Beech Hill Advisors Inc. reduced its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 8.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,852 shares of the company's stock after selling 2,291 shares during the quarter. AbbVie accounts for 2.1% of Beech Hill Advisors Inc.'s portfolio, making the stock its 11th largest position. Beech Hill Advisors Inc.'s holdings in AbbVie were worth $4,613,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. TD Capital Management LLC raised its stake in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after purchasing an additional 58 shares in the last quarter. Marshall & Sullivan Inc. WA bought a new stake in shares of AbbVie during the 2nd quarter worth about $25,000. Abound Financial LLC acquired a new stake in shares of AbbVie in the 1st quarter worth approximately $30,000. Cypress Capital Management LLC WY bought a new position in shares of AbbVie in the first quarter valued at approximately $35,000. Finally, HWG Holdings LP bought a new stake in AbbVie during the first quarter worth approximately $42,000. Institutional investors and hedge funds own 70.23% of the company's stock.
Analyst Ratings Changes
A number of research analysts recently issued reports on ABBV shares. Berenberg Bank raised AbbVie from a "hold" rating to a "buy" rating and lifted their target price for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. UBS Group set a $251.00 target price on shares of AbbVie in a report on Friday, October 3rd. Erste Group Bank cut AbbVie from a "buy" rating to a "hold" rating in a report on Tuesday, October 14th. Finally, Cantor Fitzgerald set a $250.00 price objective on AbbVie and gave the stock an "overweight" rating in a research note on Thursday, October 9th. 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 stock. Based on data from MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and an average price target of $234.80.
Read Our Latest Research Report on ABBV
AbbVie Stock Performance
Shares of AbbVie stock opened at $232.07 on Tuesday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The stock has a market cap of $409.97 billion, a PE ratio of 110.51, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51. The business has a fifty day simple moving average of $218.58 and a 200-day simple moving average of $197.84.
AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same period in the prior year, the company posted $2.65 earnings per share. The firm's revenue was up 6.6% on a year-over-year basis. On average, sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS 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 given a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. AbbVie's payout ratio is presently 312.38%.
Insider Buying and Selling
In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company'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 transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction dated 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 completion of the transaction, the executive vice president 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. Insiders own 0.08% of the company's stock.
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.
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