D.A. Davidson & CO. Reduces Stake in AbbVie Inc. $ABBV

Key Points

• D.A. Davidson & CO. reduced its stake in AbbVie Inc. by 0.5%, holding 251,340 shares valued at $46.65 million after selling 1,293 shares in Q2.
• Analysts maintain a consensus rating of "Moderate Buy" for AbbVie, with target prices ranging from $240.00 to $251.00 set by several firms.
• AbbVie announced a quarterly dividend of $1.64, representing an annualized yield of 2.8% and a high dividend payout ratio of 312.38%.

D.A. Davidson & CO. lowered its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 0.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 251,340 shares of the company's stock after selling 1,293 shares during the quarter. D.A. Davidson & CO.'s holdings in AbbVie were worth $46,654,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. TD Capital Management LLC increased its holdings in shares of AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after acquiring an additional 58 shares during the last quarter. Marshall & Sullivan Inc. WA acquired a new stake in shares of AbbVie in the 2nd quarter valued at about $25,000. Abound Financial LLC acquired a new stake in shares of AbbVie in the 1st quarter valued at about $30,000. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie in the 1st quarter valued at about $35,000. Finally, Bear Mountain Capital Inc. boosted its position in shares of AbbVie by 480.6% in the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company's stock valued at $40,000 after purchasing an additional 173 shares during the period. Hedge funds and other institutional investors own 70.23% of the company's stock.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of research analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of AbbVie in a research report on Wednesday, October 8th. BMO Capital Markets upped their target price on AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research report on Friday, September 12th. Evercore ISI increased their price objective on AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a research report on Monday, September 22nd. UBS Group set a $251.00 target price on AbbVie in a research note on Friday, October 3rd. Finally, Cantor Fitzgerald set a $250.00 target price on AbbVie and gave the company an "overweight" rating in a research note on Thursday, October 9th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $234.80.

AbbVie Stock Down 0.2%

ABBV opened at $231.48 on Wednesday. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81. The stock has a market capitalization of $408.93 billion, a P/E ratio of 110.23, a P/E/G ratio of 1.45 and a beta of 0.51. The business has a 50 day simple moving average of $219.24 and a 200-day simple moving average of $198.07. 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 (NYSE:ABBV - Get Free Report) last released 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 firm had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same period in the previous year, the business earned $2.65 earnings per share. The business's revenue for the quarter was up 6.6% on a year-over-year basis. On average, equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is presently 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 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 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction 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 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 position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company's stock.

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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