AbbVie Inc. $ABBV Stock Position Reduced by Capital Market Strategies LLC

Capital Market Strategies LLC cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 20.3% during the second quarter, HoldingsChannel.com reports. The firm owned 7,757 shares of the company’s stock after selling 1,975 shares during the period. AbbVie makes up about 1.0% of Capital Market Strategies LLC’s portfolio, making the stock its 17th largest holding. Capital Market Strategies LLC’s holdings in AbbVie were worth $1,440,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. TD Capital Management LLC increased its holdings in AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the last quarter. Abound Financial LLC acquired a new position in AbbVie in the first quarter worth approximately $30,000. Siemens Fonds Invest GmbH increased its holdings in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after buying an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY acquired a new position in AbbVie in the first quarter worth approximately $35,000. Finally, Pinney & Scofield Inc. acquired a new position in AbbVie in the fourth quarter worth approximately $36,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the sale, the executive vice president directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Stock Down 0.8%

Shares of AbbVie stock opened at $218.40 on Friday. The stock has a market capitalization of $385.82 billion, a P/E ratio of 104.00, a PEG ratio of 1.42 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The stock has a 50 day moving average price of $200.25 and a two-hundred day moving average price of $194.58. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $221.76.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the previous year, the company earned $2.65 EPS. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio is currently 312.38%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Piper Sandler assumed coverage on AbbVie in a report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price objective on the stock. Bank of America increased their price objective on AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. BMO Capital Markets increased their price objective on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday. Guggenheim upped their target price on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Finally, Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Four analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $217.10.

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.