PGIM Custom Harvest LLC Has $1.05 Million Holdings in AbbVie Inc. $ABBV

PGIM Custom Harvest LLC trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 7.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,992 shares of the company’s stock after selling 423 shares during the quarter. PGIM Custom Harvest LLC’s holdings in AbbVie were worth $1,046,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Abound Financial LLC acquired a new position in AbbVie during the first quarter worth $30,000. Cypress Capital Management LLC WY acquired a new position in AbbVie during the first quarter worth $35,000. Pinney & Scofield Inc. acquired a new position in AbbVie during the fourth quarter worth $36,000. Inlight Wealth Management LLC bought a new stake in AbbVie during the first quarter valued at about $42,000. Finally, HWG Holdings LP bought a new stake in AbbVie during the first quarter valued at about $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have issued reports on ABBV. Guggenheim upped their price target on shares of AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a report on Friday, August 1st. Wall Street Zen cut shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Piper Sandler began coverage on shares of AbbVie in a report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price target for the company. Evercore ISI upped their price target on shares of AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, April 28th. Finally, Morgan Stanley upped their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Five research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $214.95.

AbbVie Stock Up 1.2%

NYSE ABBV opened at $208.7240 on Thursday. 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 50-day simple moving average of $192.10 and a 200 day simple moving average of $192.68. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. The stock has a market cap of $368.72 billion, a PE ratio of 99.39, a PEG ratio of 1.32 and a beta of 0.50.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share 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 company had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter in the previous year, the business posted $2.65 EPS. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. On average, research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were given a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, July 15th. AbbVie’s dividend payout ratio is 312.38%.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the 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 transaction, the executive vice president owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 completion of the transaction, the executive vice president directly 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. Corporate insiders own 0.25% of the company’s stock.

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.