Campbell Newman Asset Management Inc. Lowers Stake in AbbVie Inc. $ABBV

Campbell Newman Asset Management Inc. lessened its position in AbbVie Inc. (NYSE:ABBV) by 3.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 158,673 shares of the company’s stock after selling 5,445 shares during the period. AbbVie comprises 2.3% of Campbell Newman Asset Management Inc.’s portfolio, making the stock its 21st largest holding. Campbell Newman Asset Management Inc.’s holdings in AbbVie were worth $29,453,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Raleigh Capital Management Inc. grew its stake in AbbVie by 9.5% in the 2nd quarter. Raleigh Capital Management Inc. now owns 16,651 shares of the company’s stock worth $3,091,000 after acquiring an additional 1,446 shares during the period. LexAurum Advisors LLC boosted its holdings in shares of AbbVie by 9.4% during the second quarter. LexAurum Advisors LLC now owns 1,790 shares of the company’s stock worth $332,000 after purchasing an additional 154 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of AbbVie by 1.2% in the second quarter. Janney Montgomery Scott LLC now owns 938,929 shares of the company’s stock valued at $174,284,000 after purchasing an additional 11,205 shares during the period. Elser Financial Planning Inc acquired a new position in AbbVie in the second quarter valued at $502,000. Finally, Baron Silver Stevens Financial Advisors LLC lifted its position in AbbVie by 8.3% during the second quarter. Baron Silver Stevens Financial Advisors LLC now owns 2,393 shares of the company’s stock worth $444,000 after buying an additional 183 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several recent analyst reports. Cantor Fitzgerald lifted their price target on AbbVie from $215.00 to $245.00 and gave the company an “overweight” rating in a report on Monday, September 15th. Citigroup raised their target price on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Bank of America upped their price target on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research report on Monday, June 9th. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Finally, Morgan Stanley boosted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $223.45.

AbbVie Price Performance

AbbVie stock opened at $222.93 on Tuesday. The firm has a fifty day moving average of $207.00 and a 200-day moving average of $195.12. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $225.16. 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 firm has a market capitalization of $393.82 billion, a P/E ratio of 106.16, a PEG ratio of 1.29 and a beta of 0.53.

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

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

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.