MGO One Seven LLC Sells 764 Shares of AbbVie Inc. $ABBV

MGO One Seven LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.8% in the second quarter, Holdings Channel reports. The institutional investor owned 26,790 shares of the company’s stock after selling 764 shares during the period. MGO One Seven LLC’s holdings in AbbVie were worth $4,973,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Conning Inc. boosted its position in AbbVie by 7.1% during the second quarter. Conning Inc. now owns 191,023 shares of the company’s stock valued at $35,458,000 after purchasing an additional 12,690 shares during the last quarter. Dohj LLC boosted its position in AbbVie by 41.8% during the second quarter. Dohj LLC now owns 4,529 shares of the company’s stock valued at $802,000 after purchasing an additional 1,335 shares during the last quarter. First Hawaiian Bank boosted its position in AbbVie by 0.8% during the second quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock valued at $1,403,000 after purchasing an additional 60 shares during the last quarter. Narus Financial Partners LLC boosted its position in AbbVie by 25.3% during the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock valued at $417,000 after purchasing an additional 401 shares during the last quarter. Finally, BankPlus Trust Department boosted its position in AbbVie by 3.3% during the second quarter. BankPlus Trust Department now owns 27,113 shares of the company’s stock valued at $5,033,000 after purchasing an additional 855 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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 transaction of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade 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 is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the 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 transaction, the executive vice president 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. 0.08% of the stock is currently owned by company insiders.

AbbVie Price Performance

Shares of NYSE ABBV opened at $230.36 on Tuesday. The firm has a market cap of $406.94 billion, a P/E ratio of 109.70, a price-to-earnings-growth ratio of 1.42 and a beta of 0.51. 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 1-year low of $163.81 and a 1-year high of $244.81. The business’s 50 day moving average is $215.50 and its 200-day moving average is $196.89.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion for 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%.AbbVie’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the business posted $2.65 EPS. Equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research report on Wednesday, October 8th. Evercore ISI raised their price objective on AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research report on Monday, September 22nd. HSBC set a $225.00 price objective on AbbVie in a research report on Thursday, October 2nd. Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Finally, Citigroup reaffirmed a “neutral” rating on shares of AbbVie in a research report on Monday. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $231.90.

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.