Accel Wealth Management Cuts Stake in AbbVie Inc. $ABBV

Accel Wealth Management reduced its stake in AbbVie Inc. (NYSE:ABBV) by 6.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 4,830 shares of the company’s stock after selling 343 shares during the quarter. Accel Wealth Management’s holdings in AbbVie were worth $896,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of AbbVie by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company’s stock worth $36,439,271,000 after buying an additional 845,787 shares during the last quarter. Northern Trust Corp lifted its holdings in AbbVie by 0.9% during the first quarter. Northern Trust Corp now owns 22,013,920 shares of the company’s stock valued at $4,612,357,000 after purchasing an additional 189,294 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in AbbVie by 31.6% during the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock valued at $3,068,820,000 after purchasing an additional 3,519,187 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in AbbVie by 5.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company’s stock valued at $2,675,959,000 after purchasing an additional 713,148 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in AbbVie by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company’s stock valued at $1,972,050,000 after purchasing an additional 45,871 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’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 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 represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred 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 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. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Stock Down 1.1%

ABBV stock opened at $234.07 on Friday. 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 company’s 50 day moving average is $210.77 and its 200 day moving average is $195.90. The stock has a market cap of $413.49 billion, a price-to-earnings ratio of 111.46, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81.

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

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio is 312.38%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Raymond James Financial reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Citigroup upped their price objective on shares of AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. UBS Group set a $251.00 price objective on shares of AbbVie in a report on Friday. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Finally, HSBC set a $225.00 price objective on shares of AbbVie in a report on Thursday. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average price target of $228.22.

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.