American Money Management LLC Sells 128 Shares of AbbVie Inc. (NYSE:ABBV)

American Money Management LLC reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 40,895 shares of the company’s stock after selling 128 shares during the quarter. AbbVie accounts for about 1.6% of American Money Management LLC’s holdings, making the stock its 19th biggest holding. American Money Management LLC’s holdings in AbbVie were worth $8,568,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Crestline Management LP lifted its position in shares of AbbVie by 438.4% during the 4th quarter. Crestline Management LP now owns 35,311 shares of the company’s stock worth $6,275,000 after buying an additional 28,753 shares during the last quarter. Narus Financial Partners LLC increased its holdings in AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock worth $417,000 after purchasing an additional 401 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in AbbVie by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company’s stock worth $1,664,489,000 after purchasing an additional 108,993 shares in the last quarter. AXA S.A. increased its holdings in AbbVie by 14.8% in the 4th quarter. AXA S.A. now owns 971,893 shares of the company’s stock worth $172,705,000 after purchasing an additional 125,568 shares in the last quarter. Finally, Highland Capital Management LLC increased its holdings in AbbVie by 6.3% in the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock worth $9,817,000 after purchasing an additional 2,792 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other AbbVie news, 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 owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.25% of the company’s stock.

AbbVie Trading Up 1.4%

NYSE ABBV opened at $201.36 on Thursday. The business has a 50 day simple moving average of $190.39 and a 200 day simple moving average of $191.67. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66. The stock has a market capitalization of $355.71 billion, a P/E ratio of 95.89, a P/E/G ratio of 1.28 and a beta of 0.50. 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 (NYSE:ABBV) last released its earnings results 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 business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period in the prior year, the business earned $2.65 EPS. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. Research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Analyst Ratings Changes

ABBV has been the subject of a number of recent research reports. Piper Sandler initiated coverage on AbbVie in a report on Tuesday. They issued an “overweight” rating and a $231.00 target price for the company. Citigroup upped their target price on AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Cantor Fitzgerald initiated coverage on AbbVie in a report on Tuesday, April 22nd. They issued an “overweight” rating and a $210.00 target price for the company. Raymond James Financial upped their target price on AbbVie from $227.00 to $236.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Finally, Bank of America upped their target price on AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Six research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $214.95.

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.