Lathrop Investment Management Corp Sells 235 Shares of AbbVie Inc (NYSE:ABBV)
Lathrop Investment Management Corp trimmed its position in shares of AbbVie Inc (NYSE:ABBV) by 6.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,648 shares of the company’s stock after selling 235 shares during the quarter. Lathrop Investment Management Corp’s holdings in AbbVie were worth $358,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of the business. Old North State Trust LLC boosted its holdings 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 acquiring an additional 110 shares in the last quarter. Halbert Hargrove Global Advisors LLC boosted its holdings in AbbVie by 4.7% in the first quarter. Halbert Hargrove Global Advisors LLC now owns 2,789 shares of the company’s stock valued at $212,000 after acquiring an additional 125 shares in the last quarter. NovaPoint Capital LLC boosted its holdings in AbbVie by 0.8% in the first quarter. NovaPoint Capital LLC now owns 15,707 shares of the company’s stock valued at $1,197,000 after acquiring an additional 125 shares in the last quarter. Carmichael Hill & Associates Inc. boosted its holdings in AbbVie by 3.7% in the first quarter. Carmichael Hill & Associates Inc. now owns 3,535 shares of the company’s stock valued at $269,000 after acquiring an additional 126 shares in the last quarter. Finally, Obermeyer Wood Investment Counsel Lllp boosted its holdings in AbbVie by 1.9% in the second quarter. Obermeyer Wood Investment Counsel Lllp now owns 6,785 shares of the company’s stock valued at $666,000 after acquiring an additional 127 shares in the last quarter. 72.40% of the stock is currently owned by hedge funds and other institutional investors.
ABBV has been the subject of several recent research reports. Mizuho raised their price objective on AbbVie from $101.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, June 29th. Argus raised AbbVie from a “hold” rating to a “buy” rating and raised their price objective for the company from $91.40 to $115.00 in a research report on Tuesday, June 2nd. UBS Group raised their price objective on AbbVie from $96.00 to $109.00 in a research report on Wednesday, June 17th. JPMorgan Chase & Co. raised AbbVie from a “neutral” rating to an “overweight” rating and set a $105.00 price target for the company in a research report on Tuesday, May 12th. Finally, Evercore ISI initiated coverage on AbbVie in a research report on Wednesday, June 10th. They issued a “buy” rating and a $111.00 price target for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the stock. AbbVie has a consensus rating of “Buy” and a consensus price target of $106.80.
AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, July 31st. The company reported $2.34 EPS for the quarter, topping the consensus estimate of $2.20 by $0.14. AbbVie had a negative return on equity of 169.80% and a net margin of 24.77%. The company had revenue of $10.43 billion during the quarter, compared to the consensus estimate of $10.14 billion. During the same period last year, the company earned $2.26 EPS. AbbVie’s revenue for the quarter was up 26.3% on a year-over-year basis. On average, equities analysts predict that AbbVie Inc will post 10.45 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Wednesday, July 15th will be paid a dividend of $1.18 per share. The ex-dividend date is Tuesday, July 14th. This represents a $4.72 dividend on an annualized basis and a dividend yield of 4.97%. AbbVie’s dividend payout ratio is currently 52.80%.
In other AbbVie news, SVP Jeffrey Ryan Stewart sold 23,024 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $90.00, for a total transaction of $2,072,160.00. Following the completion of the sale, the senior vice president now directly owns 52,760 shares in the company, valued at approximately $4,748,400. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Timothy J. Richmond sold 19,445 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $85.00, for a total value of $1,652,825.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,794 shares of company stock valued at $9,057,485. Corporate insiders own 0.09% of the company’s stock.
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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