Alta Capital Management Lowers stake in AbbVie Inc (ABBV)

AbbVie Inc (ABBV) : Alta Capital Management reduced its stake in AbbVie Inc by 1.8% during the most recent quarter end. The investment management company now holds a total of 24,923 shares of AbbVie Inc which is valued at $1,530,771 after selling 457 shares in AbbVie Inc , the firm said in a disclosure report filed with the SEC on Apr 21, 2016.AbbVie Inc makes up approximately 0.09% of Alta Capital Management’s portfolio.

AbbVie Inc closed down -0.23 points or -0.38% at $60.7 with 66,79,223 shares getting traded on Wednesday. Post opening the session at $60.93, the shares hit an intraday low of $60.25 and an intraday high of $61.48 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

Other Hedge Funds, Including , First Citizens Bank Trust Co reduced its stake in ABBV by selling 11,248 shares or 7.72% in the most recent quarter. The Hedge Fund company now holds 134,427 shares of ABBV which is valued at $8,256,506. AbbVie Inc makes up approx 0.68% of First Citizens Bank Trust Co’s portfolio.Oregon Public Employees Retirement Fund boosted its stake in ABBV in the latest quarter, The investment management firm added 4,408 additional shares and now holds a total of 218,556 shares of AbbVie Inc which is valued at $13,006,268. AbbVie Inc makes up approx 0.30% of Oregon Public Employees Retirement Fund’s portfolio.Benjamin F. Edwards Company boosted its stake in ABBV in the latest quarter, The investment management firm added 678 additional shares and now holds a total of 8,796 shares of AbbVie Inc which is valued at $523,450. AbbVie Inc makes up approx 0.11% of Benjamin F. Edwards Company’s portfolio.Sageworth Trust Co boosted its stake in ABBV in the latest quarter, The investment management firm added 433 additional shares and now holds a total of 101,018 shares of AbbVie Inc which is valued at $6,011,581. AbbVie Inc makes up approx 1.43% of Sageworth Trust Co’s portfolio.

On the company’s financial health, AbbVie Inc reported $1.13 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jan 29, 2016. Analyst had a consensus of $1.12. The company had revenue of $6400.00 million for the quarter, compared to analysts expectations of $6382.82 million. The company’s revenue was up 17.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.89 EPS.

Many Wall Street Analysts have commented on AbbVie Inc. Societe Generale Initiated AbbVie Inc on Apr 6, 2016 to “Sell”, Price Target of the shares are set at $47.Deutsche Bank Initiated AbbVie Inc on Mar 15, 2016 to “Hold”, Price Target of the shares are set at $63.AbbVie Inc was Upgraded by Citigroup to ” Buy” on Feb 23, 2016.

AbbVie Inc. (AbbVie) is a global research-based biopharmaceutical company. The Company develops and markets therapies that address a range of diseases. The Company’s products are focused on treating conditions such as chronic autoimmune diseases including rheumatoid arthritis psoriasis and Crohn’s disease; hepatitis C (HCV); human immunodeficiency virus (HIV); endometriosis; thyroid disease; Parkinson’s disease; complications associated with chronic kidney disease and cystic fibrosis and other health conditions such as low testosterone. AbbVie also has a pipeline of new medicines including over 30 compounds or indications in Phase II or Phase III development across a range of medical specialties such as immunology virology/liver disease oncology renal disease neurological diseases and women’s health. The Company’s product portfolio includes HUMIRA HCV products Additional Virology products Metabolics/Hormones products Endocrinology products and other products.

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