SeaCrest Wealth Management LLC Lowers Stake in AbbVie Inc. $ABBV

Key Points

• SeaCrest Wealth Management LLC has reduced its position in AbbVie Inc. by 16.8%, owning 16,936 shares worth $3,144,000 after selling 3,431 shares in the last quarter.
• AbbVie received multiple upgrades from analysts, with JPMorgan lifting the price target from $200 to $235, and consensus price target as high as $222.68.
• The company recently announced a quarterly dividend of $1.64 per share, with an annualized yield of 3.0% and a payout ratio of 312.38%.

SeaCrest Wealth Management LLC lessened its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 16.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,936 shares of the company's stock after selling 3,431 shares during the quarter. SeaCrest Wealth Management LLC's holdings in AbbVie were worth $3,144,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Assenagon Asset Management S.A. increased its holdings in AbbVie by 550.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock valued at $804,116,000 after purchasing an additional 3,666,521 shares during the last quarter. International Private Wealth Advisors LLC increased its holdings in shares of AbbVie by 28.2% in the second quarter. International Private Wealth Advisors LLC now owns 3,786 shares of the company's stock worth $703,000 after acquiring an additional 832 shares in the last quarter. TCV Trust & Wealth Management Inc. grew its holdings in shares of AbbVie by 1.3% during the second quarter. TCV Trust & Wealth Management Inc. now owns 12,229 shares of the company's stock worth $2,270,000 after buying an additional 161 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of AbbVie by 18.8% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 129,570 shares of the company's stock worth $24,044,000 after buying an additional 20,500 shares in the last quarter. Finally, Kingstone Capital Partners Texas LLC bought a new position in shares of AbbVie during the second quarter worth about $581,817,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Morgan Stanley raised their price target on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Bank of America upped their target price on AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a research note on Thursday, August 7th. Berenberg Bank upgraded AbbVie from a "hold" rating to a "buy" rating and raised their target price for the company from $170.00 to $270.00 in a report on Wednesday, September 17th. Finally, Piper Sandler started coverage on AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price target on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, AbbVie has an average rating of "Moderate Buy" and a consensus price target of $223.45.

Insider Activity at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the 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. This trade represents a 18.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction 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 in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

AbbVie Price Performance

AbbVie stock traded up $0.35 during midday trading on Tuesday, hitting $222.94. 969,781 shares of the company's stock were exchanged, compared to its average volume of 6,450,282. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $225.16. The stock has a 50-day moving average price of $203.75 and a two-hundred day moving average price of $194.84. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The company has a market cap of $393.84 billion, a P/E ratio of 106.24, a PEG ratio of 1.33 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same period last year, the firm earned $2.65 EPS. The company's revenue for the quarter was up 6.6% on a year-over-year basis. On average, equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently declared 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. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. AbbVie's dividend payout ratio is presently 312.38%.

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.