Oak Hill Wealth Advisors LLC Cuts Stock Position in AbbVie Inc. $ABBV

Oak Hill Wealth Advisors LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,503 shares of the company’s stock after selling 176 shares during the quarter. AbbVie accounts for approximately 0.7% of Oak Hill Wealth Advisors LLC’s investment portfolio, making the stock its 26th biggest position. Oak Hill Wealth Advisors LLC’s holdings in AbbVie were worth $3,322,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ABBV. Vanguard Group Inc. lifted its holdings in AbbVie by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company’s stock worth $36,439,271,000 after buying an additional 845,787 shares in the last quarter. Northern Trust Corp raised its stake in shares of AbbVie by 0.9% in the first quarter. Northern Trust Corp now owns 22,013,920 shares of the company’s stock valued at $4,612,357,000 after acquiring an additional 189,294 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock valued at $3,068,820,000 after purchasing an additional 3,519,187 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in AbbVie by 5.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company’s stock worth $2,675,959,000 after purchasing an additional 713,148 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in AbbVie by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company’s stock valued at $1,972,050,000 after purchasing an additional 45,871 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction 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 completion of the sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on 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 completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Performance

Shares of ABBV stock opened at $234.07 on Friday. 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 quick ratio of 0.61 and a current ratio of 0.74. The firm has a market cap of $413.49 billion, a price-to-earnings ratio of 111.46, a PEG ratio of 1.37 and a beta of 0.51. The stock’s 50-day moving average is $210.77 and its two-hundred day moving average is $195.90.

AbbVie (NYSE:ABBV) last announced its earnings results 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 firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the company earned $2.65 earnings per share. 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. Stockholders 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 dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is presently 312.38%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Berenberg Bank upgraded shares of AbbVie from a “hold” rating to a “buy” rating and boosted their price target for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. UBS Group set a $251.00 price objective on shares of AbbVie in a report on Friday. Wells Fargo & Company lifted their price objective on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, September 12th. Finally, Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $228.22.

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.