Woodford Investment Management Ltd Lowers stake in AbbVie Inc (ABBV)

AbbVie Inc (ABBV) : Woodford Investment Management Ltd reduced its stake in AbbVie Inc by 5.38% during the most recent quarter end. The investment management company now holds a total of 11,029,800 shares of AbbVie Inc which is valued at $694,546,506 after selling 627,000 shares in AbbVie Inc , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.AbbVie Inc makes up approximately 25.92% of Woodford Investment Management Ltd’s portfolio.

Other Hedge Funds, Including , Envestnet Asset Management Inc reduced its stake in ABBV by selling 72,501 shares or 16.28% in the most recent quarter. The Hedge Fund company now holds 372,864 shares of ABBV which is valued at $23,479,246. AbbVie Inc makes up approx 0.09% of Envestnet Asset Management Inc’s portfolio.Bedell Frazier Investment Counseling reduced its stake in ABBV by selling 335 shares or 0.41% in the most recent quarter. The Hedge Fund company now holds 80,680 shares of ABBV which is valued at $4,752,859. AbbVie Inc makes up approx 2.04% of Bedell Frazier Investment Counseling’s portfolio.Pinnacle Wealth Management Advisory Group boosted its stake in ABBV in the latest quarter, The investment management firm added 50 additional shares and now holds a total of 9,275 shares of AbbVie Inc which is valued at $519,771. AbbVie Inc makes up approx 0.41% of Pinnacle Wealth Management Advisory Group’s portfolio.Cornerstone Advisors reduced its stake in ABBV by selling 461 shares or 14.67% in the most recent quarter. The Hedge Fund company now holds 2,681 shares of ABBV which is valued at $165,579. AbbVie Inc makes up approx 0.16% of Cornerstone Advisors’s portfolio.

AbbVie Inc closed down -1.18 points or -1.91% at $60.52 with 70,23,246 shares getting traded on Monday. Post opening the session at $61.65, the shares hit an intraday low of $60.39 and an intraday high of $62.1426 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 $1.21 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Oct 28, 2016. Analyst had a consensus of $1.20. The company had revenue of $6386.00 million for the quarter, compared to analysts expectations of $6553.48 million. The company’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.13 EPS.

Investors should note that on Oct 28, 2016, AbbVie Inc announced a cash dividend of $0.6400. The company’s management has announced Jan 11, 2017 as the ex-dividend date and fixed the record date on Jan 13, 2017. The payable date has been fixed on Feb 15, 2017.

Many Wall Street Analysts have commented on AbbVie Inc. AbbVie Inc was Downgraded by Credit Suisse to ” Neutral” on Oct 31, 2016. Leerink Partners Initiated AbbVie Inc on Oct 18, 2016 to “Mkt Perform”, Price Target of the shares are set at $70.AbbVie Inc was Downgraded by JP Morgan to ” Neutral” on Sep 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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