Canopy Partners LLC Has $976,000 Position in AbbVie Inc. $ABBV

Canopy Partners LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 7.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 5,260 shares of the company’s stock after selling 419 shares during the period. Canopy Partners LLC’s holdings in AbbVie were worth $976,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. FF Advisors LLC increased its holdings in shares of AbbVie by 3.6% in the second quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock valued at $286,000 after purchasing an additional 53 shares during the last quarter. Private Management Group Inc. increased its holdings in shares of AbbVie by 1.9% in the first quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock valued at $616,000 after purchasing an additional 54 shares during the last quarter. Silicon Valley Capital Partners increased its holdings in shares of AbbVie by 10.8% in the first quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock valued at $118,000 after purchasing an additional 56 shares during the last quarter. Seneca House Advisors increased its holdings in shares of AbbVie by 2.7% in the second quarter. Seneca House Advisors now owns 2,093 shares of the company’s stock valued at $388,000 after purchasing an additional 56 shares during the last quarter. Finally, Castle Wealth Management LLC grew its stake in shares of AbbVie by 3.4% in the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock valued at $361,000 after acquiring an additional 57 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on ABBV. BMO Capital Markets upped their price target on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research note on Friday, September 12th. UBS Group set a $251.00 price objective on shares of AbbVie in a research report on Friday. JPMorgan Chase & Co. upped their price objective on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Hsbc Global Res cut shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research report on Saturday, September 27th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $229.14.

AbbVie Stock Up 1.4%

Shares of NYSE ABBV opened at $233.42 on Wednesday. The company has a 50 day simple moving average of $212.45 and a 200 day simple moving average of $196.19. The firm has a market cap of $412.35 billion, a PE ratio of 111.15, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.65 EPS. On average, research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction that occurred on 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 completion of 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 Securities & Exchange Commission, which is available through this hyperlink. Also, 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 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 $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

AbbVie Company 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.