Lmcg Investments LLC Decreases Stock Position in AbbVie Inc. $ABBV

Lmcg Investments LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 10.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 146,247 shares of the company’s stock after selling 16,540 shares during the period. AbbVie accounts for 1.7% of Lmcg Investments LLC’s portfolio, making the stock its 9th largest holding. Lmcg Investments LLC’s holdings in AbbVie were worth $27,146,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dohj LLC raised its position in shares of AbbVie by 41.8% during the 2nd quarter. Dohj LLC now owns 4,529 shares of the company’s stock valued at $802,000 after purchasing an additional 1,335 shares during the period. First Hawaiian Bank raised its position in shares of AbbVie by 0.8% during the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock valued at $1,403,000 after purchasing an additional 60 shares during the period. Narus Financial Partners LLC grew its stake in AbbVie by 25.3% during the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock valued at $417,000 after acquiring an additional 401 shares in the last quarter. BankPlus Trust Department grew its stake in AbbVie by 3.3% during the second quarter. BankPlus Trust Department now owns 27,113 shares of the company’s stock valued at $5,033,000 after acquiring an additional 855 shares in the last quarter. Finally, Highland Capital Management LLC grew its stake in AbbVie by 6.3% during the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock valued at $9,817,000 after acquiring an additional 2,792 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ABBV. Evercore ISI raised their target price on shares of AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Hsbc Global Res cut shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Daiwa Capital Markets raised shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price for the company in a research note on Thursday, August 7th. Finally, 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 research note on Friday, August 1st. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, AbbVie currently has an average rating of “Moderate Buy” and a consensus target price of $231.90.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $230.88 on Friday. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The stock has a market capitalization of $407.86 billion, a P/E ratio of 109.94, a PEG ratio of 1.35 and a beta of 0.51. The firm has a fifty day simple moving average of $214.84 and a two-hundred day simple moving average of $196.79. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $14.93 billion. During the same period in the previous year, the business earned $2.65 earnings per share. The business’s quarterly revenue was up 6.6% on a year-over-year basis. On average, analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction dated 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 completion of the sale, the executive vice president 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 disclosure for this sale can be found here. 0.25% of the stock is currently owned by company 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.