Palouse Capital Management Lowers stake in AbbVie Inc (ABBV)

AbbVie Inc (ABBV) : Palouse Capital Management reduced its stake in AbbVie Inc by 1.71% during the most recent quarter end. The investment management company now holds a total of 116,270 shares of AbbVie Inc which is valued at $7,545,923 after selling 2,025 shares in AbbVie Inc , the firm said in a disclosure report filed with the SEC on Jul 26, 2016.AbbVie Inc makes up approximately 2.93% of Palouse Capital Management’s portfolio.

Other Hedge Funds, Including , Diversified Trust Co reduced its stake in ABBV by selling 920 shares or 7.27% in the most recent quarter. The Hedge Fund company now holds 11,735 shares of ABBV which is valued at $761,602. AbbVie Inc makes up approx 0.10% of Diversified Trust Co’s portfolio.Country Club Trust Company N.a. reduced its stake in ABBV by selling 12,600 shares or 71.97% in the most recent quarter. The Hedge Fund company now holds 4,908 shares of ABBV which is valued at $313,179. AbbVie Inc makes up approx 0.04% of Country Club Trust Company N.a.’s portfolio.Premier Asset Managment boosted its stake in ABBV in the latest quarter, The investment management firm added 1,980 additional shares and now holds a total of 27,175 shares of AbbVie Inc which is valued at $1,723,167. AbbVie Inc makes up approx 0.42% of Premier Asset Managment’s portfolio.

AbbVie Inc opened for trading at $65.27 and hit $66.4 on the upside on Friday, eventually ending the session at $66.23, with a gain of 2.33% or 1.51 points. The heightened volatility saw the trading volume jump to 1,05,25,016 shares. Company has a market cap of $107,118 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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