Carnegie Investment Counsel Sells 2,168 Shares of AbbVie Inc. $ABBV

Carnegie Investment Counsel lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.9% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 114,048 shares of the company’s stock after selling 2,168 shares during the quarter. Carnegie Investment Counsel’s holdings in AbbVie were worth $21,170,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ABBV. Marshall & Sullivan Inc. WA acquired a new stake in AbbVie in the 2nd quarter worth about $25,000. TD Capital Management LLC increased its holdings in 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 buying an additional 58 shares during the period. Abound Financial LLC bought a new position in AbbVie in the 1st quarter valued at about $30,000. Cypress Capital Management LLC WY acquired a new stake in AbbVie in the first quarter valued at approximately $35,000. Finally, Bear Mountain Capital Inc. boosted its position in AbbVie by 480.6% in the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after buying an additional 173 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Up 0.0%

AbbVie stock opened at $228.74 on Friday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The firm has a 50 day moving average price of $220.26 and a 200-day moving average price of $198.58. The company has a market capitalization of $404.08 billion, a P/E ratio of 108.92, a P/E/G ratio of 1.42 and a beta of 0.51. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. 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 previous year, the company posted $2.65 earnings per share. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. As a group, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

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 given a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Raymond James Financial reissued an “outperform” rating and set a $250.00 target price (up from $236.00) on shares of AbbVie in a report on Friday, October 17th. Morgan Stanley upped their price objective on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Bank of America boosted their target price on shares of AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a research report on Friday, October 3rd. HSBC set a $225.00 price objective on shares of AbbVie in a report on Thursday, October 2nd. Finally, Erste Group Bank downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a report on Tuesday, October 14th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $234.80.

Insider Buying and Selling at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction on Tuesday, August 12th. The shares were 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 approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction 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 shares were sold at an average price of $198.51, for a total transaction 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 trade represents 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.

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.