Commonwealth Financial Services LLC Acquires 175 Shares of AbbVie Inc. $ABBV

Commonwealth Financial Services LLC boosted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,402 shares of the company’s stock after acquiring an additional 175 shares during the quarter. Commonwealth Financial Services LLC’s holdings in AbbVie were worth $1,188,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABBV. Marshall & Sullivan Inc. WA bought a new position in AbbVie during the second quarter valued at approximately $25,000. TD Capital Management LLC grew its holdings in AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Abound Financial LLC acquired a new position in AbbVie during the first quarter valued at approximately $30,000. Cypress Capital Management LLC WY acquired a new position in AbbVie during the first quarter valued at approximately $35,000. Finally, Bear Mountain Capital Inc. grew its holdings in AbbVie by 480.6% during the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.1%

Shares of AbbVie stock opened at $230.88 on Friday. The company’s fifty day simple moving average is $214.84 and its 200-day simple moving average is $196.76. The company has a market cap of $407.86 billion, a price-to-earnings ratio of 109.94, a PEG ratio of 1.35 and a beta of 0.51. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81.

AbbVie (NYSE:ABBV) last announced 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). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the business posted $2.65 EPS. The company’s revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid 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 yield of 2.8%. AbbVie’s payout ratio is currently 312.38%.

Insiders Place Their Bets

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction 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 sale, the executive vice president 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction 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 completion of the sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Wall Street Zen downgraded AbbVie from a “buy” rating to a “hold” rating in a report on Saturday. Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. JPMorgan Chase & Co. increased their price target on AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. HSBC set a $225.00 price target on AbbVie in a report on Thursday, October 2nd. Finally, UBS Group set a $251.00 price target on AbbVie in a report on Friday, October 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $231.90.

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.