Abacus Planning Group Inc. Has $439,000 Stock Position in AbbVie Inc. $ABBV

Abacus Planning Group Inc. lowered its stake in AbbVie Inc. (NYSE:ABBV) by 6.1% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 2,367 shares of the company’s stock after selling 153 shares during the period. Abacus Planning Group Inc.’s holdings in AbbVie were worth $439,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of ABBV. Marshall & Sullivan Inc. WA acquired a new position in AbbVie in the 2nd quarter valued at about $25,000. TD Capital Management LLC increased its position in AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares during the period. Abound Financial LLC bought a new position in AbbVie during the first quarter worth about $30,000. Cypress Capital Management LLC WY bought a new position in AbbVie during the first quarter worth about $35,000. Finally, Inlight Wealth Management LLC bought a new position in AbbVie during the first quarter worth about $42,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Trading Down 3.0%

ABBV opened at $236.98 on Friday. The company’s 50 day moving average is $209.90 and its 200-day moving average is $195.87. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81. 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 has a market cap of $418.63 billion, a P/E ratio of 112.85, a PEG ratio of 1.43 and a beta of 0.51.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the business posted $2.65 earnings per share. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. Equities research analysts predict 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 paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

Insider Buying and Selling

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’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 sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s 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 completion of the sale, the executive vice president owned 58,247 shares in the company, 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. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on ABBV shares. Citigroup raised their price target on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Wells Fargo & Company raised their price target on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, September 12th. Morgan Stanley raised their price target on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Guggenheim raised their price target on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Finally, Hsbc Global Res lowered shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $223.52.

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.