Cornerstone Capital Lowers stake in AbbVie Inc (ABBV)

AbbVie Inc (ABBV) : Cornerstone Capital reduced its stake in AbbVie Inc by 1.48% during the most recent quarter end. The investment management company now holds a total of 232,624 shares of AbbVie Inc which is valued at $15,630,007 after selling 3,490 shares in AbbVie Inc , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.AbbVie Inc makes up approximately 3.33% of Cornerstone Capital’s portfolio.

Other Hedge Funds, Including , Vaughan David Investments Incil reduced its stake in ABBV by selling 956 shares or 4.23% in the most recent quarter. The Hedge Fund company now holds 21,631 shares of ABBV which is valued at $1,453,387. AbbVie Inc makes up approx 0.08% of Vaughan David Investments Incil’s portfolio.Asset Advisors Corp boosted its stake in ABBV in the latest quarter, The investment management firm added 7,000 additional shares and now holds a total of 102,805 shares of AbbVie Inc which is valued at $6,843,729. AbbVie Inc makes up approx 1.42% of Asset Advisors Corp’s portfolio.Baring Asset Management Ltd reduced its stake in ABBV by selling 25,701 shares or 21.53% in the most recent quarter. The Hedge Fund company now holds 93,672 shares of ABBV which is valued at $6,079,313. AbbVie Inc makes up approx 0.48% of Baring Asset Management Ltd’s portfolio.Trust Co Of Vermont boosted its stake in ABBV in the latest quarter, The investment management firm added 13,278 additional shares and now holds a total of 191,063 shares of AbbVie Inc which is valued at $12,115,305. AbbVie Inc makes up approx 1.57% of Trust Co Of Vermont’s portfolio.Advocacy Wealth Management Services reduced its stake in ABBV by selling 586 shares or 85.42% in the most recent quarter. The Hedge Fund company now holds 100 shares of ABBV which is valued at $6,356.

AbbVie Inc opened for trading at $66.57 and hit $67.18 on the upside on Friday, eventually ending the session at $67.1, with a gain of 0.49% or 0.33 points. The heightened volatility saw the trading volume jump to 67,09,360 shares. Company has a market cap of $109,275 M.

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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