Octavia Wealth Advisors LLC Decreases Stock Holdings in AbbVie Inc. $ABBV

Octavia Wealth Advisors LLC trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 19.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,933 shares of the company’s stock after selling 714 shares during the quarter. Octavia Wealth Advisors LLC’s holdings in AbbVie were worth $544,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. TD Capital Management LLC grew its holdings in 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. Marshall & Sullivan Inc. WA bought a new position in AbbVie during the second quarter valued at $25,000. Abound Financial LLC bought a new position in AbbVie during the first quarter valued at $30,000. Cypress Capital Management LLC WY bought a new position in AbbVie during the first quarter valued at $35,000. Finally, Inlight Wealth Management LLC bought a new position in AbbVie during the first quarter valued at $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective for the company in a report on Thursday, August 7th. Wells Fargo & Company raised their price target on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. Bank of America raised their price target on AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Evercore ISI raised their price target on AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Citigroup raised their price target on AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $223.45.

AbbVie Trading Down 1.1%

NYSE ABBV opened at $220.11 on Thursday. The stock’s 50-day simple moving average is $205.07 and its two-hundred day simple moving average is $195.21. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $225.16. 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 capitalization of $388.84 billion, a price-to-earnings ratio of 104.81, a PEG ratio of 1.33 and a beta of 0.53.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion for the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter in the previous year, the business earned $2.65 EPS. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. Research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of 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 disclosure for this sale can be found here. Company insiders own 0.25% 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.