Prime Capital Investment Advisors LLC Sells 30,567 Shares of AbbVie Inc. $ABBV

Key Points

• Prime Capital Investment Advisors LLC reduced its stake in AbbVie Inc. by 19.7%, selling 30,567 shares and holding 124,831 shares worth approximately $23.17 million at the end of the second quarter.
• Despite the stake reduction by some investors, several others, such as Comprehensive Financial Consultants, increased their holdings significantly, with acquisitions up to 1,344%.
• AbbVie recently declared a quarterly dividend of $1.64 per share, with a yield of 2.8%, though its payout ratio stands at a high 312.38%.

Prime Capital Investment Advisors LLC cut its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 19.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 124,831 shares of the company's stock after selling 30,567 shares during the period. Prime Capital Investment Advisors LLC's holdings in AbbVie were worth $23,171,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Comprehensive Financial Consultants Institutional Inc. raised its holdings in shares of AbbVie by 1,344.0% in the second quarter. Comprehensive Financial Consultants Institutional Inc. now owns 18,657 shares of the company's stock valued at $3,463,000 after acquiring an additional 17,365 shares in the last quarter. Relyea Zuckerberg Hanson LLC boosted its stake in shares of AbbVie by 1.6% during the second quarter. Relyea Zuckerberg Hanson LLC now owns 24,705 shares of the company's stock valued at $4,586,000 after purchasing an additional 391 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV increased its holdings in AbbVie by 10.4% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 18,621 shares of the company's stock valued at $3,456,000 after buying an additional 1,749 shares during the period. Gratus Wealth Advisors LLC increased its holdings in AbbVie by 1.6% during the second quarter. Gratus Wealth Advisors LLC now owns 6,452 shares of the company's stock valued at $1,198,000 after buying an additional 104 shares during the period. Finally, Valley National Advisers Inc. lifted its holdings in AbbVie by 1.8% during the second quarter. Valley National Advisers Inc. now owns 5,608 shares of the company's stock worth $1,040,000 after buying an additional 97 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

ABBV opened at $234.07 on Monday. The firm has a 50 day moving average of $210.77 and a two-hundred day moving average of $195.79. The firm has a market capitalization of $413.49 billion, a PE ratio of 111.46, a P/E/G ratio of 1.37 and a beta of 0.51. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business's revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.65 earnings per share. On average, analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ABBV shares. JPMorgan Chase & Co. lifted 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. Bank of America upped their price target on AbbVie from $220.00 to $251.00 and gave the stock a "neutral" rating in a research report on Friday. UBS Group set a $251.00 price objective on AbbVie in a research report on Friday. Morgan Stanley upped their target price on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Cantor Fitzgerald increased their price target on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a research note on Monday, September 15th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, AbbVie currently has an average rating of "Moderate Buy" and an average target price of $228.22.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 sale, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

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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