AbbVie Inc. (NYSE:ABBV) Shares Sold by Beacon Harbor Wealth Advisors Inc.

Key Points

• Beacon Harbor Wealth Advisors Inc. reduced its position in AbbVie Inc. by 3.3%, now owning 38,124 shares valued at approximately $7.99 million.
• GAMMA Investing LLC significantly increased its stake in AbbVie by 25,841.6%, owning over 10 million shares worth approximately $2.14 billion.
• Analysts have mixed opinions with a consensus rating of "Moderate Buy" for AbbVie, with a target price of $212.81 following recent adjustments from various firms.

Beacon Harbor Wealth Advisors Inc. lessened its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,124 shares of the company's stock after selling 1,291 shares during the period. AbbVie accounts for about 1.9% of Beacon Harbor Wealth Advisors Inc.'s portfolio, making the stock its 16th largest position. Beacon Harbor Wealth Advisors Inc.'s holdings in AbbVie were worth $7,988,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Crestline Management LP increased its holdings in AbbVie by 438.4% during the fourth quarter. Crestline Management LP now owns 35,311 shares of the company's stock valued at $6,275,000 after buying an additional 28,753 shares during the period. Narus Financial Partners LLC increased its holdings in shares of AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock valued at $417,000 after acquiring an additional 401 shares during the period. Dimensional Fund Advisors LP raised its position in shares of AbbVie by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,367,162 shares of the company's stock worth $1,664,489,000 after acquiring an additional 108,993 shares in the last quarter. AXA S.A. lifted its stake in shares of AbbVie by 14.8% during the 4th quarter. AXA S.A. now owns 971,893 shares of the company's stock worth $172,705,000 after purchasing an additional 125,568 shares during the last quarter. Finally, Highland Capital Management LLC boosted its position in AbbVie by 6.3% during the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock valued at $9,817,000 after purchasing an additional 2,792 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business'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 completion of the sale, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is owned by company insiders.

AbbVie Stock Performance

Shares of ABBV stock traded down $0.76 on Friday, hitting $198.10. The company had a trading volume of 4,101,321 shares, compared to its average volume of 5,210,216. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. The company has a quick ratio of 0.64, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The firm has a market cap of $349.96 billion, a P/E ratio of 94.33, a price-to-earnings-growth ratio of 1.28 and a beta of 0.50. The company has a 50-day moving average price of $189.65 and a 200-day moving average price of $191.06.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company's revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.65 earnings per share. As a group, equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be given a $1.64 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.3%. AbbVie's payout ratio is 312.38%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Citigroup upped their price target on AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. 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 report on Thursday. Raymond James Financial boosted their target price on AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Finally, Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday. Six research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and an average price target of $214.43.

AbbVie 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.