Apollon Financial LLC Trims Position in AbbVie Inc. $ABBV

Apollon Financial LLC cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 4.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,267 shares of the company’s stock after selling 54 shares during the quarter. Apollon Financial LLC’s holdings in AbbVie were worth $235,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Apollon Wealth Management LLC grew its stake in AbbVie by 0.6% in the second quarter. Apollon Wealth Management LLC now owns 80,517 shares of the company’s stock worth $14,946,000 after purchasing an additional 508 shares during the period. Hemington Wealth Management boosted its holdings in AbbVie by 5.0% in the second quarter. Hemington Wealth Management now owns 2,854 shares of the company’s stock worth $529,000 after acquiring an additional 136 shares in the last quarter. IRON Financial LLC lifted its holdings in shares of AbbVie by 26.8% during the second quarter. IRON Financial LLC now owns 3,185 shares of the company’s stock valued at $591,000 after purchasing an additional 674 shares in the last quarter. One Degree Advisors Inc purchased a new stake in AbbVie in the second quarter worth about $213,000. Finally, Bey Douglas LLC increased its position in AbbVie by 27.9% in the second quarter. Bey Douglas LLC now owns 2,079 shares of the company’s stock worth $386,000 after buying an additional 453 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of analyst reports. HSBC set a $225.00 price target on AbbVie in a research report on Thursday, October 2nd. JPMorgan Chase & Co. increased their target price on AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Piper Sandler increased their target price on AbbVie from $231.00 to $284.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Morgan Stanley increased their target price on AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $231.90.

Insider Activity at AbbVie

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

AbbVie Stock Performance

NYSE ABBV opened at $230.88 on Friday. The stock has a market capitalization of $407.86 billion, a PE ratio of 109.94, a P/E/G ratio of 1.35 and a beta of 0.51. The business has a 50 day simple moving average of $214.84 and a two-hundred day simple moving average of $196.76. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81.

AbbVie (NYSE:ABBV) last released its quarterly earnings results 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 firm had revenue of $15.42 billion for the quarter, compared to analysts’ expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.65 EPS. On average, research analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued 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 dividend payout ratio (DPR) is currently 312.38%.

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.