Hayek Kallen Investment Management Cuts Stake in AbbVie Inc (ABBV)

Hayek Kallen Investment Management lowered its holdings in shares of AbbVie Inc (NYSE:ABBV) by 4.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,697 shares of the company’s stock after selling 1,390 shares during the period. AbbVie makes up 2.2% of Hayek Kallen Investment Management’s investment portfolio, making the stock its 18th largest holding. Hayek Kallen Investment Management’s holdings in AbbVie were worth $3,014,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Johnson Financial Group Inc. lifted its stake in shares of AbbVie by 61.0% in the third quarter. Johnson Financial Group Inc. now owns 37,592 shares of the company’s stock worth $3,555,000 after buying an additional 14,242 shares in the last quarter. Coastline Trust Co lifted its stake in shares of AbbVie by 1.0% in the fourth quarter. Coastline Trust Co now owns 21,251 shares of the company’s stock worth $1,959,000 after buying an additional 201 shares in the last quarter. Riverhead Capital Management LLC lifted its stake in shares of AbbVie by 10.0% in the second quarter. Riverhead Capital Management LLC now owns 117,611 shares of the company’s stock worth $10,897,000 after buying an additional 10,702 shares in the last quarter. CWM LLC lifted its stake in shares of AbbVie by 34.1% in the third quarter. CWM LLC now owns 114,285 shares of the company’s stock worth $10,809,000 after buying an additional 29,037 shares in the last quarter. Finally, Accident Compensation Corp lifted its stake in shares of AbbVie by 13.0% in the third quarter. Accident Compensation Corp now owns 65,192 shares of the company’s stock worth $6,166,000 after buying an additional 7,492 shares in the last quarter. 70.63% of the stock is currently owned by institutional investors and hedge funds.

ABBV opened at $79.77 on Tuesday. AbbVie Inc has a twelve month low of $75.77 and a twelve month high of $122.00. The company has a market cap of $119.84 billion, a PE ratio of 10.08, a P/E/G ratio of 1.20 and a beta of 1.17.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Friday, January 25th. The company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $1.92 by ($0.02). AbbVie had a net margin of 17.36% and a negative return on equity of 1,343.27%. The company had revenue of $8.31 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the previous year, the firm earned $1.48 earnings per share. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. As a group, analysts anticipate that AbbVie Inc will post 8.69 EPS for the current fiscal year.

AbbVie declared that its Board of Directors has authorized a share buyback program on Thursday, December 13th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the company to buy up to 3.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

In related news, insider Laura J. Schumacher sold 94,140 shares of the company’s stock in a transaction on Tuesday, December 4th. The shares were sold at an average price of $93.58, for a total transaction of $8,809,621.20. Following the completion of the transaction, the insider now owns 192,398 shares in the company, valued at $18,004,604.84. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Henry O. Gosebruch sold 42,450 shares of the company’s stock in a transaction on Thursday, November 29th. The stock was sold at an average price of $90.10, for a total transaction of $3,824,745.00. Following the transaction, the executive vice president now owns 30,350 shares of the company’s stock, valued at approximately $2,734,535. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 263,440 shares of company stock valued at $24,029,804. 0.07% of the stock is owned by corporate insiders.

Several research analysts have recently issued reports on ABBV shares. Wolfe Research started coverage on shares of AbbVie in a research note on Tuesday, October 23rd. They issued an “underperform” rating on the stock. Standpoint Research started coverage on shares of AbbVie in a research note on Wednesday, December 26th. They issued a “buy” rating on the stock. Credit Suisse Group set a $85.00 target price on shares of AbbVie and gave the stock a “hold” rating in a research note on Friday, November 2nd. Zacks Investment Research upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a research note on Tuesday, January 8th. Finally, Barclays reiterated a “hold” rating and issued a $90.00 target price on shares of AbbVie in a research note on Sunday, November 4th. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. AbbVie currently has an average rating of “Hold” and a consensus target price of $96.85.

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AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company offers HUMIRA, a therapy administered as an injection for autoimmune diseases; IMBRUVICA, an oral therapy for treating chronic lymphocytic leukemia; and VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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