Brookwood Investment Group LLC Sells 1,209 Shares of AbbVie Inc. $ABBV

Brookwood Investment Group LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 35.1% in the second quarter, HoldingsChannel.com reports. The fund owned 2,237 shares of the company’s stock after selling 1,209 shares during the period. Brookwood Investment Group LLC’s holdings in AbbVie were worth $415,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. TD Capital Management LLC increased its stake in shares of AbbVie by 82.9% in the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $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 valued at approximately $25,000. Abound Financial LLC acquired a new position in shares of AbbVie in the 1st quarter valued at approximately $30,000. Cypress Capital Management LLC WY acquired a new position in shares of AbbVie in the 1st quarter valued at approximately $35,000. Finally, Bear Mountain Capital Inc. grew its position in shares of AbbVie by 480.6% in the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares during the period. 70.23% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’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 transaction of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company’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 in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

ABBV has been the subject of several research analyst reports. Hsbc Global Res lowered AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. BMO Capital Markets boosted 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. Cantor Fitzgerald set a $250.00 price objective on AbbVie and gave the company an “overweight” rating in a research report on Thursday, October 9th. Bank of America boosted their price objective on AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a research report on Friday, October 3rd. Finally, Erste Group Bank downgraded AbbVie from a “buy” rating to a “hold” rating in a research report on Tuesday, October 14th. 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 stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $234.80.

AbbVie Trading Down 0.2%

NYSE:ABBV opened at $227.67 on Wednesday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. 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 business has a 50 day moving average price of $221.56 and a two-hundred day moving average price of $199.96. The company has a market cap of $402.19 billion, a P/E ratio of 108.41, a price-to-earnings-growth ratio of 1.44 and a beta of 0.51.

AbbVie (NYSE:ABBV) last released 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). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period last year, the company earned $2.65 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. As a group, analysts expect that AbbVie Inc. will post 12.31 EPS 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 paid a dividend of $1.64 per share. The ex-dividend date 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%.

AbbVie Company 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.