Choate Investment Advisors Lowers stake in AbbVie Inc (ABBV)

AbbVie Inc (ABBV) : Choate Investment Advisors reduced its stake in AbbVie Inc by 9.44% during the most recent quarter end. The investment management company now holds a total of 113,897 shares of AbbVie Inc which is valued at $7,652,739 after selling 11,877 shares in AbbVie Inc , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.AbbVie Inc makes up approximately 0.51% of Choate Investment Advisors’s portfolio.

Other Hedge Funds, Including , Comerica Bank reduced its stake in ABBV by selling 76,424 shares or 6.48% in the most recent quarter. The Hedge Fund company now holds 1,102,871 shares of ABBV which is valued at $74,101,902. AbbVie Inc makes up approx 0.64% of Comerica Bank’s portfolio.Independence Trust Co reduced its stake in ABBV by selling 520 shares or 2.09% in the most recent quarter. The Hedge Fund company now holds 24,403 shares of ABBV which is valued at $1,557,155. AbbVie Inc makes up approx 2.33% of Independence Trust Co’s portfolio.Breton Hill Capital Ltd. boosted its stake in ABBV in the latest quarter, The investment management firm added 18,058 additional shares and now holds a total of 130,785 shares of AbbVie Inc which is valued at $8,470,944. AbbVie Inc makes up approx 2.64% of Breton Hill Capital Ltd.’s portfolio.

AbbVie Inc closed down -0.84 points or -1.25% at $66.17 with 1,02,27,754 shares getting traded on Tuesday. Post opening the session at $67.26, the shares hit an intraday low of $65.99 and an intraday high of $67.49 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.

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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