Allianz Asset Management Ag Lowers stake in AbbVie Inc (ABBV)

AbbVie Inc (ABBV) : Allianz Asset Management Ag reduced its stake in AbbVie Inc by 16.78% during the most recent quarter end. The investment management company now holds a total of 10,817,850 shares of AbbVie Inc which is valued at $726,851,342 after selling 2,180,822 shares in AbbVie Inc , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.AbbVie Inc makes up approximately 1.01% of Allianz Asset Management Ag’s portfolio.

Other Hedge Funds, Including , Mariner Wealth Advisors boosted its stake in ABBV in the latest quarter, The investment management firm added 1,876 additional shares and now holds a total of 26,405 shares of AbbVie Inc which is valued at $1,774,152. AbbVie Inc makes up approx 0.09% of Mariner Wealth Advisors’s portfolio.Martingale Asset Management L P boosted its stake in ABBV in the latest quarter, The investment management firm added 61,792 additional shares and now holds a total of 104,884 shares of AbbVie Inc which is valued at $7,047,156. AbbVie Inc makes up approx 0.11% of Martingale Asset Management L P’s portfolio.First Personal Financial Services boosted its stake in ABBV in the latest quarter, The investment management firm added 1,028 additional shares and now holds a total of 2,236 shares of AbbVie Inc which is valued at $148,336. AbbVie Inc makes up approx 0.05% of First Personal Financial Services’s portfolio.Cable Hill Partners boosted its stake in ABBV in the latest quarter, The investment management firm added 300 additional shares and now holds a total of 1,026 shares of AbbVie Inc which is valued at $68,270. AbbVie Inc makes up approx 0.05% of Cable Hill Partners’s portfolio. Smith Asset Management Group Lp sold out all of its stake in ABBV during the most recent quarter. The investment firm sold 1,026,178 shares of ABBV which is valued $66,598,952.

AbbVie Inc closed down -0.1 points or -0.15% at $64.51 with 50,99,249 shares getting traded on Monday. Post opening the session at $64.84, the shares hit an intraday low of $64.19 and an intraday high of $65.09 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, AbbVie Inc reported $1.26 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Jul 29, 2016. Analyst had a consensus of $1.20. The company had revenue of $6452.00 million for the quarter, compared to analysts expectations of $6207.43 million. The company’s revenue was up 17.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.08 EPS.

Many Wall Street Analysts have commented on AbbVie Inc. AbbVie Inc was Downgraded by Morgan Stanley to ” Equal-Weight” on Jun 8, 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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