Blue Granite Capital LLC Reduces Stake in AbbVie Inc. (ABBV)

Xavier Trudeau
Août 13, 2017

Sarissa Capital Management LP continued to hold its position in shares of AbbVie Inc. (NYSE:ABBV) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. Corporate insiders own 0.23% of the company's stock. Finally, Thrivent Financial for Lutherans boosted its position in AbbVie by 2.9% in the fourth quarter. Canal Capital Management LLC's holdings in AbbVie were worth $244,000 at the end of the most recent reporting period. Finally, American National Bank boosted its stake in shares of AbbVie by 13.8% in the first quarter. The institutional investor held 35,407 shares of the integrated oil company at the end of 2016Q4, valued at $4.17M, up from 32,428 at the end of the previous reported quarter. Cpcm LLC bought a new position in AbbVie during the fourth quarter valued at approximately $957,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of AbbVie during the first quarter worth $10,760,000. BerganKDV Wealth Management LLC increased its position in shares of AbbVie by 2.7% in the second quarter. The insider Boyer K. David Jr. sold 2,500 shares worth $124,426. If you are accessing this news story on another publication, it was stolen and reposted in violation of USA and worldwide copyright and trademark laws. Thrivent Financial for Lutherans now owns 59,745 shares of the company's stock worth $3,746,000 after buying an additional 1,682 shares in the last quarter. Comerica Inc reported 13,320 shares or 0.51% of all its holdings. The stock of AbbVie Inc (NYSE:ABBV) earned "Market Perform" rating by BMO Capital Markets on Friday, June 10. Another trade for 45,800 shares valued at $3.21 million was sold by ALBAN CARLOS. RICHMOND TIMOTHY J. also sold $1.47 million worth of AbbVie Inc (NYSE:ABBV) shares. The firm has a market cap of $112.59 billion, a P/E ratio of 17.37 and a beta of 1.50. The company's 50 day moving average price is $72.13 and its 200-day moving average price is $66.69. Morgan Stanley downgraded AbbVie Inc (NYSE:ABBV) on Wednesday, June 8 to "Equal-Weight" rating. The company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.02. Posted 2nd Quarter Numbers" published on July 29, 2017 as well as Bloomberg.com's news article titled: "AbbVie Ordered to Pay $150 Million Damages in "Low-T" Trial" with publication date: "July 24, 2017. The firm had revenue of $6.94 billion during the quarter, compared to analysts' expectations of $6.93 billion. During the same period in the previous year, the firm posted $1.26 earnings per share. The firm's quarterly revenue was up 7.6% compared to the same quarter a year ago.

AbbVie (NYSE ABBV) declined 2.19% on Early Thur, reaching $70.44. the firms shares had a trading volume of 5,940,330 Stocks.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be issued a $0.64 dividend. The ex-dividend date is Wed, Jul 12th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.62%. AbbVie's payout ratio is 62.90%.

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Several brokerages have recently weighed in on ABBV. BidaskClub downgraded shares of AbbVie from a "buy" rating to a "hold" rating in a report on Friday, August 4th. As per Wednesday, June 7, the company rating was maintained by BMO Capital Markets. Vetr upgraded shares of AbbVie from a "hold" rating to a "buy" rating and set a $76.28 price objective for the company in a research note on Wednesday, July 26th. Credit Suisse Group reiterated a "hold" rating and issued a $65.00 target price on shares of AbbVie in a report on Wednesday, June 7th. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock of Chevron Corporation (NYSE:CVX) has "Buy" rating given on Thursday, December 1 by Independent Research. Also, Chairman Richard A. Gonzalez sold 71,235 shares of AbbVie stock in a transaction on Friday, May 19th. Following the completion of the transaction, the chief executive officer now directly owns 342,353 shares in the company, valued at approximately $24,307,063. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Shares for $2.50M were sold by CHASE WILLIAM J on Thursday, May 18. The shares were sold at an average price of $65.35, for a total value of $2,502,905.00. Following the sale, the chairman now directly owns 469,623 shares of the company's stock, valued at approximately $33,343,233. Pennsylvania-based Valley Natl Advisers has invested 0.6% in AbbVie Inc (NYSE:ABBV). The Firm 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. It worsened, as 86 investors sold ABBV shares while 555 reduced holdings.

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