Gemmer Asset Management LLC Sells 402 Shares of AbbVie Inc. $ABBV

Gemmer Asset Management LLC reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 13.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 2,648 shares of the company’s stock after selling 402 shares during the period. Gemmer Asset Management LLC’s holdings in AbbVie were worth $492,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Iron Horse Wealth Management LLC lifted its stake in shares of AbbVie by 78.9% during the 2nd quarter. Iron Horse Wealth Management LLC now owns 476 shares of the company’s stock worth $88,000 after acquiring an additional 210 shares during the last quarter. Simplicity Wealth LLC lifted its stake in shares of AbbVie by 175.7% during the 2nd quarter. Simplicity Wealth LLC now owns 55,251 shares of the company’s stock worth $10,256,000 after acquiring an additional 35,208 shares during the last quarter. Carolina Wealth Advisors LLC lifted its stake in shares of AbbVie by 1.4% during the 2nd quarter. Carolina Wealth Advisors LLC now owns 38,887 shares of the company’s stock worth $7,218,000 after acquiring an additional 520 shares during the last quarter. MBL Wealth LLC lifted its stake in shares of AbbVie by 1.6% during the 2nd quarter. MBL Wealth LLC now owns 4,126 shares of the company’s stock worth $766,000 after acquiring an additional 64 shares during the last quarter. Finally, Capital City Trust Co. FL lifted its stake in shares of AbbVie by 0.5% during the 2nd quarter. Capital City Trust Co. FL now owns 37,616 shares of the company’s stock worth $6,982,000 after acquiring an additional 175 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents 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 owned by insiders.

AbbVie Stock Down 1.1%

Shares of NYSE ABBV 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 stock has a market capitalization of $413.49 billion, a PE ratio of 111.46, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51. The stock’s fifty day simple moving average is $210.77 and its two-hundred day simple moving average is $195.90. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81.

AbbVie (NYSE:ABBV) last announced 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). The company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm’s revenue was up 6.6% compared to the same quarter last year. During the same period last year, the business posted $2.65 EPS. As a group, analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm 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 dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is 312.38%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ABBV. HSBC set a $225.00 price target on AbbVie in a research note on Thursday. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a report on Saturday, September 27th. Hsbc Global Res downgraded AbbVie from a “strong-buy” rating to a “hold” rating in a report on Wednesday. BMO Capital Markets raised their price objective on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, September 12th. Finally, Citigroup raised their price objective on AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $228.22.

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.