MPS Loria Financial Planners LLC Reduces Position in AbbVie Inc. $ABBV

MPS Loria Financial Planners LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,025 shares of the company’s stock after selling 414 shares during the period. AbbVie makes up 0.9% of MPS Loria Financial Planners LLC’s portfolio, making the stock its 11th largest holding. MPS Loria Financial Planners LLC’s holdings in AbbVie were worth $2,975,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ABBV. Brighton Jones LLC boosted its stake in shares of AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares during the period. Revolve Wealth Partners LLC boosted its stake in shares of AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after purchasing an additional 3,064 shares during the period. GAMMA Investing LLC lifted its holdings in AbbVie by 23.8% during the 1st quarter. GAMMA Investing LLC now owns 48,848 shares of the company’s stock valued at $10,235,000 after buying an additional 9,395 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in AbbVie by 5.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 536,450 shares of the company’s stock valued at $112,398,000 after buying an additional 25,385 shares in the last quarter. Finally, Boston Trust Walden Corp lifted its holdings in AbbVie by 0.8% during the 1st quarter. Boston Trust Walden Corp now owns 25,800 shares of the company’s stock valued at $5,406,000 after buying an additional 195 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Piper Sandler lifted their price objective on shares of AbbVie from $231.00 to $284.00 and gave the company an “overweight” rating in a report on Friday, October 10th. Hsbc Global Res lowered shares of AbbVie from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Bank of America lifted their price objective on shares of AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a report on Friday, October 3rd. Raymond James Financial reiterated an “outperform” rating and set a $250.00 price objective (up previously from $236.00) on shares of AbbVie in a report on Friday. Finally, Morgan Stanley lifted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $234.05.

Insider Activity at AbbVie

In related 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 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. The trade was a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’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 transaction, the executive vice president owned 177,292 shares of the company’s stock, 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.

AbbVie Trading Up 1.2%

NYSE:ABBV opened at $229.66 on Friday. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The firm has a market cap of $405.71 billion, a P/E ratio of 109.36, a P/E/G ratio of 1.41 and a beta of 0.51. The firm has a 50-day simple moving average of $217.91 and a 200-day simple moving average of $197.60.

AbbVie (NYSE:ABBV) last posted its quarterly 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 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 the consensus estimate of $14.93 billion. During the same quarter in the prior year, the firm posted $2.65 EPS. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is 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.