1900 Wealth Management LLC Sells 385 Shares of AbbVie Inc. $ABBV

1900 Wealth Management LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 10.3% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 3,354 shares of the company’s stock after selling 385 shares during the quarter. 1900 Wealth Management LLC’s holdings in AbbVie were worth $623,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. TD Capital Management LLC increased its holdings in AbbVie by 82.9% in the 1st 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 period. Marshall & Sullivan Inc. WA bought a new position in AbbVie in the 2nd quarter valued at about $25,000. Abound Financial LLC bought a new position in AbbVie in the 1st quarter valued at about $30,000. Cypress Capital Management LLC WY bought a new position in AbbVie in the 1st quarter valued at about $35,000. Finally, Inlight Wealth Management LLC bought a new position in AbbVie in the 1st quarter valued at about $42,000. 70.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on ABBV. Morgan Stanley raised their target price on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Raymond James Financial restated an “outperform” rating on shares of AbbVie in a research note on Monday, August 25th. Citigroup raised their price target on shares of AbbVie to $205.00 and gave the company a “hold” rating in a research note on Wednesday, June 11th. Piper Sandler initiated coverage on shares of AbbVie in a research note on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price target on the stock. Finally, Cantor Fitzgerald raised their price target on shares of AbbVie from $215.00 to $245.00 and gave the company an “overweight” rating in a research note on Monday, September 15th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $223.52.

Insider Activity at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. 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 business’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 transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

AbbVie Stock Down 3.0%

NYSE:ABBV opened at $236.98 on Friday. The firm’s 50 day simple moving average is $209.90 and its 200 day simple moving average is $195.87. 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 market cap of $418.63 billion, a PE ratio of 112.85, a P/E/G ratio of 1.43 and a beta of 0.51.

AbbVie (NYSE:ABBV) last posted 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 quarter in the prior year, the business earned $2.65 earnings per share. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. On average, research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm 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 dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.8%. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

AbbVie Company 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.