Dynamic Advisor Solutions LLC Reduces Position in AbbVie Inc. (ABBV)
Dynamic Advisor Solutions LLC reduced its holdings in AbbVie Inc. (NYSE:ABBV) by 37.4% during the first quarter, HoldingsChannel reports. The firm owned 31,120 shares of the company’s stock after selling 18,556 shares during the period. Dynamic Advisor Solutions LLC’s holdings in AbbVie were worth $2,946,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Good Life Advisors LLC raised its holdings in shares of AbbVie by 191.0% in the 1st quarter. Good Life Advisors LLC now owns 9,523 shares of the company’s stock worth $871,000 after purchasing an additional 6,250 shares in the last quarter. West Branch Capital LLC bought a new stake in shares of AbbVie in the 1st quarter worth approximately $2,487,000. River Wealth Advisors LLC raised its holdings in shares of AbbVie by 4.5% in the 1st quarter. River Wealth Advisors LLC now owns 17,984 shares of the company’s stock worth $1,702,000 after purchasing an additional 773 shares in the last quarter. Dupont Capital Management Corp raised its holdings in shares of AbbVie by 49.0% in the 1st quarter. Dupont Capital Management Corp now owns 136,237 shares of the company’s stock worth $12,895,000 after purchasing an additional 44,828 shares in the last quarter. Finally, Morse Asset Management Inc raised its holdings in shares of AbbVie by 1.0% in the 1st quarter. Morse Asset Management Inc now owns 63,160 shares of the company’s stock worth $5,978,000 after purchasing an additional 615 shares in the last quarter. Institutional investors and hedge funds own 69.48% of the company’s stock.
ABBV has been the topic of a number of research reports. Deutsche Bank downgraded shares of AbbVie from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $125.86 to $65.61 in a report on Wednesday. Goldman Sachs Group lowered shares of AbbVie from a “conviction-buy” rating to a “buy” rating in a report on Thursday, May 24th. BMO Capital Markets cut their price target on shares of AbbVie from $81.00 to $78.00 and set an “underperform” rating on the stock in a report on Wednesday, May 23rd. Zacks Investment Research lowered shares of AbbVie from a “buy” rating to a “hold” rating in a report on Tuesday, March 20th. Finally, Bank of America set a $120.00 price target on shares of AbbVie and gave the company a “hold” rating in a report on Monday, March 26th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $111.31.
AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, April 26th. The company reported $1.87 EPS for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.08. AbbVie had a net margin of 21.55% and a return on equity of 186.47%. The firm had revenue of $7.93 billion for the quarter, compared to the consensus estimate of $7.60 billion. During the same period in the previous year, the firm posted $1.28 earnings per share. The firm’s revenue was up 21.4% on a year-over-year basis. equities research analysts predict that AbbVie Inc. will post 7.8 EPS for the current year.
AbbVie declared that its Board of Directors has approved a share buyback plan on Thursday, February 15th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; IMBRUVICA, an oral therapy for the treatment of patients with chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy, with or without ribavirin, for the treatment of adults with genotype 1 chronic hepatitis C.
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