AbbVie Inc. $ABBV Stock Position Reduced by Cape ANN Savings Bank

Cape ANN Savings Bank lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,138 shares of the company’s stock after selling 125 shares during the period. Cape ANN Savings Bank’s holdings in AbbVie were worth $582,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Corundum Group Inc. lifted its stake in AbbVie by 46.6% during the second quarter. Corundum Group Inc. now owns 7,520 shares of the company’s stock worth $1,396,000 after purchasing an additional 2,391 shares during the last quarter. Fortis Capital Advisors LLC lifted its position in shares of AbbVie by 10.0% in the 2nd quarter. Fortis Capital Advisors LLC now owns 5,214 shares of the company’s stock worth $968,000 after buying an additional 475 shares during the last quarter. Precedent Wealth Partners LLC lifted its position in shares of AbbVie by 11.0% in the 2nd quarter. Precedent Wealth Partners LLC now owns 11,593 shares of the company’s stock worth $2,152,000 after buying an additional 1,149 shares during the last quarter. Washington Growth Strategies LLC lifted its position in shares of AbbVie by 1,947.1% in the 2nd quarter. Washington Growth Strategies LLC now owns 4,299 shares of the company’s stock worth $798,000 after buying an additional 4,089 shares during the last quarter. Finally, Fairvoy Private Wealth LLC lifted its position in shares of AbbVie by 8.7% in the 2nd quarter. Fairvoy Private Wealth LLC now owns 2,127 shares of the company’s stock worth $395,000 after buying an additional 170 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Price Performance

Shares of NYSE ABBV opened at $234.07 on Friday. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. The firm’s 50-day simple moving average is $210.77 and its 200 day simple moving average is $196.01. 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 stock has a market cap of $413.49 billion, a P/E ratio of 111.46, a P/E/G ratio of 1.38 and a beta of 0.51.

AbbVie (NYSE:ABBV) last released its quarterly 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). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter last year, the firm posted $2.65 earnings per share. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. Equities analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is currently 312.38%.

Insiders Place Their Bets

In other AbbVie 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 sale, the executive vice president directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s 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 sale, the executive vice president owned 177,292 shares in the company, valued at $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. 0.25% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ABBV shares. Wells Fargo & Company raised their target price on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. UBS Group set a $251.00 price target on AbbVie in a report on Friday. Piper Sandler started coverage on AbbVie in a research note on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 target price on the stock. Finally, Cantor Fitzgerald raised their target price on AbbVie from $215.00 to $245.00 and gave the company an “overweight” rating in a research note on Monday, September 15th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $228.22.

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.