Ascension Asset Management LLC Cuts Holdings in AbbVie Inc (NYSE:ABBV)

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Ascension Asset Management LLC cut its position in shares of AbbVie Inc (NYSE:ABBV) by 8.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,859 shares of the company’s stock after selling 1,150 shares during the quarter. Ascension Asset Management LLC’s holdings in AbbVie were worth $898,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pure Financial Advisors Inc. lifted its stake in shares of AbbVie by 1.2% during the 3rd quarter. Pure Financial Advisors Inc. now owns 11,846 shares of the company’s stock valued at $897,000 after buying an additional 142 shares in the last quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO lifted its stake in shares of AbbVie by 0.3% during the 2nd quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 44,147 shares of the company’s stock valued at $3,210,000 after buying an additional 147 shares in the last quarter. Beacon Financial Group lifted its stake in shares of AbbVie by 1.5% during the 3rd quarter. Beacon Financial Group now owns 10,164 shares of the company’s stock valued at $761,000 after buying an additional 149 shares in the last quarter. Adirondack Trust Co. lifted its stake in shares of AbbVie by 1.2% during the 3rd quarter. Adirondack Trust Co. now owns 12,569 shares of the company’s stock valued at $952,000 after buying an additional 150 shares in the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV lifted its stake in shares of AbbVie by 0.9% during the 3rd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 17,449 shares of the company’s stock valued at $1,321,000 after buying an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 68.22% of the company’s stock.

In other news, EVP Timothy J. Richmond sold 15,515 shares of the stock in a transaction on Friday, September 27th. The shares were sold at an average price of $75.02, for a total value of $1,163,935.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Henry O. Gosebruch purchased 30,000 shares of the firm’s stock in a transaction dated Monday, July 29th. The stock was bought at an average cost of $67.28 per share, for a total transaction of $2,018,400.00. Following the acquisition, the executive vice president now directly owns 75,763 shares in the company, valued at $5,097,334.64. The disclosure for this purchase can be found here. Insiders bought a total of 183,077 shares of company stock worth $10,705,751 in the last three months. Insiders own 0.08% of the company’s stock.

A number of brokerages recently commented on ABBV. ValuEngine upgraded shares of AbbVie from a “strong sell” rating to a “sell” rating in a research note on Monday, September 30th. Wolfe Research raised shares of AbbVie from an “underperform” rating to a “peer perform” rating in a report on Thursday, June 27th. Leerink Swann raised shares of AbbVie to a “buy” rating in a report on Tuesday, July 2nd. UBS Group raised shares of AbbVie from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $85.00 to $79.00 in a report on Thursday, September 12th. Finally, Citigroup raised shares of AbbVie from a “neutral” rating to a “buy” rating and upped their target price for the stock from $87.00 to $90.00 in a report on Thursday, September 26th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. AbbVie has a consensus rating of “Hold” and a consensus target price of $86.51.

AbbVie stock opened at $77.87 on Wednesday. The firm’s 50 day simple moving average is $72.50 and its 200 day simple moving average is $73.59. The firm has a market capitalization of $114.29 billion, a PE ratio of 9.84, a price-to-earnings-growth ratio of 1.57 and a beta of 0.99. AbbVie Inc has a 1-year low of $62.66 and a 1-year high of $94.98.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, July 26th. The company reported $2.26 EPS for the quarter, topping the Zacks’ consensus estimate of $2.21 by $0.05. The firm had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.09 billion. AbbVie had a net margin of 12.62% and a negative return on equity of 182.70%. The business’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.00 EPS. As a group, research analysts anticipate that AbbVie Inc will post 8.93 earnings per share for the current year.

The business also recently declared a — dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $1.07 dividend. This represents a dividend yield of 6.4%. The ex-dividend date of this dividend is Friday, October 11th. AbbVie’s payout ratio is 54.11%.

About AbbVie

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.

Further Reading: Why do companies issue stock splits?

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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