Huntington National Bank Cuts Stake in AbbVie Inc (NYSE:ABBV)
Huntington National Bank reduced its stake in shares of AbbVie Inc (NYSE:ABBV) by 0.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 438,525 shares of the company’s stock after selling 277 shares during the period. Huntington National Bank’s holdings in AbbVie were worth $43,055,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the company. Old North State Trust LLC raised its position in AbbVie by 1.6% in the second quarter. Old North State Trust LLC now owns 7,033 shares of the company’s stock valued at $690,000 after purchasing an additional 110 shares during the last quarter. Halbert Hargrove Global Advisors LLC grew its position in AbbVie by 4.7% in the first quarter. Halbert Hargrove Global Advisors LLC now owns 2,789 shares of the company’s stock worth $212,000 after acquiring an additional 125 shares in the last quarter. NovaPoint Capital LLC boosted its position in shares of AbbVie by 0.8% during the first quarter. NovaPoint Capital LLC now owns 15,707 shares of the company’s stock valued at $1,197,000 after buying an additional 125 shares during the period. Carmichael Hill & Associates Inc. boosted its position in shares of AbbVie by 3.7% during the first quarter. Carmichael Hill & Associates Inc. now owns 3,535 shares of the company’s stock valued at $269,000 after buying an additional 126 shares during the period. Finally, Obermeyer Wood Investment Counsel Lllp boosted its position in shares of AbbVie by 1.9% during the second quarter. Obermeyer Wood Investment Counsel Lllp now owns 6,785 shares of the company’s stock valued at $666,000 after buying an additional 127 shares during the period. Institutional investors and hedge funds own 72.40% of the company’s stock.
ABBV has been the subject of several recent analyst reports. Wolfe Research upgraded AbbVie from a “peer perform” rating to an “outperform” rating in a research report on Tuesday, June 9th. SVB Leerink lifted their price target on shares of AbbVie from $107.00 to $122.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Mizuho lifted their price target on shares of AbbVie from $101.00 to $110.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Bank of America began coverage on shares of AbbVie in a research note on Monday, May 18th. They set a “neutral” rating and a $95.00 price target for the company. Finally, ValuEngine downgraded shares of AbbVie from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $106.80.
AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, July 31st. The company reported $2.34 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.14. The company had revenue of $10.43 billion during the quarter, compared to the consensus estimate of $10.14 billion. AbbVie had a net margin of 24.77% and a negative return on equity of 169.80%. AbbVie’s revenue for the quarter was up 26.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.26 earnings per share. On average, analysts expect that AbbVie Inc will post 10.45 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be paid a $1.18 dividend. This represents a $4.72 dividend on an annualized basis and a yield of 4.97%. The ex-dividend date is Tuesday, July 14th. AbbVie’s dividend payout ratio (DPR) is 52.80%.
In other news, EVP Timothy J. Richmond sold 19,445 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $85.00, for a total transaction of $1,652,825.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Jeffrey Ryan Stewart sold 23,024 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $90.00, for a total value of $2,072,160.00. Following the transaction, the senior vice president now directly owns 52,760 shares in the company, valued at $4,748,400. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 95,794 shares of company stock worth $9,057,485. Insiders own 0.09% of the company’s stock.
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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