Hall Laurie J Trustee Reduces Stock Holdings in AbbVie Inc. $ABBV

Hall Laurie J Trustee cut its stake in AbbVie Inc. (NYSE:ABBV) by 2.7% in the second quarter, Holdings Channel reports. The institutional investor owned 14,495 shares of the company’s stock after selling 400 shares during the period. Hall Laurie J Trustee’s holdings in AbbVie were worth $2,691,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ABBV. Eaton Financial Holdings Company LLC bought a new stake in AbbVie in the second quarter worth about $1,258,000. Town & Country Bank & Trust CO dba First Bankers Trust CO grew its position in AbbVie by 41.5% in the 2nd quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 32,409 shares of the company’s stock valued at $6,016,000 after acquiring an additional 9,511 shares during the last quarter. Focused Wealth Management Inc increased its stake in AbbVie by 3.5% in the second quarter. Focused Wealth Management Inc now owns 7,926 shares of the company’s stock worth $1,471,000 after purchasing an additional 270 shares during the period. CGN Advisors LLC lifted its position in shares of AbbVie by 5.5% during the second quarter. CGN Advisors LLC now owns 2,157 shares of the company’s stock worth $400,000 after purchasing an additional 112 shares during the last quarter. Finally, Christensen King & Associates Investment Services Inc. boosted its stake in shares of AbbVie by 13.0% during the second quarter. Christensen King & Associates Investment Services Inc. now owns 1,872 shares of the company’s stock valued at $347,000 after purchasing an additional 216 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $223.09 on Tuesday. The company’s 50 day moving average is $203.75 and its 200 day moving average is $194.84. The company has a market cap of $394.09 billion, a PE ratio of 106.23, a price-to-earnings-growth ratio of 1.33 and a beta of 0.53. 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 twelve month low of $163.81 and a twelve month high of $225.16.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (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 analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.65 earnings per share. On average, sell-side 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 will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is currently 312.38%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Evercore ISI boosted their price target on AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a report on Monday. Piper Sandler assumed coverage on AbbVie in a report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price objective on the stock. Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Finally, Citigroup lifted their price objective on AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $223.45.

Insider Activity at AbbVie

In other news, 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 transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the 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 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

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.