Mountain Pacific Investment Advisers LLC lowered its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 6.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,307 shares of the company's stock after selling 1,201 shares during the period. Mountain Pacific Investment Advisers LLC's holdings in AbbVie were worth $3,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Marshall & Sullivan Inc. WA bought a new position in AbbVie during the second quarter valued at approximately $25,000. TD Capital Management LLC raised its holdings in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after acquiring an additional 58 shares in the last quarter. Abound Financial LLC purchased a new stake in shares of AbbVie during the 1st quarter worth approximately $30,000. Cypress Capital Management LLC WY bought a new position in shares of AbbVie during the 1st quarter valued at approximately $35,000. Finally, Inlight Wealth Management LLC purchased a new position in shares of AbbVie in the first quarter valued at $42,000. Institutional investors own 70.23% of the company's stock.
AbbVie Stock Performance
ABBV stock opened at $244.77 on Thursday. The firm has a market cap of $432.40 billion, a price-to-earnings ratio of 116.56, a PEG ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The business's fifty day simple moving average is $208.97 and its two-hundred day simple moving average is $195.71.
AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $14.93 billion. During the same quarter in the previous year, the company posted $2.65 earnings per share. The company's revenue for the quarter was up 6.6% on a year-over-year basis. Analysts predict 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. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.7%. AbbVie's payout ratio is presently 312.38%.
Insider Activity at AbbVie
In other news, EVP Nicholas Donoghoe sold 13,295 shares of the 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 transaction, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 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 in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on ABBV shares. Evercore ISI upped their price target on shares of AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a research note on Monday, September 22nd. HSBC cut shares of AbbVie from a "buy" rating to a "hold" rating in a research report on Wednesday. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a research note on Thursday, August 7th. Bank of America raised their price objective on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Finally, Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and a consensus target price of $223.45.
Read Our Latest Research Report on AbbVie
AbbVie Profile
(
Free Report)
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.
Further Reading
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