Worth Asset Management LLC Has $289,000 Holdings in AbbVie Inc. $ABBV

Key Points

• Worth Asset Management LLC significantly reduced its stake in AbbVie Inc. by 80.8%, now holding only 1,556 shares valued at $289,000.
• Multiple analysts have increased their price targets for AbbVie, with Cantor Fitzgerald raising it to $245.00 and several firms issuing "overweight" ratings amid positive outlooks.
• AbbVie announced a quarterly dividend of $1.64 per share to be paid on November 14th, representing an annualized yield of 3.0%.

Worth Asset Management LLC trimmed its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 80.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,556 shares of the company's stock after selling 6,533 shares during the quarter. Worth Asset Management LLC's holdings in AbbVie were worth $289,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. TD Capital Management LLC lifted its holdings in shares of AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Abound Financial LLC acquired a new position in shares of AbbVie in the 1st quarter worth $30,000. Cypress Capital Management LLC WY acquired a new position in shares of AbbVie in the 1st quarter worth $35,000. Pinney & Scofield Inc. acquired a new position in shares of AbbVie in the 4th quarter worth $36,000. Finally, Inlight Wealth Management LLC purchased a new position in shares of AbbVie during the first quarter valued at $42,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Up 0.3%

ABBV stock traded up $0.62 during trading hours on Monday, reaching $223.09. 5,989,926 shares of the stock were exchanged, compared to its average volume of 4,689,837. The firm's 50-day moving average is $203.75 and its 200-day moving average is $194.84. The company has a market cap of $394.09 billion, a price-to-earnings ratio of 106.23, a PEG ratio of 1.33 and a beta of 0.53. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $225.16.

AbbVie (NYSE:ABBV - Get Free Report) last announced 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 company had revenue of $15.42 billion during 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.65 EPS. On average, equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.9%. AbbVie's dividend payout ratio (DPR) is 312.38%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ABBV. Cantor Fitzgerald boosted their target price on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a research note on Monday, September 15th. Bank of America boosted their price objective on AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. BMO Capital Markets boosted their price objective on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research report on Friday, September 12th. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Finally, Citigroup upped their price objective on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $223.45.

Insider Activity at AbbVie

In related news, 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 transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction 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 directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company's stock.

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.