Matrix Asset Advisors Inc. NY Reduces Stock Holdings in AbbVie Inc. $ABBV

Matrix Asset Advisors Inc. NY reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 38,511 shares of the company’s stock after selling 608 shares during the quarter. Matrix Asset Advisors Inc. NY’s holdings in AbbVie were worth $7,148,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Marshall & Sullivan Inc. WA acquired a new stake in AbbVie during the 2nd quarter valued at approximately $25,000. TD Capital Management LLC grew its stake in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Abound Financial LLC acquired a new stake in AbbVie during the 1st quarter valued at approximately $30,000. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the 1st quarter valued at approximately $35,000. Finally, Bear Mountain Capital Inc. grew its stake in AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of ABBV opened at $230.88 on Friday. The firm has a market cap of $407.86 billion, a price-to-earnings ratio of 109.94, a PEG ratio of 1.35 and a beta of 0.51. The stock has a 50 day moving average of $214.84 and a 200-day moving average of $196.76. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81.

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

AbbVie Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have weighed in on ABBV. Cantor Fitzgerald set a $250.00 price objective on AbbVie and gave the company an “overweight” rating in a research note on Thursday. Berenberg Bank upgraded AbbVie from a “hold” rating to a “buy” rating and raised their price objective for the company from $170.00 to $270.00 in a research note on Wednesday, September 17th. Wall Street Zen lowered AbbVie from a “buy” rating to a “hold” rating in a research note on Saturday. Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Finally, Hsbc Global Res lowered AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus target price of $231.90.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s 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 sale, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

AbbVie Company 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.