Fortitude Family Office LLC Cuts Stake in AbbVie Inc. $ABBV

Key Points

• Fortitude Family Office LLC reduced its stake in AbbVie Inc. by 22.5%, owning 5,930 shares valued at approximately $1.1 million after selling 1,717 shares in the 2nd quarter.
• AbbVie has announced a quarterly dividend of $1.64, with key details including a dividend yield of 2.9% and a payout ratio of 312.38%.
• Analysts have raised their price targets for AbbVie, with Wells Fargo increasing it from $240 to $260, reflecting positive sentiment towards the company.

Fortitude Family Office LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 22.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 5,930 shares of the company's stock after selling 1,717 shares during the quarter. Fortitude Family Office LLC's holdings in AbbVie were worth $1,101,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. TD Capital Management LLC grew its position in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Marshall & Sullivan Inc. WA purchased a new stake in AbbVie during the 2nd quarter valued at about $25,000. Abound Financial LLC purchased a new stake in shares of AbbVie during the 1st quarter valued at about $30,000. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie during the 1st quarter valued at about $35,000. Finally, Inlight Wealth Management LLC purchased a new stake in shares of AbbVie during the 1st quarter valued at about $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AbbVie

In other news, 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 value of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business'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 directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $223.09 on Tuesday. 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 1-year low of $163.81 and a 1-year high of $225.16. The company has a market capitalization of $394.09 billion, a P/E ratio of 106.23, a P/E/G ratio of 1.33 and a beta of 0.53. The firm's 50 day simple moving average is $203.75 and its two-hundred day simple moving average is $194.84.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results 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 return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same period last year, the firm posted $2.65 EPS. AbbVie's quarterly revenue was up 6.6% compared to the same quarter last year. Research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued 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 payout ratio is 312.38%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wells Fargo & Company raised their price target on shares of AbbVie from $240.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, September 12th. JPMorgan Chase & Co. raised their price target on shares of AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, September 16th. Morgan Stanley raised their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a report on Thursday, August 7th. Finally, Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, AbbVie has an average rating of "Moderate Buy" and an average target price of $223.45.

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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