Goelzer Investment Management Inc. Sells 432 Shares of AbbVie Inc. $ABBV

Goelzer Investment Management Inc. lessened its position in AbbVie Inc. (NYSE:ABBV) by 0.9% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 50,327 shares of the company’s stock after selling 432 shares during the period. Goelzer Investment Management Inc.’s holdings in AbbVie were worth $9,342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of ABBV. Brighton Jones LLC raised its holdings in AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after acquiring an additional 3,401 shares during the period. Revolve Wealth Partners LLC raised its holdings in AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after acquiring an additional 3,064 shares during the period. Siemens Fonds Invest GmbH raised its holdings in AbbVie by 197.6% in 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. Zurich Insurance Group Ltd FI raised its holdings in AbbVie by 11.7% in the 4th quarter. Zurich Insurance Group Ltd FI now owns 420,327 shares of the company’s stock worth $74,692,000 after acquiring an additional 43,991 shares during the period. Finally, Willis Johnson & Associates Inc. raised its holdings in AbbVie by 9.4% in the 4th quarter. Willis Johnson & Associates Inc. now owns 3,379 shares of the company’s stock worth $600,000 after acquiring an additional 291 shares during the period. Institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price on the stock in a report on Thursday, August 7th. Piper Sandler began coverage on shares of AbbVie in a research report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price target on the stock. Morgan Stanley raised their price target on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Bank of America raised their price target on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research report on Monday, June 9th. Finally, Raymond James Financial restated an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $220.43.

AbbVie Price Performance

Shares of AbbVie stock opened at $216.27 on Wednesday. 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’s 50-day simple moving average is $201.39 and its 200-day simple moving average is $194.66. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $221.76. The firm has a market cap of $382.05 billion, a P/E ratio of 102.99, a price-to-earnings-growth ratio of 1.40 and a beta of 0.53.

AbbVie (NYSE:ABBV) last issued 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 business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the firm posted $2.65 earnings per share. AbbVie’s revenue was up 6.6% on a year-over-year basis. As a group, research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently announced 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 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is 312.38%.

Insider Activity

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction dated 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 directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. 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 firm’s 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 sale, the executive vice president directly owned 58,247 shares of the company’s stock, 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. 0.08% of the stock is currently owned by insiders.

About AbbVie

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.