AbbVie Inc. $ABBV Shares Sold by Gemmer Asset Management LLC

Gemmer Asset Management LLC lowered its position in shares of AbbVie Inc. (NYSE:ABBV) by 13.2% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 2,648 shares of the company’s stock after selling 402 shares during the quarter. Gemmer Asset Management LLC’s holdings in AbbVie were worth $492,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Marshall & Sullivan Inc. WA acquired a new stake in AbbVie during the 2nd quarter worth about $25,000. TD Capital Management LLC lifted its position in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares during the period. Abound Financial LLC acquired a new stake in AbbVie during the 1st quarter worth about $30,000. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the 1st quarter worth about $35,000. Finally, Inlight Wealth Management LLC acquired a new stake in AbbVie during the 1st quarter worth about $42,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated 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 owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

AbbVie Price Performance

Shares of AbbVie stock opened at $234.07 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The business has a 50-day moving average price of $210.77 and a 200 day moving average price of $195.90. The firm has a market cap of $413.49 billion, a PE ratio of 111.46, a P/E/G ratio of 1.37 and a beta of 0.51.

AbbVie (NYSE:ABBV) last announced its quarterly 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 during the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter in the prior year, the firm earned $2.65 EPS. AbbVie’s revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is currently 312.38%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ABBV. JPMorgan Chase & Co. boosted their price objective on AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Bank of America boosted their price objective on AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a report on Friday. Wells Fargo & Company boosted their price objective on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, September 12th. Guggenheim boosted their price objective on AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a report on Friday, August 1st. Finally, Piper Sandler began coverage on AbbVie in a report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price objective for the company. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $228.22.

AbbVie Profile

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.