Trading Report: The AbbVie Inc. (ABBV) Stake Decreased by Conning Inc.

The AbbVie Inc. (ABBV) Stake Decreased by Conning Inc.

Conning Inc. lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 8.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 475,778 shares of the company’s stock after selling 42,270 shares during the period. AbbVie accounts for approximately 1.2% of Conning Inc.’s investment portfolio, making the stock its 23rd largest position. Conning Inc.’s holdings in AbbVie were worth $29,455,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. WESPAC Advisors LLC bought a new position in shares of AbbVie during the second quarter valued at $785,000. Green Square Capital LLC boosted its position in shares of AbbVie by 0.7% in the second quarter. Green Square Capital LLC now owns 69,843 shares of the company’s stock valued at $4,324,000 after buying an additional 459 shares in the last quarter. Canandaigua National Bank & Trust Co. boosted its position in shares of AbbVie by 4.8% in the second quarter. Canandaigua National Bank & Trust Co. now owns 34,592 shares of the company’s stock valued at $2,142,000 after buying an additional 1,596 shares in the last quarter. First Merchants Corp boosted its position in shares of AbbVie by 2.7% in the second quarter. First Merchants Corp now owns 33,276 shares of the company’s stock valued at $2,059,000 after buying an additional 860 shares in the last quarter. Finally, HL Financial Services LLC boosted its position in shares of AbbVie by 5.5% in the second quarter. HL Financial Services LLC now owns 420,788 shares of the company’s stock valued at $26,051,000 after buying an additional 22,108 shares in the last quarter. Institutional investors own 68.35% of the company’s stock.

AbbVie Inc. (NYSE:ABBV) traded down 0.05% during midday trading on Monday, reaching $60.14. The company’s stock had a trading volume of 6,138,658 shares. AbbVie Inc. has a 1-year low of $45.45 and a 1-year high of $68.12. The firm has a market cap of $97.94 billion, a price-to-earnings ratio of 17.35 and a beta of 1.50. The company has a 50 day moving average price of $63.38 and a 200 day moving average price of $62.78.

AbbVie (NYSE:ABBV) last issued its earnings results on Friday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.06. The business earned $6.43 billion during the quarter, compared to the consensus estimate of $6.20 billion. AbbVie had a return on equity of 161.46% and a net margin of 23.11%. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.08 EPS. On average, equities research analysts expect that AbbVie Inc. will post $4.81 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Stockholders of record on Friday, October 14th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend is Wednesday, October 12th. AbbVie’s dividend payout ratio (DPR) is 65.71%.

ABBV has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered AbbVie from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $75.00 to $73.00 in a report on Thursday, September 8th. They noted that the move was a valuation call. Goldman Sachs Group Inc. reissued a “buy” rating and issued a $78.00 price objective on shares of AbbVie in a report on Tuesday, September 27th. Jefferies Group reissued a “buy” rating on shares of AbbVie in a report on Thursday, August 25th. Vetr raised AbbVie from a “hold” rating to a “buy” rating and set a $67.14 price objective on the stock in a report on Monday, July 18th. Finally, Barclays PLC reissued an “equal weight” rating and issued a $68.00 price objective on shares of AbbVie in a report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $70.68.

In other news, insider Laura J. Schumacher sold 50,000 shares of the stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $65.00, for a total transaction of $3,250,000.00. Following the completion of the transaction, the insider now directly owns 144,138 shares of the company’s stock, valued at approximately $9,368,970. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.11% of the company’s stock.

AbbVie Company Profile

AbbVie Inc (AbbVie) is a research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company operates in pharmaceutical products segment. 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 (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, including thyroid disease and complications associated with cystic fibrosis, as well as other serious health conditions.

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