Bridges Investment Management Inc. Trims Holdings in AbbVie Inc. $ABBV

Key Points

• Bridges Investment Management Inc. reduced its holdings in AbbVie Inc. by 1.1% in Q2, retaining 189,972 shares valued at approximately $35.26 million after selling 2,059 shares during the period.
• Corporate insiders have sold significant amounts of AbbVie stock recently, with EVP Nicholas Donoghoe selling 13,295 shares and EVP Azita Saleki-Gerhardt selling 42,370 shares, resulting in notable decreases in their respective ownership stakes.
• Analysts have mixed ratings on AbbVie, with positions ranging from "Strong Buy" to "Neutral", while the average target price for the stock is currently set at $231.90.

Bridges Investment Management Inc. decreased its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 1.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 189,972 shares of the company's stock after selling 2,059 shares during the period. Bridges Investment Management Inc.'s holdings in AbbVie were worth $35,263,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FF Advisors LLC raised its stake in AbbVie by 3.6% in the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company's stock valued at $286,000 after purchasing an additional 53 shares during the last quarter. Private Management Group Inc. raised its stake in AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after purchasing an additional 54 shares during the last quarter. LifeSteps Financial Inc. raised its stake in AbbVie by 0.7% in the 2nd quarter. LifeSteps Financial Inc. now owns 7,358 shares of the company's stock valued at $1,366,000 after purchasing an additional 54 shares during the last quarter. Silicon Valley Capital Partners raised its stake in AbbVie by 10.8% in the 1st quarter. Silicon Valley Capital Partners now owns 573 shares of the company's stock valued at $118,000 after purchasing an additional 56 shares during the last quarter. Finally, Seneca House Advisors increased its stake in shares of AbbVie by 2.7% in the 2nd quarter. Seneca House Advisors now owns 2,093 shares of the company's stock worth $388,000 after acquiring an additional 56 shares during the last quarter. Institutional investors own 70.23% of the company's stock.

Insiders Place Their Bets

In other 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 completion of the transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's 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 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Raymond James Financial reaffirmed an "outperform" rating on shares of AbbVie in a research note on Monday, August 25th. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. UBS Group set a $251.00 target price on AbbVie in a research note on Friday, October 3rd. Citigroup reaffirmed a "neutral" rating on shares of AbbVie in a research note on Monday. Finally, Evercore ISI raised their target price on AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a research note on Monday, September 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $231.90.

AbbVie Stock Performance

NYSE ABBV opened at $226.31 on Thursday. The stock has a market cap of $399.80 billion, a PE ratio of 107.77, a P/E/G ratio of 1.48 and a beta of 0.51. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The stock has a fifty day simple moving average of $216.72 and a 200-day simple moving average of $197.32.

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). The business had revenue of $15.42 billion for 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 business's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.65 earnings per share. Equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

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

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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