Curbstone Financial Management Corp Reduces Holdings in AbbVie Inc. $ABBV

Key Points

• Curbstone Financial Management Corp reduced its holdings in AbbVie Inc. by 13.3%, now owning 11,217 shares valued at approximately $2,082,000.
• Multiple hedge funds have adjusted their stakes, with Brighton Jones LLC increasing its position by 17.4% and Revolve Wealth Partners LLC increasing theirs by 72.7%.
• Analysts have set new price targets for AbbVie, with HSBC at $225.00 and UBS at $251.00, while the stock currently holds a consensus rating of Moderate Buy.

Curbstone Financial Management Corp lowered its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 13.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,217 shares of the company's stock after selling 1,715 shares during the period. Curbstone Financial Management Corp's holdings in AbbVie were worth $2,082,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ABBV. Brighton Jones LLC raised its stake in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after purchasing an additional 3,401 shares during the period. Revolve Wealth Partners LLC increased its stake in shares of AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after buying an additional 3,064 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of AbbVie by 23.8% in the first quarter. GAMMA Investing LLC now owns 48,848 shares of the company's stock worth $10,235,000 after buying an additional 9,395 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of AbbVie by 5.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 536,450 shares of the company's stock worth $112,398,000 after buying an additional 25,385 shares during the last quarter. Finally, Boston Trust Walden Corp increased its stake in shares of AbbVie by 0.8% in the first quarter. Boston Trust Walden Corp now owns 25,800 shares of the company's stock worth $5,406,000 after buying an additional 195 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Buying and Selling at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction on 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 owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction 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 transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on ABBV shares. HSBC set a $225.00 price target on shares of AbbVie in a research note on Thursday, October 2nd. UBS Group set a $251.00 price target on shares of AbbVie in a research note on Friday, October 3rd. Wall Street Zen lowered shares of AbbVie from a "buy" rating to a "hold" rating in a research note on Saturday, October 11th. Raymond James Financial restated an "outperform" rating and issued a $250.00 price target (up previously from $236.00) on shares of AbbVie in a research note on Friday. Finally, Cantor Fitzgerald set a $250.00 price objective on shares of AbbVie and gave the stock an "overweight" rating in a report on Thursday, October 9th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $234.05.

AbbVie Stock Performance

AbbVie stock opened at $229.66 on Friday. The company has a market cap of $405.71 billion, a PE ratio of 109.36, a P/E/G ratio of 1.41 and a beta of 0.51. The company has a fifty day moving average price of $217.91 and a two-hundred day moving average price of $197.60. 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 12 month low of $163.81 and a 12 month high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last announced 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 firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period last year, the firm posted $2.65 EPS. The business's revenue was up 6.6% compared to the same quarter last year. Research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company 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 of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. AbbVie's payout ratio is 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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