Annex Advisory Services LLC Sells 1,154 Shares of AbbVie Inc. $ABBV

Key Points

• Annex Advisory Services LLC reduced its stake in AbbVie Inc. by 2.0%, selling 1,154 shares, resulting in a total ownership of 56,510 shares valued at $10,489,000.
• Analysts have set a new average price target for AbbVie at $222.68, with several ratings upgrades, including Wells Fargo increasing its target from $240 to $260.
• AbbVie declared a quarterly dividend of $1.64 per share, with a dividend yield of 3.0% and a significant payout ratio of 312.38%.

Annex Advisory Services LLC lowered its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 2.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 56,510 shares of the company's stock after selling 1,154 shares during the period. Annex Advisory Services LLC's holdings in AbbVie were worth $10,489,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in ABBV. Marshall & Sullivan Inc. WA acquired a new position in AbbVie in the second quarter worth about $25,000. TD Capital Management LLC raised its position in AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Abound Financial LLC acquired a new position in AbbVie in the first quarter worth about $30,000. Siemens Fonds Invest GmbH raised its position in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after purchasing an additional 119,141 shares in the last quarter. Finally, Cypress Capital Management LLC WY acquired a new position in AbbVie in the first quarter worth about $35,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ABBV shares. 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. Morgan Stanley upped 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. Guggenheim upped their price objective on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a research note on Thursday, August 7th. Finally, Piper Sandler began coverage on shares of AbbVie in a research note on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective on the stock. Four analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $222.68.

AbbVie Stock Up 0.1%

ABBV stock traded up $0.30 during midday trading on Friday, hitting $222.29. The company's stock had a trading volume of 14,371,957 shares, compared to its average volume of 4,689,837. 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 twelve month low of $163.81 and a twelve month high of $223.49. The company's fifty day moving average price is $203.12 and its 200 day moving average price is $194.78. The stock has a market capitalization of $392.69 billion, a P/E ratio of 105.85, 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 net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the previous year, the firm posted $2.65 earnings per share. The firm's quarterly revenue was up 6.6% on a year-over-year basis. As a group, equities research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders 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 dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is 312.38%.

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 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 of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company's stock.

About AbbVie

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.