Belmont Capital LLC Sells 4,023 Shares of AbbVie Inc. $ABBV

Belmont Capital LLC cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 59.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,718 shares of the company’s stock after selling 4,023 shares during the period. Belmont Capital LLC’s holdings in AbbVie were worth $569,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. TD Capital Management LLC increased its holdings in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after buying an additional 58 shares in the last quarter. Abound Financial LLC acquired a new stake in AbbVie during the 1st quarter worth about $30,000. Siemens Fonds Invest GmbH grew its holdings in AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock worth $32,000 after acquiring an additional 119,141 shares during the period. Cypress Capital Management LLC WY bought a new position in shares of AbbVie during the 1st quarter worth about $35,000. Finally, Pinney & Scofield Inc. bought a new position in shares of AbbVie during the 4th quarter worth about $36,000. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on ABBV shares. Piper Sandler started coverage on shares of AbbVie in a research report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price objective on the stock. Guggenheim lifted their target price on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. BNP Paribas upgraded shares of AbbVie to a “hold” rating in a research note on Thursday, May 8th. Bank of America lifted their price objective on shares of AbbVie to $204.00 and gave the company a “hold” rating in a research note on Monday, June 9th. Finally, Daiwa Capital Markets raised shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target for the company in a report on Thursday, August 7th. Four investment 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 company. According to MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $214.95.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business’s 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 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

AbbVie Trading Up 0.6%

NYSE:ABBV opened at $211.63 on Wednesday. The stock has a market cap of $373.86 billion, a price-to-earnings ratio of 100.78, a PEG ratio of 1.35 and a beta of 0.53. The company’s 50 day moving average price is $196.10 and its 200-day moving average price is $193.78. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The business 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% on a year-over-year basis. During the same period in the prior year, the company posted $2.65 earnings per share. On average, equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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

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.