IFS Advisors LLC Cuts Holdings in AbbVie Inc. $ABBV

IFS Advisors LLC decreased its position in shares of AbbVie Inc. (NYSE:ABBV) by 60.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 200 shares of the company’s stock after selling 300 shares during the period. IFS Advisors LLC’s holdings in AbbVie were worth $37,000 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. First Hawaiian Bank lifted its holdings in shares of AbbVie by 0.8% in the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock valued at $1,403,000 after acquiring an additional 60 shares during the last quarter. Narus Financial Partners LLC lifted its holdings in shares of AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock valued at $417,000 after acquiring an additional 401 shares during the last quarter. Highland Capital Management LLC lifted its holdings in shares of AbbVie by 6.3% in the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock valued at $9,817,000 after acquiring an additional 2,792 shares during the last quarter. Weaver Capital Management LLC lifted its holdings in shares of AbbVie by 3.9% in the 1st quarter. Weaver Capital Management LLC now owns 8,240 shares of the company’s stock valued at $1,727,000 after acquiring an additional 310 shares during the last quarter. Finally, North Star Asset Management Inc. lifted its holdings in shares of AbbVie by 0.5% in the 1st quarter. North Star Asset Management Inc. now owns 161,320 shares of the company’s stock valued at $33,800,000 after acquiring an additional 756 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 1.1%

Shares of NYSE ABBV opened at $234.07 on Friday. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The company has a market cap of $413.49 billion, a P/E ratio of 111.46, a PEG 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. The firm has a 50-day simple moving average of $210.77 and a two-hundred day simple moving average of $195.90.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the previous year, the business earned $2.65 EPS. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. Research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders 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 dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is currently 312.38%.

Insider Activity at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred 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 of the company’s stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on ABBV. Morgan Stanley increased their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Evercore ISI increased their price target on shares of AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a report on Monday, September 22nd. Piper Sandler assumed coverage on shares of AbbVie in a report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price target for the company. Finally, UBS Group set a $251.00 price objective on shares of AbbVie in a research note on Friday. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.