Trade Report: Today, Harding Loevner LP decreases its position in AbbVie Inc. (ABBV)

Today, Harding Loevner LP decreases its position in AbbVie Inc. (ABBV)

Harding Loevner LP lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,207,008 shares of the company’s stock after selling 8,611 shares during the period. Harding Loevner LP’s holdings in AbbVie were worth $139,196,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in ABBV. Capital Research Global Investors raised its stake in AbbVie by 100.6% in the second quarter. Capital Research Global Investors now owns 152,718,713 shares of the company’s stock worth $9,439,710,000 after buying an additional 76,593,054 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in AbbVie by 18.9% in the second quarter. Nisa Investment Advisors LLC now owns 631,940 shares of the company’s stock worth $39,123,000 after buying an additional 100,674 shares in the last quarter. RNC Capital Management LLC raised its stake in AbbVie by 1.2% in the second quarter. RNC Capital Management LLC now owns 620,340 shares of the company’s stock worth $38,405,000 after buying an additional 7,057 shares in the last quarter. Atalanta Sosnoff Capital LLC bought a new stake in AbbVie during the second quarter worth $20,759,000. Finally, Bank of Montreal Can bought a new stake in AbbVie during the second quarter worth $93,942,000. 66.67% of the stock is currently owned by hedge funds and other institutional investors.

Shares of AbbVie Inc. (NYSE:ABBV) opened at 59.46 on Tuesday. The firm has a 50-day moving average price of $60.41 and a 200-day moving average price of $62.70. AbbVie Inc. has a one year low of $50.71 and a one year high of $68.12. The stock has a market cap of $96.63 billion, a price-to-earnings ratio of 16.07 and a beta of 1.55.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Friday, October 28th. The company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.01. AbbVie had a net margin of 24.08% and a return on equity of 150.77%. The firm had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.55 billion. During the same quarter in the previous year, the business posted $1.13 EPS. The firm’s revenue was up 7.4% compared to the same quarter last year. Analysts anticipate that AbbVie Inc. will post $4.82 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 15th. Shareholders of record on Friday, January 13th will be issued a $0.64 dividend. The ex-dividend date is Wednesday, January 11th. This represents a $2.56 dividend on an annualized basis and a yield of 4.23%. This is a positive change from AbbVie’s previous quarterly dividend of $0.57. AbbVie’s payout ratio is currently 61.62%.

A number of analysts have recently weighed in on the company. Jefferies Group reaffirmed a “buy” rating and set a $90.00 price objective on shares of AbbVie in a research report on Tuesday, November 1st. BMO Capital Markets reaffirmed a “market perform” rating and set a $63.00 price objective on shares of AbbVie in a research report on Tuesday, November 8th. Leerink Swann reaffirmed a “hold” rating on shares of AbbVie in a research report on Tuesday, November 8th. Vetr lowered AbbVie from a “strong-buy” rating to a “buy” rating and set a $67.85 price objective on the stock. in a research report on Wednesday, November 9th. Finally, Credit Suisse Group AG downgraded shares of AbbVie from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $70.00 to $60.00 in a research note on Monday, October 31st. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $69.82.

In other AbbVie news, insider Laura J. Schumacher sold 50,000 shares of the business’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $65.00, for a total value of $3,250,000.00. Following the transaction, the insider now owns 144,138 shares in the company, valued at approximately $9,368,970. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.11% of the stock is currently owned by company insiders.

About AbbVie

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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