Capital Investment Counsel LLC Sells 1,209 Shares of AbbVie Inc. $ABBV

Capital Investment Counsel LLC lessened its position in AbbVie Inc. (NYSE:ABBV) by 2.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,321 shares of the company’s stock after selling 1,209 shares during the quarter. AbbVie accounts for approximately 1.4% of Capital Investment Counsel LLC’s portfolio, making the stock its 20th largest holding. Capital Investment Counsel LLC’s holdings in AbbVie were worth $9,341,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. TD Capital Management LLC grew its stake in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the last quarter. Marshall & Sullivan Inc. WA bought a new position in shares of AbbVie during the second quarter valued at about $25,000. Abound Financial LLC bought a new position in shares of AbbVie during the first quarter valued at about $30,000. Cypress Capital Management LLC WY bought a new position in shares of AbbVie during the first quarter valued at about $35,000. Finally, Bear Mountain Capital Inc. grew its stake in shares of AbbVie by 480.6% during the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after buying an additional 173 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Insider Activity

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction 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 trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred 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 transaction, the executive vice president owned 58,247 shares of the company’s stock, valued at $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. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ABBV. Morgan Stanley raised their price objective on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. JPMorgan Chase & Co. raised their price objective on AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Wall Street Zen upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a report on Saturday. HSBC set a $225.00 target price on shares of AbbVie in a report on Thursday, October 2nd. Finally, UBS Group set a $251.00 target price on shares of AbbVie in a report on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $234.80.

AbbVie Stock Performance

Shares of ABBV opened at $227.98 on Tuesday. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81. The company has a 50-day simple moving average of $221.13 and a two-hundred day simple moving average of $199.58. The firm has a market capitalization of $402.73 billion, a PE ratio of 108.56, a price-to-earnings-growth ratio of 1.44 and a beta of 0.51.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 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 business earned $2.65 earnings per share. The business’s quarterly revenue was up 6.6% on a year-over-year basis. On average, analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued 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 dividend payout ratio (DPR) is 312.38%.

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.