Westmount Partners LLC Sells 116 Shares of AbbVie Inc. $ABBV

Westmount Partners LLC decreased its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.3% during the second quarter, HoldingsChannel reports. The fund owned 5,003 shares of the company’s stock after selling 116 shares during the quarter. Westmount Partners LLC’s holdings in AbbVie were worth $929,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. TD Capital Management LLC boosted its stake in shares of 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 period. Abound Financial LLC purchased a new stake in shares of AbbVie during the first quarter valued at $30,000. Siemens Fonds Invest GmbH boosted its stake in shares of AbbVie by 197.6% during the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock valued at $32,000 after purchasing an additional 119,141 shares during the period. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie during the first quarter valued at $35,000. Finally, Pinney & Scofield Inc. purchased a new stake in shares of AbbVie during the fourth quarter valued at $36,000. Institutional investors own 70.23% of the company’s stock.

Insider Activity

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value 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. This represents a 19.29% decrease in their position. The sale 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 the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

AbbVie Stock Performance

ABBV opened at $217.92 on Tuesday. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $221.76. 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 company has a market cap of $384.97 billion, a P/E ratio of 103.77, a price-to-earnings-growth ratio of 1.40 and a beta of 0.53. The firm’s 50-day moving average price is $200.86 and its 200-day moving average price is $194.51.

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

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. AbbVie’s dividend payout ratio is 312.38%.

Analyst Ratings Changes

A number of analysts have recently issued reports on ABBV shares. BMO Capital Markets boosted their target price on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research note on Friday. Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Morgan Stanley upped their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Citigroup upped their price objective on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, June 11th. Finally, Daiwa Capital Markets raised shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective for the company in a research note on Thursday, August 7th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $218.76.

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.