AbbVie Inc. $ABBV Shares Sold by Connors Investor Services Inc.

Connors Investor Services Inc. decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 79,273 shares of the company’s stock after selling 778 shares during the period. Connors Investor Services Inc.’s holdings in AbbVie were worth $14,715,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. TD Capital Management LLC increased its stake in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the period. Marshall & Sullivan Inc. WA bought a new position in shares of AbbVie during the 2nd quarter valued at about $25,000. Abound Financial LLC bought a new position in shares of AbbVie during the 1st quarter valued at about $30,000. Cypress Capital Management LLC WY bought a new position in shares of AbbVie during the 1st quarter valued at about $35,000. Finally, Bear Mountain Capital Inc. boosted its position in shares of AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Buying and Selling

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ABBV. Daiwa America upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Erste Group Bank cut shares of AbbVie from a “buy” rating to a “hold” rating in a report on Tuesday, October 14th. Raymond James Financial reiterated an “outperform” rating and issued a $250.00 target price (up from $236.00) on shares of AbbVie in a report on Friday, October 17th. Cantor Fitzgerald set a $250.00 target price on shares of AbbVie and gave the stock an “overweight” rating in a report on Thursday, October 9th. Finally, Hsbc Global Res cut shares of AbbVie from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Two 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $234.80.

AbbVie Stock Performance

ABBV stock opened at $228.57 on Thursday. 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 stock has a market cap of $403.79 billion, a P/E ratio of 108.84, a P/E/G ratio of 1.44 and a beta of 0.51. The firm has a 50 day simple moving average of $219.78 and a 200 day simple moving average of $198.28. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data 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). The business had revenue of $15.42 billion for 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%. AbbVie’s revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.65 EPS. Research analysts anticipate 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. 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 presently 312.38%.

About AbbVie

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.