MPS Loria Financial Planners LLC Sells 414 Shares of AbbVie Inc. $ABBV

MPS Loria Financial Planners LLC cut its holdings in AbbVie Inc. (NYSE:ABBV) by 2.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,025 shares of the company’s stock after selling 414 shares during the period. AbbVie accounts for 0.9% of MPS Loria Financial Planners LLC’s portfolio, making the stock its 11th largest holding. MPS Loria Financial Planners LLC’s holdings in AbbVie were worth $2,975,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. TD Capital Management LLC raised its position in AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares during the period. Marshall & Sullivan Inc. WA bought a new stake in shares of AbbVie during the 2nd quarter valued at $25,000. Abound Financial LLC bought a new stake in shares of AbbVie during the 1st quarter valued at $30,000. Cypress Capital Management LLC WY bought a new stake in shares of AbbVie during the 1st quarter valued at $35,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of AbbVie during the 1st quarter valued at $42,000. 70.23% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on Tuesday, August 12th. The shares were 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 directly owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction 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 completion of the transaction, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on ABBV. Piper Sandler raised their price objective on shares of AbbVie from $231.00 to $284.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. JPMorgan Chase & Co. raised their price objective on shares of AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Wells Fargo & Company raised their price objective on shares of AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. Raymond James Financial restated an “outperform” rating and set a $250.00 price objective (up from $236.00) on shares of AbbVie in a research report on Friday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $234.05.

AbbVie Stock Performance

ABBV opened at $229.66 on Friday. The stock has a market capitalization of $405.71 billion, a price-to-earnings ratio of 109.36, a PEG ratio of 1.41 and a beta of 0.51. The company has a fifty day moving average of $217.91 and a 200 day moving average of $197.60. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

AbbVie (NYSE:ABBV) last posted 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 company had revenue of $15.42 billion for the quarter, compared to analysts’ expectations of $14.93 billion. During the same period in the previous year, the business posted $2.65 earnings per share. The business’s revenue was up 6.6% on a year-over-year basis. As a group, sell-side analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders 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 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

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.