High Note Wealth LLC Has $1.65 Million Stock Position in AbbVie Inc. $ABBV

High Note Wealth LLC cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 56.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,861 shares of the company’s stock after selling 11,362 shares during the quarter. High Note Wealth LLC’s holdings in AbbVie were worth $1,645,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. First Hawaiian Bank raised its holdings in AbbVie by 0.8% in the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock valued at $1,403,000 after acquiring an additional 60 shares in the last quarter. Narus Financial Partners LLC increased its position in shares of AbbVie by 25.3% during the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock valued at $417,000 after purchasing an additional 401 shares during the period. Highland Capital Management LLC raised its stake 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 purchasing an additional 2,792 shares in the last quarter. Weaver Capital Management LLC boosted its stake in AbbVie by 3.9% during the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company’s stock worth $1,727,000 after buying an additional 310 shares in the last quarter. Finally, North Star Asset Management Inc. increased its holdings in AbbVie by 0.5% in the 1st 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 during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 1.6%

Shares of NYSE ABBV opened at $230.28 on Tuesday. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81. The firm’s 50-day simple moving average is $211.61 and its 200 day simple moving average is $195.93. 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 $406.80 billion, a price-to-earnings ratio of 109.66, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51.

AbbVie (NYSE:ABBV) last announced its 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 company had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the prior year, the firm posted $2.65 earnings per share. The company’s revenue was up 6.6% on a year-over-year basis. On average, research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders 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 annualized dividend and a yield of 2.8%. AbbVie’s dividend payout ratio is currently 312.38%.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of analyst reports. Hsbc Global Res downgraded shares of AbbVie from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 1st. Raymond James Financial restated an “outperform” rating on shares of AbbVie in a research note on Monday, August 25th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a report on Saturday, September 27th. HSBC set a $225.00 target price on AbbVie in a research report on Thursday. Finally, BMO Capital Markets increased their price objective on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, September 12th. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $229.14.

Insiders Place Their Bets

In related news, 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 transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’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 $11,562,611.97. This represents a 18.58% 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.

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.