Belpointe Asset Management LLC Decreases Stock Position in AbbVie Inc. $ABBV

Key Points

• Belpointe Asset Management LLC reduced its stake in AbbVie Inc. by 4.6%, now holding 33,030 shares valued at $6,131,000.
• Analysts have raised their price targets for AbbVie, with JPMorgan increasing their price objective from $200 to $235, indicating strong bullish sentiment towards the stock.
• AbbVie announced a quarterly dividend of $1.64 per share, with a dividend yield of 2.8%, set to be paid on November 14th.

Belpointe Asset Management LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 4.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,030 shares of the company's stock after selling 1,595 shares during the period. Belpointe Asset Management LLC's holdings in AbbVie were worth $6,131,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. First Hawaiian Bank increased its position in shares of AbbVie by 0.8% during the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company's stock valued at $1,403,000 after purchasing an additional 60 shares during the last quarter. Narus Financial Partners LLC increased its position in AbbVie by 25.3% during the first 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 last quarter. Highland Capital Management LLC raised its stake in shares of AbbVie by 6.3% in the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock valued at $9,817,000 after acquiring an additional 2,792 shares during the period. Weaver Capital Management LLC lifted its holdings in shares of AbbVie by 3.9% in the 1st quarter. Weaver Capital Management LLC now owns 8,240 shares of the company's stock worth $1,727,000 after acquiring an additional 310 shares during the last quarter. Finally, North Star Asset Management Inc. boosted its stake in shares of AbbVie by 0.5% during the 1st quarter. North Star Asset Management Inc. now owns 161,320 shares of the company's stock worth $33,800,000 after purchasing an additional 756 shares during the period. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ABBV shares. JPMorgan Chase & Co. increased their price objective 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. Wells Fargo & Company increased their price target on AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, September 12th. Bank of America boosted their price objective on AbbVie from $220.00 to $251.00 and gave the company a "neutral" rating in a report on Friday. Cantor Fitzgerald upped their price objective on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a research report on Monday, September 15th. Finally, Evercore ISI boosted their target price on shares of AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a research note on Monday, September 22nd. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and a consensus target price of $228.22.

AbbVie Stock Performance

Shares of AbbVie stock opened at $234.07 on Monday. The company has a market capitalization of $413.49 billion, a PE ratio of 111.46, a P/E/G ratio of 1.37 and a beta of 0.51. The company has a 50-day simple moving average of $210.77 and a two-hundred day simple moving average of $195.79. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

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

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is currently 312.38%.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was 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. This trade represents a 18.58% 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 the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares of the company's stock, 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. 0.08% of the stock is owned by insiders.

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.

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