BSW Wealth Partners Trims Position in AbbVie Inc. $ABBV

BSW Wealth Partners lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,702 shares of the company’s stock after selling 264 shares during the quarter. BSW Wealth Partners’ holdings in AbbVie were worth $1,801,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Marshall & Sullivan Inc. WA acquired a new stake in shares of AbbVie during the second quarter worth $25,000. TD Capital Management LLC raised its position in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the last quarter. Abound Financial LLC acquired a new stake in shares of AbbVie in the 1st quarter worth $30,000. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie in the first quarter valued at about $35,000. Finally, Inlight Wealth Management LLC acquired a new position in shares of AbbVie during the first quarter worth about $42,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of NYSE ABBV opened at $244.77 on Thursday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company’s 50-day moving average price is $208.97 and its 200 day moving average price is $195.71. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The stock has a market cap of $432.40 billion, a price-to-earnings ratio of 116.56, a PEG ratio of 1.35 and a beta of 0.51.

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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. During the same period last year, the company earned $2.65 EPS. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is 312.38%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ABBV. Berenberg Bank upgraded shares of 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 report on Wednesday, September 17th. Bank of America lifted their price target on AbbVie to $204.00 and gave the company a “hold” rating in a research note on Monday, June 9th. Piper Sandler started coverage on AbbVie in a report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price objective on the stock. HSBC lowered shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, BMO Capital Markets upped their price target on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, September 12th. Four analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $223.45.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president directly owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction 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 AbbVie stock in a transaction dated Tuesday, August 5th. The stock was 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. This trade represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

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.