Strategic Investment Solutions Inc. IL Sells 1,631 Shares of AbbVie Inc. $ABBV

Key Points

• Strategic Investment Solutions Inc. IL reduced its holdings in AbbVie by 89.7% during the second quarter, selling 1,631 shares and now owning only 188 shares worth $35,000.
• AbbVie announced a quarterly dividend of $1.64 to be paid on November 14, representing a 3.0% yield with a payout ratio of 312.38%.
• Multiple brokerages have revised their price targets for AbbVie, with Wells Fargo increasing its target from $240.00 to $260.00 and JPMorgan raising theirs from $200.00 to $235.00.

Strategic Investment Solutions Inc. IL reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 89.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 188 shares of the company's stock after selling 1,631 shares during the quarter. Strategic Investment Solutions Inc. IL's holdings in AbbVie were worth $35,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Marshall & Sullivan Inc. WA acquired a new position in AbbVie in the 2nd quarter worth about $25,000. TD Capital Management LLC increased its holdings in AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Abound Financial LLC acquired a new position in AbbVie in the 1st quarter worth about $30,000. Siemens Fonds Invest GmbH increased its holdings in AbbVie by 197.6% in the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after purchasing an additional 119,141 shares in the last quarter. Finally, Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie in the first quarter valued at about $35,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ABBV. Bank of America increased their price target on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Wells Fargo & Company increased their price target on AbbVie from $240.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, September 12th. JPMorgan Chase & Co. increased their price target on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. Evercore ISI increased their price target on AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a research note on Monday, September 22nd. Finally, Citigroup increased their price target on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $223.45.

AbbVie Trading Up 1.0%

NYSE ABBV opened at $220.75 on Friday. The business has a 50 day simple moving average of $206.24 and a 200 day simple moving average of $195.27. AbbVie Inc. has a one year low of $163.81 and a one year high of $225.16. The stock has a market capitalization of $389.97 billion, a P/E ratio of 105.12, a P/E/G ratio of 1.28 and a beta of 0.53. 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 (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 business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period in the prior year, the business earned $2.65 EPS. The company's revenue for the quarter was up 6.6% on a year-over-year basis. Research analysts expect 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. Shareholders 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 annualized dividend and a yield of 3.0%. AbbVie's dividend payout ratio is presently 312.38%.

Insider Activity at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred 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 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 ownership of the stock. 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 that occurred on Tuesday, August 5th. The stock was 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 in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

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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