Financial Advisors LLC Sells 150 Shares of AbbVie Inc. $ABBV

Financial Advisors LLC lessened its stake in AbbVie Inc. (NYSE:ABBV) by 3.4% during the second quarter, HoldingsChannel reports. The firm owned 4,300 shares of the company’s stock after selling 150 shares during the period. Financial Advisors LLC’s holdings in AbbVie were worth $798,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Marshall & Sullivan Inc. WA bought a new stake in AbbVie during the 2nd quarter valued at $25,000. TD Capital Management LLC raised its holdings 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 acquiring an additional 58 shares during the period. Abound Financial LLC bought a new stake in AbbVie during the 1st quarter valued at $30,000. Cypress Capital Management LLC WY bought a new stake in AbbVie during the 1st quarter valued at $35,000. Finally, Bear Mountain Capital Inc. raised its holdings 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 acquiring an additional 173 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 1.2%

Shares of NYSE:ABBV opened at $229.66 on Monday. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The firm has a fifty day moving average of $217.91 and a 200 day moving average of $197.52. The firm has a market capitalization of $405.71 billion, a PE ratio of 109.36, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

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 the consensus estimate 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 during the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter last year, the firm posted $2.65 earnings per share. The firm’s revenue was up 6.6% on a year-over-year basis. As a group, research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal 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 given a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.9%. AbbVie’s payout ratio is 312.38%.

Insider Buying and Selling at AbbVie

In related 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. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction dated 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 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. 0.08% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. HSBC set a $225.00 target price on shares of AbbVie in a report on Thursday, October 2nd. Raymond James Financial restated an “outperform” rating and set a $250.00 price target (up from $236.00) on shares of AbbVie in a research report on Friday. Evercore ISI boosted their price target on shares of AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research report on Monday, September 22nd. Piper Sandler boosted their price target on shares of AbbVie from $231.00 to $284.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Finally, Wells Fargo & Company boosted their price target on shares of AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. Two 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 stock. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $234.05.

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.