Davies Financial Advisors Inc. Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Davies Financial Advisors Inc. lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 16.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,483 shares of the company’s stock after selling 696 shares during the period. Davies Financial Advisors Inc.’s holdings in AbbVie were worth $688,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ABBV. Bell Investment Advisors Inc increased its stake in AbbVie by 6.6% in the 4th quarter. Bell Investment Advisors Inc now owns 2,031 shares of the company’s stock worth $315,000 after acquiring an additional 126 shares during the last quarter. Baird Financial Group Inc. increased its stake in AbbVie by 0.6% in the 4th quarter. Baird Financial Group Inc. now owns 2,095,667 shares of the company’s stock worth $324,766,000 after acquiring an additional 12,389 shares during the last quarter. Buckingham Strategic Wealth LLC increased its stake in AbbVie by 2.7% in the 4th quarter. Buckingham Strategic Wealth LLC now owns 91,743 shares of the company’s stock worth $14,217,000 after acquiring an additional 2,420 shares during the last quarter. Garden State Investment Advisory Services LLC increased its position in shares of AbbVie by 4.6% during the 4th quarter. Garden State Investment Advisory Services LLC now owns 3,253 shares of the company’s stock valued at $504,000 after purchasing an additional 142 shares during the last quarter. Finally, Groupama Asset Managment bought a new position in shares of AbbVie during the 4th quarter valued at about $13,572,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ABBV shares. Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. TD Cowen increased their target price on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a report on Monday. Barclays increased their target price on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Finally, Piper Sandler increased their target price on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $198.00.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Down 0.1 %

ABBV stock traded down $0.26 during mid-day trading on Friday, hitting $194.09. 862,904 shares of the company were exchanged, compared to its average volume of 5,294,032. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $199.95. The firm has a fifty day simple moving average of $193.98 and a 200 day simple moving average of $177.30. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The company has a market capitalization of $342.83 billion, a PE ratio of 64.88, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same period last year, the firm posted $2.91 earnings per share. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, research analysts forecast that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is 206.67%.

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.