AbbVie Inc. $ABBV Stake Reduced by Warren Street Wealth Advisors LLC

Warren Street Wealth Advisors LLC reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,460 shares of the company’s stock after selling 53 shares during the quarter. Warren Street Wealth Advisors LLC’s holdings in AbbVie were worth $642,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. FF Advisors LLC grew its position in AbbVie by 3.6% during the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock worth $286,000 after acquiring an additional 53 shares during the last quarter. Private Management Group Inc. grew its position in AbbVie by 1.9% during the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock worth $616,000 after acquiring an additional 54 shares during the last quarter. Silicon Valley Capital Partners grew its position in AbbVie by 10.8% during the 1st quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock worth $118,000 after acquiring an additional 56 shares during the last quarter. Seneca House Advisors grew its position in AbbVie by 2.7% during the 2nd quarter. Seneca House Advisors now owns 2,093 shares of the company’s stock worth $388,000 after acquiring an additional 56 shares during the last quarter. Finally, Castle Wealth Management LLC grew its position in AbbVie by 3.4% during the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock worth $361,000 after acquiring an additional 57 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Bank of America increased their price objective on AbbVie to $204.00 and gave the company a “hold” rating in a research report on Monday, June 9th. Piper Sandler assumed coverage on AbbVie in a research report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price objective on the stock. Cantor Fitzgerald increased their price objective on AbbVie from $215.00 to $245.00 and gave the company an “overweight” rating in a research report on Monday, September 15th. Citigroup increased their price objective on AbbVie to $205.00 and gave the company a “hold” rating in a research report on Wednesday, June 11th. Finally, Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective on the stock in a research report on Thursday, August 7th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $223.45.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction 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 directly owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

ABBV stock opened at $244.77 on Thursday. The business’s fifty day moving average is $208.97 and its 200-day moving average is $195.71. 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 company has a market cap of $432.40 billion, a P/E ratio of 116.56, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion during 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 for the quarter was up 6.6% compared to the same quarter last year. During the same period last year, the company earned $2.65 EPS. Equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a $1.64 dividend. 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 2.7%. AbbVie’s dividend payout ratio is 312.38%.

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.