AbbVie Inc. $ABBV Shares Sold by Wells Trecaso Financial Group LLC

Wells Trecaso Financial Group LLC cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 3.0% during the second quarter, Holdings Channel.com reports. The fund owned 7,939 shares of the company’s stock after selling 248 shares during the period. Wells Trecaso Financial Group LLC’s holdings in AbbVie were worth $1,474,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sava Infond d.o.o. lifted its stake in AbbVie by 11.4% in the 2nd quarter. Sava Infond d.o.o. now owns 11,716 shares of the company’s stock valued at $2,175,000 after buying an additional 1,200 shares in the last quarter. Peoples Bank OH lifted its stake in AbbVie by 40.3% in the 2nd quarter. Peoples Bank OH now owns 2,461 shares of the company’s stock valued at $457,000 after buying an additional 707 shares in the last quarter. Hudson Valley Investment Advisors Inc. ADV lifted its stake in AbbVie by 5.6% in the 2nd quarter. Hudson Valley Investment Advisors Inc. ADV now owns 51,294 shares of the company’s stock valued at $9,521,000 after buying an additional 2,704 shares in the last quarter. Quent Capital LLC lifted its stake in AbbVie by 0.9% in the 2nd quarter. Quent Capital LLC now owns 9,479 shares of the company’s stock valued at $1,759,000 after buying an additional 84 shares in the last quarter. Finally, 111 Capital lifted its stake in AbbVie by 94.2% in the 2nd quarter. 111 Capital now owns 19,554 shares of the company’s stock valued at $3,630,000 after buying an additional 9,484 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred on Tuesday, August 12th. The shares were 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 of the company’s stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

AbbVie Trading Down 1.1%

ABBV opened at $234.07 on Friday. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The company’s 50 day simple moving average is $210.77 and its two-hundred day simple moving average is $196.01. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81. The firm has a market capitalization of $413.49 billion, a price-to-earnings ratio of 111.46, a price-to-earnings-growth ratio of 1.38 and a beta of 0.51.

AbbVie (NYSE:ABBV) last released 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 firm had revenue of $15.42 billion for 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 quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.65 EPS. Analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ABBV. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research note on Saturday, September 27th. Citigroup raised their price target on shares of AbbVie to $205.00 and gave the company a “hold” rating in a research note on Wednesday, June 11th. Piper Sandler initiated coverage on shares of AbbVie in a research note on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price target on the stock. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Finally, Wells Fargo & Company raised their target price on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, September 12th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $228.22.

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.