AbbVie Inc. $ABBV Stock Position Lowered by Consolidated Planning Corp

Consolidated Planning Corp lessened its position in AbbVie Inc. (NYSE:ABBV) by 24.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,305 shares of the company’s stock after selling 422 shares during the quarter. Consolidated Planning Corp’s holdings in AbbVie were worth $242,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Clarity Financial LLC lifted its position in shares of AbbVie by 11.4% in the 2nd quarter. Clarity Financial LLC now owns 202,483 shares of the company’s stock valued at $37,585,000 after acquiring an additional 20,704 shares in the last quarter. Woodward Diversified Capital LLC lifted its position in AbbVie by 33.4% in the 2nd quarter. Woodward Diversified Capital LLC now owns 9,011 shares of the company’s stock worth $1,673,000 after buying an additional 2,254 shares in the last quarter. Community Financial Services Group LLC lifted its position in AbbVie by 216.4% in the 2nd quarter. Community Financial Services Group LLC now owns 31,384 shares of the company’s stock worth $5,826,000 after buying an additional 21,464 shares in the last quarter. SOA Wealth Advisors LLC. lifted its position in AbbVie by 24.2% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 17,677 shares of the company’s stock worth $3,281,000 after buying an additional 3,447 shares in the last quarter. Finally, First Pacific Financial lifted its position in AbbVie by 9,635.1% in the 2nd quarter. First Pacific Financial now owns 23,267 shares of the company’s stock worth $4,319,000 after buying an additional 23,028 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $236.98 on Friday. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The firm’s fifty day simple moving average is $209.90 and its 200 day simple moving average is $195.87. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The firm has a market capitalization of $418.63 billion, a PE ratio of 112.85, a PEG ratio of 1.43 and a beta of 0.51.

AbbVie (NYSE:ABBV) last posted 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 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 in the previous year, the business posted $2.65 earnings per share. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of research analyst reports. Wells Fargo & Company increased their target price on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, September 12th. Hsbc Global Res downgraded shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Citigroup increased their target price on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target on the stock in a report on Thursday, August 7th. Finally, Daiwa America upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $223.52.

Insiders Place Their Bets

In related 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 value of $8,407,055.40. Following the transaction, the executive vice president directly 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 is available 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 completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. 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.