Valley Brook Capital Group Inc. Lowers Stake in AbbVie Inc. $ABBV

Valley Brook Capital Group Inc. decreased its position in AbbVie Inc. (NYSE:ABBV) by 0.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,792 shares of the company’s stock after selling 125 shares during the quarter. AbbVie makes up 3.2% of Valley Brook Capital Group Inc.’s portfolio, making the stock its 7th biggest holding. Valley Brook Capital Group Inc.’s holdings in AbbVie were worth $4,231,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Orca Investment Management LLC lifted its holdings in AbbVie by 1.9% in the second quarter. Orca Investment Management LLC now owns 4,864 shares of the company’s stock valued at $903,000 after acquiring an additional 93 shares during the period. CWM LLC raised its stake in shares of AbbVie by 4.6% in the second quarter. CWM LLC now owns 323,383 shares of the company’s stock worth $60,026,000 after buying an additional 14,132 shares during the period. Advocate Group LLC raised its stake in shares of AbbVie by 2.7% in the second quarter. Advocate Group LLC now owns 81,302 shares of the company’s stock worth $15,091,000 after buying an additional 2,163 shares during the period. OFI Invest Asset Management raised its stake in shares of AbbVie by 1,796.3% in the second quarter. OFI Invest Asset Management now owns 140,042 shares of the company’s stock worth $25,995,000 after buying an additional 132,657 shares during the period. Finally, Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. bought a new position in shares of AbbVie in the second quarter worth about $4,440,000. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ABBV shares. HSBC set a $225.00 price objective on AbbVie in a research note on Thursday, October 2nd. Raymond James Financial reaffirmed an “outperform” rating on shares of AbbVie in a research note on Monday, August 25th. Wells Fargo & Company raised their price objective on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, September 12th. Wall Street Zen downgraded AbbVie from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research note on Wednesday. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $231.90.

AbbVie Stock Performance

NYSE:ABBV opened at $230.88 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81. The stock has a 50-day moving average price of $214.84 and a 200 day moving average price of $196.76. The stock has a market capitalization of $407.86 billion, a P/E ratio of 109.94, a P/E/G ratio of 1.35 and a beta of 0.51.

AbbVie (NYSE:ABBV) last released its 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). 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 analysts’ expectations of $14.93 billion. During the same quarter in the prior year, the business posted $2.65 EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

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 dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Insider Activity at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’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 transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The shares were 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 of the company’s stock, 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 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.