Iron Gate Global Advisors LLC Sells 216 Shares of AbbVie Inc. $ABBV

Iron Gate Global Advisors LLC reduced its holdings in AbbVie Inc. (NYSE:ABBV) by 15.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,160 shares of the company’s stock after selling 216 shares during the quarter. Iron Gate Global Advisors LLC’s holdings in AbbVie were worth $243,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Mattson Financial Services LLC increased its holdings in AbbVie by 4.0% in the first quarter. Mattson Financial Services LLC now owns 5,211 shares of the company’s stock worth $1,092,000 after purchasing an additional 201 shares in the last quarter. Westbourne Investments Inc. increased its holdings in AbbVie by 1.4% in the first quarter. Westbourne Investments Inc. now owns 7,385 shares of the company’s stock worth $1,547,000 after purchasing an additional 100 shares in the last quarter. Reliant Investment Partners LLC increased its holdings in AbbVie by 2.4% in the first quarter. Reliant Investment Partners LLC now owns 7,684 shares of the company’s stock worth $1,610,000 after purchasing an additional 177 shares in the last quarter. Acadian Asset Management LLC increased its holdings in AbbVie by 5.7% in the first quarter. Acadian Asset Management LLC now owns 142,756 shares of the company’s stock worth $29,898,000 after purchasing an additional 7,640 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in AbbVie by 0.8% in the first quarter. Geneos Wealth Management Inc. now owns 32,164 shares of the company’s stock worth $6,739,000 after purchasing an additional 255 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s 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 completion of the sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction 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 sale, the executive vice president owned 177,292 shares of the company’s stock, valued at $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 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ABBV shares. Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Citigroup boosted their price objective on AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. Wall Street Zen downgraded AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Finally, Guggenheim boosted their price objective on AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a report on Friday, August 1st. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $214.95.

AbbVie Trading Up 0.7%

NYSE ABBV opened at $211.84 on Thursday. The company has a market cap of $374.23 billion, a price-to-earnings ratio of 100.88, a P/E/G ratio of 1.35 and a beta of 0.53. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $218.66. The business has a 50 day moving average price of $199.06 and a 200-day moving average price of $194.37. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last released its quarterly earnings data 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 net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter in the prior year, the firm earned $2.65 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. As a group, equities analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business 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 dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 3.1%. AbbVie’s dividend payout ratio is 312.38%.

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.