TruNorth Capital Management LLC Sells 1,552 Shares of AbbVie Inc. $ABBV

Key Points

• TruNorth Capital Management LLC has reduced its holdings in AbbVie Inc. by 52.8%, selling 1,552 shares and now owning 1,386 shares valued at $257,000.
• AbbVie disclosed a quarterly dividend of $1.64 per share, with the ex-dividend date set for October 15th, 2023.
• Wall Street analysts are optimistic about AbbVie's prospects, with various upgrades and a consensus rating of "Moderate Buy" and an average target price of $223.45.

TruNorth Capital Management LLC trimmed its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 52.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,386 shares of the company's stock after selling 1,552 shares during the quarter. TruNorth Capital Management LLC's holdings in AbbVie were worth $257,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of ABBV. 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. Marshall & Sullivan Inc. WA acquired a new position in shares of AbbVie in the second quarter valued at approximately $25,000. 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. Finally, Inlight Wealth Management LLC acquired a new position in shares of AbbVie in the first quarter valued at approximately $42,000. 70.23% of the stock is owned by institutional investors.

Insider Activity at AbbVie

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 sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 transaction of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company's stock.

AbbVie Stock Up 5.7%

Shares of ABBV opened at $244.77 on Thursday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock has a market capitalization of $432.40 billion, a PE ratio of 116.56, a P/E/G ratio of 1.35 and a beta of 0.51. The firm's 50 day moving average is $208.97 and its 200-day moving average is $195.71. 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 quarterly 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 for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business's revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.65 EPS. Equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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 given a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.7%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ABBV shares. Piper Sandler started coverage on AbbVie in a research report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price on the stock. Wells Fargo & Company upped their target price on AbbVie from $240.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, September 12th. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. raised their target price on shares of AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Finally, Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price on the stock in a report on Thursday, August 7th. Four investment 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $223.45.

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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