Bogart Wealth LLC Sells 180 Shares of AbbVie Inc. $ABBV

Bogart Wealth LLC reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 4.5% in the second quarter, Holdings Channel reports. The institutional investor owned 3,843 shares of the company’s stock after selling 180 shares during the period. Bogart Wealth LLC’s holdings in AbbVie were worth $713,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABBV. Drive Wealth Management LLC lifted its position in shares of AbbVie by 2.2% during the 2nd quarter. Drive Wealth Management LLC now owns 6,414 shares of the company’s stock valued at $1,191,000 after buying an additional 138 shares in the last quarter. Canvas Wealth Advisors LLC increased its stake in AbbVie by 5.5% in the 2nd quarter. Canvas Wealth Advisors LLC now owns 2,482 shares of the company’s stock worth $468,000 after buying an additional 129 shares in the last quarter. Princeton Global Asset Management LLC increased its stake in AbbVie by 0.7% in the 2nd quarter. Princeton Global Asset Management LLC now owns 28,991 shares of the company’s stock worth $5,381,000 after buying an additional 213 shares in the last quarter. Schnieders Capital Management LLC raised its holdings in AbbVie by 5.0% during the second quarter. Schnieders Capital Management LLC now owns 16,466 shares of the company’s stock valued at $3,056,000 after acquiring an additional 789 shares during the period. Finally, Townsend & Associates Inc purchased a new position in shares of AbbVie in the second quarter valued at about $2,225,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated Tuesday, August 5th. The stock was 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 directly owned 58,247 shares in the company, 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 legal filing with the SEC, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the 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 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on ABBV. BMO Capital Markets boosted their target price on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, September 12th. Morgan Stanley lifted their target price on AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. UBS Group set a $251.00 price target on AbbVie in a research note on Friday, October 3rd. Erste Group Bank downgraded AbbVie from a “buy” rating to a “hold” rating in a research note on Tuesday, October 14th. Finally, JPMorgan Chase & Co. boosted their target price on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Two 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 MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $234.80.

AbbVie Stock Performance

ABBV stock opened at $232.07 on Tuesday. The firm has a market cap of $409.97 billion, a price-to-earnings ratio of 110.51, a PEG ratio of 1.43 and a beta of 0.51. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The business’s fifty day simple moving average is $218.58 and its two-hundred day simple moving average is $197.84.

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). The company had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the business earned $2.65 EPS. Analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a 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.