Oak Hill Wealth Advisors LLC Lowers Holdings in AbbVie Inc. $ABBV

Oak Hill Wealth Advisors LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 1.0% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 17,503 shares of the company’s stock after selling 176 shares during the quarter. AbbVie comprises about 0.7% of Oak Hill Wealth Advisors LLC’s holdings, making the stock its 26th largest position. Oak Hill Wealth Advisors LLC’s holdings in AbbVie were worth $3,322,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of AbbVie by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company’s stock worth $36,439,271,000 after buying an additional 845,787 shares in the last quarter. Northern Trust Corp raised its position in AbbVie by 0.9% in the first quarter. Northern Trust Corp now owns 22,013,920 shares of the company’s stock worth $4,612,357,000 after acquiring an additional 189,294 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock valued at $3,068,820,000 after acquiring an additional 3,519,187 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of AbbVie by 5.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company’s stock worth $2,675,959,000 after purchasing an additional 713,148 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of AbbVie by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company’s stock worth $1,972,050,000 after purchasing an additional 45,871 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Buying and Selling

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business’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 value of $2,639,190.45. Following the completion of 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the sale, the executive vice president 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 disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on ABBV. HSBC set a $225.00 price objective on shares of AbbVie in a research note on Thursday. Evercore ISI boosted their price target on AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Berenberg Bank upgraded AbbVie from a “hold” rating to a “buy” rating and upped their price target for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a report on Saturday, September 27th. Finally, BMO Capital Markets upped their target price on AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, September 12th. Four analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $228.22.

AbbVie Stock Performance

AbbVie stock opened at $234.07 on Friday. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. The company has a market capitalization of $413.49 billion, a price-to-earnings ratio of 111.46, a PEG ratio of 1.37 and a beta of 0.51. The stock has a fifty day moving average of $210.77 and a two-hundred day moving average of $195.90. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data 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). The company had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.65 earnings per share. On average, analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company 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 dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie’s payout ratio is 312.38%.

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.