AbbVie Inc. $ABBV is Red Spruce Capital LLC’s 4th Largest Position

Red Spruce Capital LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 2.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 44,749 shares of the company’s stock after selling 1,079 shares during the quarter. AbbVie comprises approximately 3.6% of Red Spruce Capital LLC’s portfolio, making the stock its 4th biggest holding. Red Spruce Capital LLC’s holdings in AbbVie were worth $8,306,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Narus Financial Partners LLC raised its position in AbbVie by 25.3% in the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock worth $417,000 after acquiring an additional 401 shares in the last quarter. Highland Capital Management LLC increased its position in shares of AbbVie by 6.3% in the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock valued at $9,817,000 after buying an additional 2,792 shares in the last quarter. Weaver Capital Management LLC increased its position in shares of AbbVie by 3.9% in the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company’s stock valued at $1,727,000 after buying an additional 310 shares in the last quarter. North Star Asset Management Inc. increased its position in shares of AbbVie by 0.5% in the first quarter. North Star Asset Management Inc. now owns 161,320 shares of the company’s stock valued at $33,800,000 after buying an additional 756 shares in the last quarter. Finally, Alpine Bank Wealth Management purchased a new position in shares of AbbVie in the first quarter valued at $3,879,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 0.8%

ABBV opened at $218.40 on Monday. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The firm has a market cap of $385.82 billion, a P/E ratio of 104.00, a PEG ratio of 1.40 and a beta of 0.53. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $221.76. The business’s fifty day simple moving average is $200.25 and its 200 day simple moving average is $194.45.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm’s revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.65 EPS. As a group, equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president directly 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction dated 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 ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of research analyst reports. Bank of America raised their price target on AbbVie to $204.00 and gave the company a “hold” rating in a research report on Monday, June 9th. Wall Street Zen cut AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Citigroup raised their price target on AbbVie to $205.00 and gave the company a “hold” rating in a research report on Wednesday, June 11th. Finally, Raymond James Financial restated 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, sixteen have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $217.10.

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.