Atalanta Sosnoff Capital LLC Reduces Stake in AbbVie Inc. (ABBV)

Atalanta Sosnoff Capital LLC cut its position in AbbVie Inc. (NYSE:ABBV) by 98.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,650 shares of the company’s stock after selling 435,590 shares during the period. Atalanta Sosnoff Capital LLC’s holdings in AbbVie were worth $337,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. First Command Financial Services Inc. raised its stake in AbbVie by 6.8% in the first quarter. First Command Financial Services Inc. now owns 1,565 shares of the company’s stock worth $102,000 after buying an additional 99 shares during the last quarter. Acropolis Investment Management LLC bought a new stake in AbbVie during the second quarter worth about $106,000. Franklin Parlapiano Turner & Welch LLC bought a new stake in AbbVie during the first quarter worth about $108,000. Patriot Financial Group Insurance Agency LLC bought a new stake in AbbVie during the fourth quarter worth about $137,000. Finally, Atwood & Palmer Inc. raised its stake in AbbVie by 1,333.3% in the first quarter. Atwood & Palmer Inc. now owns 2,150 shares of the company’s stock worth $140,000 after buying an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 67.89% of the company’s stock.

Shares of AbbVie Inc. (NYSE:ABBV) traded up 0.34% on Friday, hitting $70.68. The company’s stock had a trading volume of 1,423,545 shares. The company has a market cap of $112.67 billion, a price-to-earnings ratio of 17.38 and a beta of 1.50. The stock’s 50 day moving average is $72.13 and its 200-day moving average is $66.69. AbbVie Inc. has a 52 week low of $55.06 and a 52 week high of $75.04.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, July 28th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.02. The business had revenue of $6.94 billion during the quarter, compared to analyst estimates of $6.93 billion. AbbVie had a net margin of 24.77% and a return on equity of 150.27%. AbbVie’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.26 EPS. On average, equities research analysts anticipate that AbbVie Inc. will post $5.52 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Friday, July 14th will be issued a $0.64 dividend. The ex-dividend date of this dividend is Wednesday, July 12th. This represents a $2.56 annualized dividend and a yield of 3.63%. AbbVie’s dividend payout ratio (DPR) is presently 62.90%.

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ABBV has been the topic of a number of recent research reports. BMO Capital Markets reaffirmed a “hold” rating and issued a $63.00 target price on shares of AbbVie in a research note on Tuesday, April 18th. Leerink Swann set a $71.00 target price on AbbVie and gave the company a “hold” rating in a research note on Thursday, April 20th. Deutsche Bank AG upped their target price on AbbVie from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Friday, April 28th. Vetr lowered AbbVie from a “strong-buy” rating to a “buy” rating and set a $74.98 target price on the stock. in a research note on Thursday, May 4th. Finally, Jefferies Group LLC reaffirmed a “buy” rating on shares of AbbVie in a research note on Friday, May 26th. Nine equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $74.66.

In related news, Chairman Richard A. Gonzalez sold 71,235 shares of AbbVie stock in a transaction on Friday, May 19th. The shares were sold at an average price of $65.49, for a total value of $4,665,180.15. Following the transaction, the chairman now owns 349,462 shares in the company, valued at approximately $22,886,266.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William J. Chase sold 38,300 shares of AbbVie stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $65.35, for a total transaction of $2,502,905.00. Following the completion of the transaction, the chief financial officer now owns 209,043 shares in the company, valued at approximately $13,660,960.05. The disclosure for this sale can be found here. Insiders sold a total of 600,026 shares of company stock worth $41,852,724 in the last quarter. Insiders own 0.23% of the company’s stock.

AbbVie Company 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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