AbbVie Inc. $ABBV Shares Sold by Founders Capital Management

Founders Capital Management trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 0.6% during the second quarter, HoldingsChannel.com reports. The fund owned 25,173 shares of the company’s stock after selling 148 shares during the period. AbbVie makes up approximately 2.8% of Founders Capital Management’s holdings, making the stock its 14th biggest position. Founders Capital Management’s holdings in AbbVie were worth $4,673,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. TD Capital Management LLC grew its holdings in shares of 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 acquiring an additional 58 shares during the last quarter. Marshall & Sullivan Inc. WA acquired a new position in shares of AbbVie in the 2nd quarter worth $25,000. Abound Financial LLC acquired a new position in shares of AbbVie in the 1st quarter worth $30,000. Cypress Capital Management LLC WY acquired a new position in shares of AbbVie in the 1st quarter worth $35,000. Finally, Inlight Wealth Management LLC acquired a new position in shares of AbbVie in the 1st quarter worth $42,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $231.47 on Wednesday. The business’s 50-day simple moving average is $207.89 and its 200-day simple moving average is $195.37. 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 Inc. has a 52 week low of $163.81 and a 52 week high of $232.35. The firm has a market cap of $408.91 billion, a price-to-earnings ratio of 110.22, a P/E/G ratio of 1.31 and a beta of 0.53.

AbbVie (NYSE:ABBV) last posted its 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 company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the firm posted $2.65 earnings per share. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is 312.38%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ABBV shares. Berenberg Bank upgraded AbbVie from a “hold” rating to a “buy” rating and lifted their price target for the company from $170.00 to $270.00 in a report on Wednesday, September 17th. Wells Fargo & Company lifted their price target on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, September 12th. Daiwa Capital Markets raised 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. BMO Capital Markets lifted their price objective on AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, September 12th. Finally, Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and an average target price of $223.45.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s 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 completion of the sale, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’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 value 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 approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

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.