Empirical Financial Services LLC d.b.a. Empirical Wealth Management Has $6.15 Million Stake in AbbVie Inc. $ABBV

Key Points

• Empirical Wealth Management has reduced its stake in AbbVie Inc. by 15.1%, now holding 33,152 shares worth approximately $6.15 million as of the latest SEC filing.
• AbbVie reported a disappointing earnings per share (EPS) of $2.97, missing the consensus estimate of $3.24, despite generating quarterly revenues of $15.42 billion.
• The company declared a quarterly dividend of $1.64 to be paid on November 14th, representing a dividend yield of 2.8%.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management decreased its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 15.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,152 shares of the company's stock after selling 5,874 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in AbbVie were worth $6,154,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of ABBV. Brighton Jones LLC boosted its stake in AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC boosted its stake in AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after acquiring an additional 3,064 shares during the last quarter. Apella Capital LLC boosted its stake in AbbVie by 9.4% during the 1st quarter. Apella Capital LLC now owns 8,827 shares of the company's stock worth $1,849,000 after acquiring an additional 756 shares during the last quarter. Matrix Trust Co boosted its stake in AbbVie by 0.6% during the 1st quarter. Matrix Trust Co now owns 13,923 shares of the company's stock worth $2,917,000 after acquiring an additional 84 shares during the last quarter. Finally, Warren Street Wealth Advisors LLC lifted its stake in AbbVie by 15.4% in the first quarter. Warren Street Wealth Advisors LLC now owns 3,513 shares of the company's stock valued at $736,000 after buying an additional 469 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

NYSE ABBV opened at $236.98 on Friday. 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 firm's fifty day moving average price is $209.90 and its two-hundred day moving average price is $195.87. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The firm has a market capitalization of $418.63 billion, a P/E ratio of 112.85, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 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 company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the prior year, the firm earned $2.65 earnings per share. AbbVie's revenue for the quarter was up 6.6% on a year-over-year basis. As a group, research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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 paid a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. AbbVie's dividend payout ratio is 312.38%.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company's 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction dated 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 completion of the transaction, the executive vice president owned 177,292 shares in the company, 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.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. HSBC set a $225.00 price target on shares of AbbVie in a report on Thursday. Cantor Fitzgerald upped their price target on shares of AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a report on Monday, September 15th. Hsbc Global Res cut shares of AbbVie from a "strong-buy" rating to a "hold" rating in a report on Wednesday. BMO Capital Markets upped their price target on shares of AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a report on Friday, September 12th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 16th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $223.52.

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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