AbbVie Inc. $ABBV Shares Sold by Checchi Capital Advisers LLC

Key Points

• Checchi Capital Advisers LLC sold 2,492 shares of AbbVie Inc., reducing its stake by 10.4%, now owning 21,355 shares worth approximately $3,964,000.
• Notable insider sales include EVP Nicholas Donoghoe and EVP Azita Saleki-Gerhardt, who sold 13,295 shares and 42,370 shares respectively, reflecting significant decreases in their ownership stakes.
• AbbVie announced a quarterly dividend of $1.64 per share, with the ex-dividend date set for October 15th, representing an annual yield of 2.8%.

Checchi Capital Advisers LLC cut its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 10.4% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 21,355 shares of the company's stock after selling 2,492 shares during the period. Checchi Capital Advisers LLC's holdings in AbbVie were worth $3,964,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. FF Advisors LLC grew its holdings in shares of AbbVie by 3.6% in the second quarter. FF Advisors LLC now owns 1,539 shares of the company's stock valued at $286,000 after purchasing an additional 53 shares during the period. Private Management Group Inc. grew its holdings in shares of AbbVie by 1.9% in the first quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after purchasing an additional 54 shares during the period. Silicon Valley Capital Partners grew its holdings in shares of AbbVie by 10.8% in the first quarter. Silicon Valley Capital Partners now owns 573 shares of the company's stock valued at $118,000 after purchasing an additional 56 shares during the period. Seneca House Advisors grew its holdings in shares of AbbVie by 2.7% in the second quarter. Seneca House Advisors now owns 2,093 shares of the company's stock valued at $388,000 after purchasing an additional 56 shares during the period. Finally, Castle Wealth Management LLC grew its holdings in shares of AbbVie by 3.4% in the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock valued at $361,000 after purchasing an additional 57 shares during the period. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insiders Place Their Bets

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 transaction of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available 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 transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

AbbVie Stock Performance

Shares of ABBV opened at $234.07 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The firm has a market cap of $413.49 billion, a PE ratio of 111.46, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51. The company's 50 day simple moving average is $210.77 and its 200-day simple moving average is $195.90. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter last year, the business earned $2.65 earnings per share. The business's quarterly revenue was up 6.6% on a year-over-year basis. As a group, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company 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 $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is 312.38%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ABBV. Evercore ISI increased their target price on shares of AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a research note on Monday, September 22nd. UBS Group set a $251.00 price target on shares of AbbVie in a research report on Friday. Daiwa Capital Markets raised shares of 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. JPMorgan Chase & Co. increased their price target on shares of AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 16th. Finally, Citigroup increased their price target on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price 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.

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