company a “hold” rating in a report on Friday, November 2nd. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. AbbVie currently has an average rating of “Hold” and a consensus target price of $103.68.

ILLEGAL ACTIVITY NOTICE: This news story was posted by Transcript Daily and is the sole property of of Transcript Daily. If you are reading this news story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright and trademark law. The legal version of this news story can be read at https://transcriptdaily.com/2018/11/26/abbvie-inc-abbv-shares-sold-by-tower-bridge-advisors.html.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection for autoimmune diseases; IMBRUVICA, an oral therapy for patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, to treat adults with genotype 1 chronic hepatitis C.

Recommended Story: Trading Strategy

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc (NYSE:ABBV).

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

Receive News & Ratings for AbbVie Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AbbVie and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply