Procyon Advisors LLC Sells 6,771 Shares of AbbVie Inc. $ABBV

Procyon Advisors LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 21.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,392 shares of the company's stock after selling 6,771 shares during the period. Procyon Advisors LLC's holdings in AbbVie were worth $4,713,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ABBV. Brighton Jones LLC grew its holdings in AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC boosted its position in AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after buying an additional 3,064 shares during the period. Siemens Fonds Invest GmbH boosted its position in AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock valued at $32,000 after buying an additional 119,141 shares during the period. Zurich Insurance Group Ltd FI boosted its position in AbbVie by 11.7% in the 4th quarter. Zurich Insurance Group Ltd FI now owns 420,327 shares of the company's stock valued at $74,692,000 after buying an additional 43,991 shares during the period. Finally, Willis Johnson & Associates Inc. boosted its position in AbbVie by 9.4% in the 4th quarter. Willis Johnson & Associates Inc. now owns 3,379 shares of the company's stock valued at $600,000 after buying an additional 291 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares of the company's stock, valued at $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 available at this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. The trade was 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 Price Performance

Shares of ABBV opened at $216.27 on Wednesday. The company has a 50 day moving average price of $201.39 and a 200-day moving average price of $194.66. 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 $382.05 billion, a PE ratio of 102.99, a PEG ratio of 1.40 and a beta of 0.53. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly 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 during the quarter, compared to analysts' expectations of $14.93 billion. During the same period in the previous year, the company posted $2.65 EPS. AbbVie's revenue for the quarter was up 6.6% on a year-over-year basis. Equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. AbbVie's dividend payout ratio is presently 312.38%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Wells Fargo & Company boosted their price objective on shares of AbbVie from $240.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, September 12th. Wall Street Zen cut shares of AbbVie from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 22nd. Citigroup boosted their price objective on shares of AbbVie to $205.00 and gave the company a "hold" rating in a research report on Wednesday, June 11th. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and an average target price of $220.43.

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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