Waterfront Wealth Inc. Sells 155 Shares of AbbVie Inc. $ABBV

Waterfront Wealth Inc. lessened its position 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. The institutional investor owned 10,001 shares of the company’s stock after selling 155 shares during the period. Waterfront Wealth Inc.’s holdings in AbbVie were worth $1,856,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Marshall & Sullivan Inc. WA bought a new position in AbbVie during the 2nd quarter worth about $25,000. TD Capital Management LLC boosted its stake in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the last quarter. Abound Financial LLC acquired a new position in shares of AbbVie during the 1st quarter worth about $30,000. Cypress Capital Management LLC WY acquired a new position in shares of AbbVie during the 1st quarter worth about $35,000. Finally, Bear Mountain Capital Inc. boosted its stake in shares of AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after buying an additional 173 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 0.2%

Shares of NYSE:ABBV opened at $227.67 on Wednesday. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The company has a market capitalization 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. The company has a 50-day simple moving average of $221.56 and a 200 day simple moving average of $199.96. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the business posted $2.65 earnings per share. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. Sell-side analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on ABBV shares. UBS Group set a $251.00 price objective on shares of AbbVie in a research note on Friday, October 3rd. JPMorgan Chase & Co. increased their price objective on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Guggenheim increased their price objective on shares of AbbVie from $227.00 to $242.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Daiwa America upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Finally, Berenberg Bank upgraded shares of AbbVie from a “hold” rating to a “buy” rating and increased their price objective for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $234.80.

Insider Activity at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president directly 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 transaction 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.08% of the company’s stock.

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.