AbbVie Inc (ABBV) Shares Sold by Santa Barbara Asset Management LLC
Santa Barbara Asset Management LLC trimmed its holdings in shares of AbbVie Inc (NYSE:ABBV) by 33.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,794,677 shares of the company’s stock after selling 910,072 shares during the quarter. AbbVie accounts for about 2.5% of Santa Barbara Asset Management LLC’s portfolio, making the stock its 12th largest position. Santa Barbara Asset Management LLC’s holdings in AbbVie were worth $159,475,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. Jennison Associates LLC acquired a new stake in AbbVie during the 3rd quarter worth about $544,418,000. Vanguard Group Inc. lifted its holdings in shares of AbbVie by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 115,920,673 shares of the company’s stock valued at $8,405,409,000 after buying an additional 3,706,941 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of AbbVie by 1,949.7% in the 2nd quarter. Janus Henderson Group PLC now owns 3,833,535 shares of the company’s stock valued at $277,967,000 after buying an additional 3,646,510 shares during the period. Orbis Allan Gray Ltd lifted its holdings in shares of AbbVie by 35.7% in the 2nd quarter. Orbis Allan Gray Ltd now owns 12,704,919 shares of the company’s stock valued at $921,233,000 after buying an additional 3,340,038 shares during the period. Finally, Capital Research Global Investors lifted its holdings in shares of AbbVie by 1.2% in the 2nd quarter. Capital Research Global Investors now owns 178,274,835 shares of the company’s stock valued at $12,926,708,000 after buying an additional 2,130,919 shares during the period. Hedge funds and other institutional investors own 69.33% of the company’s stock.
In other AbbVie news, Chairman Richard A. Gonzalez sold 218,193 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $94.01, for a total transaction of $20,512,323.93. Following the completion of the sale, the chairman now directly owns 492,030 shares in the company, valued at approximately $46,255,740.30. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Timothy J. Richmond sold 87,040 shares of the business’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $98.45, for a total value of $8,569,088.00. Following the sale, the senior vice president now owns 113,118 shares of the company’s stock, valued at $11,136,467.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 450,743 shares of company stock valued at $43,153,684. 0.23% of the stock is owned by company insiders.
AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.04. AbbVie had a return on equity of 152.78% and a net margin of 18.82%. The firm had revenue of $7.74 billion during the quarter, compared to analyst estimates of $7.53 billion. During the same quarter in the previous year, the business earned $1.20 EPS. AbbVie’s revenue for the quarter was up 13.9% compared to the same quarter last year. research analysts forecast that AbbVie Inc will post 7.46 earnings per share for the current year.
Several equities analysts have recently issued reports on the company. Piper Jaffray Companies boosted their price objective on AbbVie from $115.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, January 26th. SunTrust Banks boosted their price objective on AbbVie to $157.00 and gave the company an “average” rating in a report on Monday, January 29th. Leerink Swann cut AbbVie from an “outperform” rating to a “market perform” rating and set a $127.00 price objective for the company. in a report on Monday, January 29th. BMO Capital Markets cut AbbVie from a “market perform” rating to an “underperform” rating and decreased their price objective for the company from $125.86 to $84.00 in a report on Monday, January 29th. They noted that the move was a valuation call. Finally, Evercore ISI reissued a “buy” rating and issued a $144.00 price objective on shares of AbbVie in a report on Monday, January 29th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $117.26.
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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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