AbbVie Inc. (NYSE:ABBV) Shares Sold by Stablepoint Partners LLC

Stablepoint Partners LLC trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 1.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,458 shares of the company’s stock after selling 351 shares during the quarter. Stablepoint Partners LLC’s holdings in AbbVie were worth $3,904,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in ABBV. Pursue Wealth Partners LLC acquired a new position in AbbVie in the second quarter valued at $224,000. Belpointe Asset Management LLC increased its stake in AbbVie by 2.8% in the second quarter. Belpointe Asset Management LLC now owns 37,708 shares of the company’s stock valued at $6,468,000 after purchasing an additional 1,010 shares during the last quarter. Larson Financial Group LLC increased its stake in AbbVie by 202.1% in the second quarter. Larson Financial Group LLC now owns 16,132 shares of the company’s stock valued at $2,767,000 after purchasing an additional 10,792 shares during the last quarter. Wealth Effects LLC increased its stake in AbbVie by 10.0% in the second quarter. Wealth Effects LLC now owns 12,881 shares of the company’s stock valued at $2,209,000 after purchasing an additional 1,173 shares during the last quarter. Finally, Hodges Capital Management Inc. increased its stake in AbbVie by 13.7% in the second quarter. Hodges Capital Management Inc. now owns 35,602 shares of the company’s stock valued at $6,107,000 after purchasing an additional 4,296 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Trading Down 0.3 %

Shares of ABBV opened at $197.00 on Thursday. The company has a market capitalization of $347.88 billion, a P/E ratio of 58.46, a P/E/G ratio of 2.68 and a beta of 0.64. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock has a 50-day moving average price of $182.97 and a 200 day moving average price of $174.37.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. AbbVie’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.91 earnings per share. Sell-side analysts forecast that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date was Monday, July 15th. AbbVie’s payout ratio is 183.98%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. BMO Capital Markets upped their price target on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Barclays upped their price target on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Piper Sandler upped their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Finally, Morgan Stanley upped their price target on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $191.64.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.