CMG Global Holdings LLC Has $392,000 Stake in AbbVie Inc. $ABBV

Key Points

• CMG Global Holdings LLC reduced its stake in AbbVie Inc. by **44.8%**, now holding shares worth **$392,000** after selling 1,683 shares.
• Analysts have mixed ratings on AbbVie, with **two strong buy**, **sixteen buy**, and **nine hold** ratings, and a consensus price target of **$234.05**.
• AbbVie announced a quarterly dividend of **$1.64**, with a dividend yield of **2.9%**, set to be paid on **November 14th**.

CMG Global Holdings LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 44.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,077 shares of the company's stock after selling 1,683 shares during the period. CMG Global Holdings LLC's holdings in AbbVie were worth $392,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Conning Inc. increased its holdings in AbbVie by 7.1% in the second quarter. Conning Inc. now owns 191,023 shares of the company's stock worth $35,458,000 after buying an additional 12,690 shares during the last quarter. Dohj LLC increased its holdings in AbbVie by 41.8% in the second quarter. Dohj LLC now owns 4,529 shares of the company's stock worth $802,000 after buying an additional 1,335 shares during the last quarter. First Hawaiian Bank increased its holdings in AbbVie by 0.8% in the second quarter. First Hawaiian Bank now owns 7,556 shares of the company's stock worth $1,403,000 after buying an additional 60 shares during the last quarter. Narus Financial Partners LLC increased its holdings in AbbVie by 25.3% in the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after buying an additional 401 shares during the last quarter. Finally, BankPlus Trust Department increased its holdings in AbbVie by 3.3% in the second quarter. BankPlus Trust Department now owns 27,113 shares of the company's stock worth $5,033,000 after buying an additional 855 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ABBV shares. HSBC set a $225.00 price objective on AbbVie in a report on Thursday, October 2nd. Weiss Ratings restated a "hold (c)" rating on shares of AbbVie in a report on Wednesday, October 8th. Morgan Stanley increased their price target on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $250.00 price target (up previously from $236.00) on shares of AbbVie in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $234.05.

Insider Activity at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred 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 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. 0.08% of the stock is currently owned by corporate insiders.

AbbVie Stock Up 1.2%

ABBV opened at $229.66 on Monday. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock has a market capitalization of $405.71 billion, a price-to-earnings ratio of 109.36, a P/E/G ratio of 1.43 and a beta of 0.51. The business has a 50 day moving average of $217.91 and a 200-day moving average of $197.52.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share 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 the consensus estimate of $14.93 billion. During the same period in the prior year, the company posted $2.65 earnings per share. The firm's revenue was up 6.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current 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 given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio is currently 312.38%.

AbbVie Company 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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