Goldstein Advisors LLC Lowers Stock Holdings in AbbVie Inc. $ABBV

Goldstein Advisors LLC cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 38.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,352 shares of the company’s stock after selling 2,124 shares during the period. Goldstein Advisors LLC’s holdings in AbbVie were worth $622,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Conning Inc. grew its position in AbbVie by 7.1% during the second quarter. Conning Inc. now owns 191,023 shares of the company’s stock valued at $35,458,000 after acquiring an additional 12,690 shares during the period. Dohj LLC boosted its position in AbbVie by 41.8% during the 2nd quarter. Dohj LLC now owns 4,529 shares of the company’s stock worth $802,000 after purchasing an additional 1,335 shares during the period. First Hawaiian Bank boosted its position in AbbVie by 0.8% during the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock worth $1,403,000 after purchasing an additional 60 shares during the period. Narus Financial Partners LLC boosted its position in AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock worth $417,000 after purchasing an additional 401 shares during the period. Finally, BankPlus Trust Department boosted its position in AbbVie by 3.3% during the 2nd quarter. BankPlus Trust Department now owns 27,113 shares of the company’s stock worth $5,033,000 after purchasing an additional 855 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’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 completion of the transaction, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 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. Company insiders own 0.25% of the company’s stock.

AbbVie Price Performance

ABBV opened at $229.66 on Friday. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The firm has a market cap of $405.71 billion, a price-to-earnings ratio of 109.36, a price-to-earnings-growth ratio of 1.43 and a beta of 0.51. The company’s 50-day moving average price is $217.91 and its 200 day moving average price is $197.55.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The firm 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%.AbbVie’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 EPS. As a group, sell-side analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

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 issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

Analyst Ratings Changes

A number of analysts recently weighed in on ABBV shares. Guggenheim upped their price target on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. JPMorgan Chase & Co. boosted their price objective on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. Wells Fargo & Company boosted their price objective on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. Morgan Stanley boosted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Finally, BMO Capital Markets boosted their price objective on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, September 12th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $234.05.

AbbVie 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.