Bogart Wealth LLC Cuts Stock Holdings in AbbVie Inc. $ABBV

Bogart Wealth LLC cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 4.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,843 shares of the company’s stock after selling 180 shares during the quarter. Bogart Wealth LLC’s holdings in AbbVie were worth $713,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Nuveen LLC bought a new stake in AbbVie during the 1st quarter valued at $1,819,154,000. Assenagon Asset Management S.A. raised its stake in shares of AbbVie by 550.9% during the second quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company’s stock valued at $804,116,000 after acquiring an additional 3,666,521 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after purchasing an additional 3,519,187 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new stake in shares of AbbVie in the second quarter worth about $581,817,000. Finally, Bessemer Group Inc. increased its holdings in AbbVie by 147.6% during the 1st quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company’s stock valued at $576,800,000 after purchasing an additional 1,641,091 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. BMO Capital Markets increased their price objective on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, September 12th. UBS Group set a $251.00 price target on AbbVie in a research note on Friday, October 3rd. Evercore ISI upped their target price on AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a report on Monday, September 22nd. JPMorgan Chase & Co. boosted their price objective on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Finally, Hsbc Global Res cut AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.80.

AbbVie Trading Up 1.1%

NYSE:ABBV opened at $232.07 on Tuesday. The stock has a market cap of $409.97 billion, a price-to-earnings ratio of 110.51, a PEG ratio of 1.43 and a beta of 0.51. 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’s 50 day moving average price is $218.58 and its 200-day moving average price is $197.84. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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 return on equity of 699.66% and a net margin of 6.45%.The firm had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter in the previous year, the firm earned $2.65 earnings per share. AbbVie’s revenue was up 6.6% on a year-over-year basis. On average, equities research 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. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Insider Activity

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the sale, the executive vice president owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 of the company’s stock, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently 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.