AbbVie Inc. $ABBV Shares Sold by LVW Advisors LLC

LVW Advisors LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 12.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 18,854 shares of the company’s stock after selling 2,690 shares during the period. LVW Advisors LLC’s holdings in AbbVie were worth $3,500,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Spirepoint Private Client LLC increased its position in shares of AbbVie by 2.5% during the second quarter. Spirepoint Private Client LLC now owns 37,505 shares of the company’s stock valued at $6,962,000 after acquiring an additional 932 shares during the last quarter. Cahaba Wealth Management Inc. lifted its stake in AbbVie by 2.0% in the second quarter. Cahaba Wealth Management Inc. now owns 3,524 shares of the company’s stock worth $654,000 after acquiring an additional 70 shares during the last quarter. Eastover Investment Advisors LLC lifted its stake in AbbVie by 1.1% in the second quarter. Eastover Investment Advisors LLC now owns 37,449 shares of the company’s stock worth $6,951,000 after acquiring an additional 403 shares during the last quarter. Independent Wealth Network Inc. lifted its stake in AbbVie by 5.0% in the second quarter. Independent Wealth Network Inc. now owns 2,208 shares of the company’s stock worth $410,000 after acquiring an additional 105 shares during the last quarter. Finally, West Branch Capital LLC lifted its position in shares of AbbVie by 1.0% during the 2nd quarter. West Branch Capital LLC now owns 29,650 shares of the company’s stock worth $5,504,000 after buying an additional 282 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

ABBV stock opened at $220.75 on Friday. The stock has a market capitalization of $389.97 billion, a price-to-earnings ratio of 105.12, a PEG ratio of 1.28 and a beta of 0.53. 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 Inc. has a 1 year low of $163.81 and a 1 year high of $225.16. The stock’s fifty day moving average is $206.24 and its two-hundred day moving average is $195.27.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) 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 in the previous year, the firm earned $2.65 earnings per share. AbbVie’s revenue was up 6.6% on a year-over-year basis. On average, research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is 312.38%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ABBV shares. Wells Fargo & Company lifted their target price on shares of AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, September 12th. Daiwa Capital Markets raised shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target on the stock in a research note on Thursday, August 7th. Bank of America boosted their price objective on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research report on Monday, June 9th. Daiwa America upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Finally, Guggenheim upped their target price on shares of AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a report on Friday, August 1st. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $223.45.

Insider Activity at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business’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 directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’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 completion of 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 disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie 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.