Goldstone Financial Group LLC Has $1.68 Million Holdings in AbbVie Inc. $ABBV

Key Points

• Goldstone Financial Group LLC reduced its holdings in AbbVie Inc. by 32.5%, dropping to 8,859 shares worth $1.68 million following a sale of 4,274 shares in Q2.
• Institutional investors now hold 70.23% of AbbVie’s stock, with several funds making significant purchases or increasing their positions recently.
• AbbVie declared a quarterly dividend of $1.64 per share, scheduled for payment on November 14th, representing a yield of 3.0% based on its current stock price.

Goldstone Financial Group LLC decreased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 32.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,859 shares of the company's stock after selling 4,274 shares during the quarter. Goldstone Financial Group LLC's holdings in AbbVie were worth $1,677,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. TD Capital Management LLC grew its position in shares of AbbVie by 82.9% in the first 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. Abound Financial LLC acquired a new position in shares of AbbVie in the first quarter valued at approximately $30,000. Cypress Capital Management LLC WY acquired a new position in shares of AbbVie in the first quarter valued at approximately $35,000. Pinney & Scofield Inc. bought a new stake in shares of AbbVie in the fourth quarter valued at approximately $36,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of AbbVie in the first quarter valued at approximately $42,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the 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 completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction 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 transaction, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was 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.

Analyst Ratings Changes

Several brokerages recently issued reports on ABBV. BMO Capital Markets boosted their price target on AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research note on Friday. Piper Sandler began coverage on AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price target for the company. Guggenheim boosted their price target on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Morgan Stanley boosted their price target on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Bank of America boosted their price target on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Four analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, AbbVie has a consensus rating of "Moderate Buy" and a consensus target price of $217.10.

AbbVie Stock Down 0.8%

NYSE ABBV opened at $218.40 on Monday. The business has a fifty day moving average price of $200.25 and a two-hundred day moving average price of $194.45. 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 fifty-two week low of $163.81 and a fifty-two week high of $221.76. The stock has a market capitalization of $385.82 billion, a PE ratio of 104.00, a PEG ratio of 1.40 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results 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 return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter in the previous year, the company earned $2.65 earnings per share. The firm's revenue for the quarter was up 6.6% on a year-over-year basis. Equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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 paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is presently 312.38%.

AbbVie 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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