QCI Asset Management Inc. NY Reduces Position in AbbVie Inc (NYSE:ABBV)

QCI Asset Management Inc. NY trimmed its position in shares of AbbVie Inc (NYSE:ABBV) by 2.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 187,314 shares of the company’s stock after selling 4,571 shares during the period. AbbVie comprises 1.9% of QCI Asset Management Inc. NY’s portfolio, making the stock its 14th largest position. QCI Asset Management Inc. NY’s holdings in AbbVie were worth $16,645,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of ABBV. Acropolis Investment Management LLC bought a new position in AbbVie in the second quarter worth about $106,000. Hudock Capital Group LLC raised its stake in AbbVie by 109.5% in the second quarter. Hudock Capital Group LLC now owns 1,542 shares of the company’s stock worth $111,000 after buying an additional 806 shares in the last quarter. Ffcm LLC raised its stake in AbbVie by 167.2% in the second quarter. Ffcm LLC now owns 1,539 shares of the company’s stock worth $111,000 after buying an additional 963 shares in the last quarter. Bristlecone Advisors LLC bought a new position in AbbVie in the third quarter worth about $113,000. Finally, BDO Wealth Advisors LLC bought a new position in AbbVie in the second quarter worth about $115,000. 69.33% of the stock is owned by hedge funds and other institutional investors.

In other news, insider Laura J. Schumacher sold 145,510 shares of the stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Timothy J. Richmond sold 87,040 shares of the stock in a transaction that occurred 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 sale, the senior vice president now owns 113,118 shares in the company, valued at approximately $11,136,467.10. The disclosure for this sale can be found here. In the last quarter, insiders have sold 450,743 shares of company stock worth $43,153,684. Corporate insiders own 0.23% of the company’s stock.

Shares of AbbVie Inc (NYSE ABBV) traded up $0.63 on Monday, reaching $111.93. 4,820,000 shares of the company’s stock were exchanged, compared to its average volume of 7,190,000. The stock has a market capitalization of $178,430.00, a PE ratio of 27.17, a PEG ratio of 1.06 and a beta of 1.61. The company has a current ratio of 1.45, a quick ratio of 1.32 and a debt-to-equity ratio of 5.08. AbbVie Inc has a twelve month low of $60.15 and a twelve month high of $125.86.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Friday, January 26th. The company reported $1.48 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.04. AbbVie had a net margin of 18.82% and a return on equity of 152.78%. The business had revenue of $7.74 billion for the quarter, compared to analysts’ expectations of $7.53 billion. During the same quarter in the prior year, the company earned $1.20 earnings per share. The business’s revenue was up 13.9% compared to the same quarter last year. sell-side analysts forecast that AbbVie Inc will post 7.46 EPS for the current fiscal year.

A number of equities analysts recently issued reports on ABBV shares. Jefferies Group increased their price target on shares of AbbVie from $107.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, October 16th. Zacks Investment Research raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a research note on Tuesday, October 17th. BidaskClub downgraded shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 25th. Piper Jaffray Companies increased their price target on shares of AbbVie to $115.00 and gave the stock an “overweight” rating in a research note on Friday, October 27th. Finally, BMO Capital Markets set a $66.00 price target on shares of AbbVie and gave the stock a “hold” rating in a research note on Friday, October 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. AbbVie currently has an average rating of “Buy” and an average target price of $117.26.

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About AbbVie

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.

Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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