Advisors Asset Management Lowers stake in AbbVie Inc (ABBV)

AbbVie Inc (ABBV) : Advisors Asset Management reduced its stake in AbbVie Inc by 5.53% during the most recent quarter end. The investment management company now holds a total of 538,966 shares of AbbVie Inc which is valued at $36,083,774 after selling 31,524 shares in AbbVie Inc , the firm said in a disclosure report filed with the SEC on Aug 8, 2016.AbbVie Inc makes up approximately 0.57% of Advisors Asset Management’s portfolio.

Other Hedge Funds, Including , Schnieders Capital Management reduced its stake in ABBV by selling 2,730 shares or 7.59% in the most recent quarter. The Hedge Fund company now holds 33,216 shares of ABBV which is valued at $2,223,811. AbbVie Inc makes up approx 1.22% of Schnieders Capital Management’s portfolio. Jackson Grant Investment Advisers sold out all of its stake in ABBV during the most recent quarter. The investment firm sold 29,651 shares of ABBV which is valued $1,972,978. R. G. Niederhoffer Capital Management Inc added ABBV to its portfolio by purchasing 34,800 company shares during the most recent quarter which is valued at $2,316,636. AbbVie Inc makes up approx 14.16% of R. G. Niederhoffer Capital Management Inc’s portfolio.

AbbVie Inc opened for trading at $67.47 and hit $68.1239 on the upside on Monday, eventually ending the session at $67.39, with a gain of 0.30% or 0.2 points. The heightened volatility saw the trading volume jump to 52,15,360 shares. Company has a market cap of $109,747 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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