GGM Financials LLC Cuts Stake in AbbVie Inc. $ABBV

GGM Financials LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 9.0% during the second quarter, HoldingsChannel reports. The fund owned 6,346 shares of the company’s stock after selling 627 shares during the period. GGM Financials LLC’s holdings in AbbVie were worth $1,178,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Conning Inc. boosted its position in shares of AbbVie by 7.1% during the second quarter. Conning Inc. now owns 191,023 shares of the company’s stock valued at $35,458,000 after buying an additional 12,690 shares during the last quarter. Dohj LLC boosted its position in shares of AbbVie by 41.8% during the second quarter. Dohj LLC now owns 4,529 shares of the company’s stock valued at $802,000 after buying an additional 1,335 shares during the last quarter. First Hawaiian Bank boosted its position in shares of AbbVie by 0.8% during the second quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock valued at $1,403,000 after buying an additional 60 shares during the last quarter. Narus Financial Partners LLC boosted its position in shares of AbbVie by 25.3% during the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock valued at $417,000 after buying an additional 401 shares during the last quarter. Finally, BankPlus Trust Department boosted its position in shares of AbbVie by 3.3% during the second quarter. BankPlus Trust Department now owns 27,113 shares of the company’s stock valued at $5,033,000 after buying an additional 855 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on ABBV. Morgan Stanley increased their price objective on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Guggenheim raised their target price on AbbVie from $227.00 to $242.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Raymond James Financial reissued an “outperform” rating and issued a $250.00 target price (up from $236.00) on shares of AbbVie in a research report on Friday, October 17th. Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. raised their target price on AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $234.80.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred 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 sale, the executive vice president owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

AbbVie Stock Down 0.0%

NYSE ABBV opened at $227.98 on Tuesday. The stock’s 50-day moving average price is $221.13 and its 200-day moving average price is $199.58. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The company has a market capitalization of $402.73 billion, a P/E ratio of 108.56, a price-to-earnings-growth ratio of 1.44 and a beta of 0.51.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The company had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the business earned $2.65 EPS. On average, equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 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.