Brookstone Capital Management Sells 2,453 Shares of AbbVie Inc. $ABBV

Key Points

• Brookstone Capital Management reduced its stake in AbbVie Inc. by 3.1%, selling 2,453 shares, bringing their total holdings to 77,613 shares valued at approximately $14.4 million.
• AbbVie declared a quarterly dividend of $1.64 per share, set to be paid on November 14, representing an annualized dividend yield of 2.8%.
• Analysts maintain an average rating of "Moderate Buy" for AbbVie, with an average price target of $234.80 and multiple recent changes in ratings from different financial institutions.

Brookstone Capital Management decreased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 77,613 shares of the company's stock after selling 2,453 shares during the quarter. Brookstone Capital Management's holdings in AbbVie were worth $14,407,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ABBV. Nuveen LLC bought a new position in shares of AbbVie in the first quarter valued at approximately $1,819,154,000. Assenagon Asset Management S.A. raised its position in shares of 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 period. Goldman Sachs Group Inc. raised its position in shares of AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after purchasing an additional 3,519,187 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in shares of AbbVie in the second quarter valued at approximately $581,817,000. Finally, Bessemer Group Inc. grew its stake in shares of AbbVie by 147.6% in the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock worth $576,800,000 after acquiring an additional 1,641,091 shares during the last quarter. Institutional investors own 70.23% of the company's stock.

Analyst Ratings Changes

ABBV has been the topic of several research analyst reports. Hsbc Global Res downgraded shares of AbbVie from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, October 1st. Berenberg Bank upgraded shares of AbbVie from a "hold" rating to a "buy" rating and lifted their price target for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Piper Sandler lifted their price target on shares of AbbVie from $231.00 to $284.00 and gave the stock an "overweight" rating in a research note on Friday, October 10th. JPMorgan Chase & Co. boosted their target price on shares of AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. Finally, Cantor Fitzgerald set a $250.00 target price on shares of AbbVie and gave the company an "overweight" rating in a research note on Thursday, October 9th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, AbbVie presently has an average rating of "Moderate Buy" and an average price target of $234.80.

Insider Transactions at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The stock was 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 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 value 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 $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

AbbVie Stock Down 0.2%

Shares of NYSE:ABBV opened at $231.48 on Wednesday. AbbVie Inc. has a 52 week low of $163.81 and a 52 week 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. The company's fifty day moving average is $219.24 and its 200-day moving average is $198.07. The company has a market capitalization of $408.93 billion, a PE ratio of 110.23, a P/E/G ratio of 1.45 and a beta of 0.51.

AbbVie (NYSE:ABBV - Get Free Report) last released 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). 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 the consensus estimate of $14.93 billion. During the same period in the prior year, the firm earned $2.65 earnings per share. The business's quarterly revenue was up 6.6% compared to the same quarter last year. 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 declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's payout ratio is currently 312.38%.

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.

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