AbbVie Inc. $ABBV is Violich Capital Management Inc.’s 9th Largest Position

Violich Capital Management Inc. trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV) by 10.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 104,145 shares of the company’s stock after selling 12,770 shares during the quarter. AbbVie makes up about 2.7% of Violich Capital Management Inc.’s portfolio, making the stock its 9th biggest position. Violich Capital Management Inc.’s holdings in AbbVie were worth $19,331,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Marshall & Sullivan Inc. WA purchased a new stake in AbbVie in the 2nd quarter worth about $25,000. TD Capital Management LLC lifted its stake in 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 in the last quarter. Abound Financial LLC purchased a new stake in AbbVie in the 1st quarter worth about $30,000. Cypress Capital Management LLC WY purchased a new stake in AbbVie in the 1st quarter worth about $35,000. Finally, Bear Mountain Capital Inc. lifted its stake in AbbVie by 480.6% in the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after acquiring an additional 173 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on ABBV. Raymond James Financial reissued an “outperform” rating and issued a $250.00 price objective (up from $236.00) on shares of AbbVie in a research note on Friday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research report on Wednesday, October 8th. Wall Street Zen lowered AbbVie from a “buy” rating to a “hold” rating in a research report on Saturday, October 11th. Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Finally, Evercore ISI upped their target price on AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $234.05.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $229.66 on Friday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The firm has a market cap of $405.71 billion, a price-to-earnings ratio of 109.36, a P/E/G ratio of 1.43 and a beta of 0.51. The business’s 50-day simple moving average is $217.91 and its 200-day simple moving average is $197.55. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81.

AbbVie (NYSE:ABBV) last issued 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 business’s revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.65 EPS. As a group, equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. AbbVie’s dividend payout ratio is currently 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 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 sale, the executive vice president owned 58,247 shares of the company’s stock, 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 AbbVie 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 transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

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.