Washington Trust Bank Lowers stake in AbbVie Inc (ABBV)

AbbVie Inc (ABBV) : Washington Trust Bank reduced its stake in AbbVie Inc by 0.25% during the most recent quarter end. The investment management company now holds a total of 54,640 shares of AbbVie Inc which is valued at $3,463,630 after selling 135 shares in AbbVie Inc , the firm said in a disclosure report filed with the SEC on Oct 4, 2016.AbbVie Inc makes up approximately 0.83% of Washington Trust Bank’s portfolio.

Other Hedge Funds, Including , Lynch Associatesin reduced its stake in ABBV by selling 996 shares or 1.59% in the most recent quarter. The Hedge Fund company now holds 61,459 shares of ABBV which is valued at $3,895,886. AbbVie Inc makes up approx 1.72% of Lynch Associatesin’s portfolio.Lvm Capital Management Ltdmi reduced its stake in ABBV by selling 43,627 shares or 21.82% in the most recent quarter. The Hedge Fund company now holds 156,328 shares of ABBV which is valued at $9,909,632. AbbVie Inc makes up approx 3.13% of Lvm Capital Management Ltdmi’s portfolio.Beacon Financial Group boosted its stake in ABBV in the latest quarter, The investment management firm added 611 additional shares and now holds a total of 7,835 shares of AbbVie Inc which is valued at $496,661. AbbVie Inc makes up approx 0.10% of Beacon Financial Group’s portfolio.Bath Savings Trust Co reduced its stake in ABBV by selling 300 shares or 3.0% in the most recent quarter. The Hedge Fund company now holds 9,689 shares of ABBV which is valued at $614,186. AbbVie Inc makes up approx 0.19% of Bath Savings Trust Co’s portfolio. Harbour Capital Advisors sold out all of its stake in ABBV during the most recent quarter. The investment firm sold 6,447 shares of ABBV which is valued $408,675.

AbbVie Inc closed down -0.23 points or -0.36% at $63 with 47,19,437 shares getting traded on Tuesday. Post opening the session at $63.31, the shares hit an intraday low of $62.55 and an intraday high of $63.53 and the price fluctuated in this range throughout the day.Shares ended Tuesday 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.

Investors should note that on Sep 9, 2016, AbbVie Inc announced a cash dividend of $0.5700. The company’s management has announced Oct 12, 2016 as the ex-dividend date and fixed the record date on Oct 14, 2016. The payable date has been fixed on Nov 15, 2016.

Many Wall Street Analysts have commented on AbbVie Inc. AbbVie Inc was Downgraded by JP Morgan to ” Neutral” on Sep 8, 2016. Raymond James Initiated AbbVie Inc on Sep 2, 2016 to “Outperform”, Price Target of the shares are set at $82.

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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