High Note Wealth LLC reduced its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 56.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,861 shares of the company's stock after selling 11,362 shares during the quarter. High Note Wealth LLC's holdings in AbbVie were worth $1,645,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the business. First Hawaiian Bank grew its holdings in shares of AbbVie by 0.8% in the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company's stock worth $1,403,000 after acquiring an additional 60 shares during the last quarter. Narus Financial Partners LLC boosted its position in shares of AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock valued at $417,000 after purchasing an additional 401 shares during the period. Highland Capital Management LLC increased its stake in AbbVie by 6.3% in the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock worth $9,817,000 after purchasing an additional 2,792 shares in the last quarter. Weaver Capital Management LLC raised its holdings in AbbVie by 3.9% during the 1st quarter. Weaver Capital Management LLC now owns 8,240 shares of the company's stock worth $1,727,000 after buying an additional 310 shares during the period. Finally, North Star Asset Management Inc. lifted its stake in AbbVie by 0.5% during the first quarter. North Star Asset Management Inc. now owns 161,320 shares of the company's stock valued at $33,800,000 after buying an additional 756 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.
Analyst Ratings Changes
ABBV has been the topic of several analyst reports. Guggenheim lifted their target price on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Berenberg Bank upgraded shares of AbbVie from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $170.00 to $270.00 in a research report on Wednesday, September 17th. Piper Sandler assumed coverage on shares of AbbVie in a research note on Tuesday, August 12th. They set an "overweight" rating and a $231.00 target price on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of AbbVie in a research report on Saturday, September 27th. Finally, Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a research report on Thursday, August 7th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $229.14.
Read Our Latest Research Report on ABBV
AbbVie Price Performance
Shares of NYSE:ABBV opened at $230.28 on Tuesday. The firm has a market cap of $406.80 billion, a price-to-earnings ratio of 109.66, a P/E/G ratio of 1.37 and a beta of 0.51. The business has a fifty day simple moving average of $211.61 and a 200 day simple moving average of $195.93. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14.
AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings results 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). 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%. The firm's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.65 EPS. As a group, sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.
AbbVie Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors 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 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.
Insider Activity at AbbVie
In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction 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 completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction 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 sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at approximately $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 insiders.
AbbVie Profile
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Free Report)
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.
Further Reading
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