Klingenstein Fields & Co. LLC Cuts Holdings in AbbVie Inc (ABBV)

Klingenstein Fields & Co. LLC lessened its stake in AbbVie Inc (NYSE:ABBV) by 17.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,190 shares of the company’s stock after selling 3,660 shares during the period. Klingenstein Fields & Co. LLC’s holdings in AbbVie were worth $1,528,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Savant Capital LLC lifted its holdings in shares of AbbVie by 1.3% in the 2nd quarter. Savant Capital LLC now owns 61,132 shares of the company’s stock worth $4,433,000 after acquiring an additional 793 shares during the last quarter. Princeton Capital Management Inc. bought a new stake in shares of AbbVie in the 2nd quarter worth approximately $1,394,000. Palisade Asset Management LLC lifted its holdings in shares of AbbVie by 17.9% in the 2nd quarter. Palisade Asset Management LLC now owns 68,311 shares of the company’s stock worth $4,953,000 after acquiring an additional 10,381 shares during the last quarter. Beaton Management Co. Inc. bought a new stake in shares of AbbVie in the 2nd quarter worth approximately $528,000. Finally, Greatmark Investment Partners Inc. lifted its holdings in shares of AbbVie by 3.7% in the 2nd quarter. Greatmark Investment Partners Inc. now owns 35,178 shares of the company’s stock worth $2,551,000 after acquiring an additional 1,242 shares during the last quarter. 69.18% of the stock is owned by institutional investors and hedge funds.

Shares of AbbVie Inc (NYSE ABBV) opened at $100.34 on Friday. AbbVie Inc has a 1-year low of $59.27 and a 1-year high of $101.28. The company has a current ratio of 1.45, a quick ratio of 1.32 and a debt-to-equity ratio of 5.08. The company has a market cap of $159,950.00, a price-to-earnings ratio of 24.35, a P/E/G ratio of 1.20 and a beta of 1.53.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Friday, October 27th. The company reported $1.41 EPS for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.02. AbbVie had a net margin of 24.38% and a return on equity of 153.80%. The company had revenue of $7 billion during the quarter, compared to analyst estimates of $7 billion. During the same period in the prior year, the business posted $1.21 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. equities analysts anticipate that AbbVie Inc will post 5.55 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Friday, January 12th will be issued a dividend of $0.71 per share. This is a positive change from AbbVie’s previous quarterly dividend of $0.64. This represents a $2.84 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Thursday, January 11th. AbbVie’s dividend payout ratio is currently 62.14%.

ABBV has been the subject of a number of recent research reports. Evercore ISI restated an “outperform” rating and issued a $100.00 price objective (up from $95.00) on shares of AbbVie in a report on Saturday, September 30th. Societe Generale boosted their price objective on shares of AbbVie in a report on Tuesday, November 21st. BMO Capital Markets set a $84.00 price objective on shares of AbbVie and gave the stock a “hold” rating in a report on Thursday. Jefferies Group boosted their price objective on shares of AbbVie from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, January 4th. Finally, Barclays restated a “hold” rating and issued a $68.00 price objective on shares of AbbVie in a report on Thursday, September 28th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $100.94.

In other AbbVie news, SVP Timothy J. Richmond sold 87,040 shares of the business’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $98.45, for a total transaction of $8,569,088.00. Following the transaction, the senior vice president now directly owns 113,118 shares of the company’s stock, valued at approximately $11,136,467.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Laura J. Schumacher sold 145,510 shares of the business’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $96.71, for a total transaction of $14,072,272.10. The disclosure for this sale can be found here. Insiders have sold a total of 494,676 shares of company stock valued at $47,237,938 over the last quarter. 0.23% of the stock is currently owned by company insiders.

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AbbVie 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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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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