Sanders Morris Harris LLC lessened its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 87.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,873 shares of the company's stock after selling 19,558 shares during the quarter. Sanders Morris Harris LLC's holdings in AbbVie were worth $533,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Marshall & Sullivan Inc. WA purchased a new stake in shares of AbbVie during the second quarter worth about $25,000. TD Capital Management LLC boosted its position in AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Abound Financial LLC purchased a new stake in AbbVie in the 1st quarter worth approximately $30,000. Cypress Capital Management LLC WY acquired a new position in AbbVie in the 1st quarter valued at $35,000. Finally, Bear Mountain Capital Inc. raised its holdings in AbbVie by 480.6% in the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company's stock valued at $40,000 after acquiring an additional 173 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.
Insider Transactions at AbbVie
In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated 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. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated 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 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 disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.
AbbVie Price Performance
Shares of NYSE ABBV opened at $232.07 on Tuesday. The company has a market capitalization of $409.97 billion, a price-to-earnings ratio of 110.51, a PEG ratio of 1.43 and a beta of 0.51. 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 1-year low of $163.81 and a 1-year high of $244.81. The business has a 50-day moving average of $218.58 and a 200-day moving average of $197.84.
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). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter in the prior year, the company earned $2.65 EPS. The firm's revenue was up 6.6% compared to the same quarter last year. On average, equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.
AbbVie Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on ABBV. JPMorgan Chase & Co. lifted their price objective on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, September 16th. Erste Group Bank cut AbbVie from a "buy" rating to a "hold" rating in a report on Tuesday, October 14th. BMO Capital Markets increased their price objective on shares of AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a report on Friday, September 12th. Bank of America boosted their target price on shares of AbbVie from $220.00 to $251.00 and gave the company a "neutral" rating in a report on Friday, October 3rd. Finally, Piper Sandler boosted their price objective on shares of AbbVie from $231.00 to $284.00 and gave the company an "overweight" rating in a research note on Friday, October 10th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $234.80.
View Our Latest Report on ABBV
AbbVie Company Profile
(
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
Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

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