Brookstone Capital Management Sells 2,453 Shares of AbbVie Inc. $ABBV

Brookstone Capital Management reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 3.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 77,613 shares of the company’s stock after selling 2,453 shares during the quarter. Brookstone Capital Management’s holdings in AbbVie were worth $14,407,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. Marshall & Sullivan Inc. WA bought a new stake in AbbVie during the 2nd quarter worth about $25,000. TD Capital Management LLC raised its holdings in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Abound Financial LLC bought a new stake in AbbVie during the 1st quarter worth about $30,000. Cypress Capital Management LLC WY bought a new stake in AbbVie during the 1st quarter worth about $35,000. Finally, Bear Mountain Capital Inc. increased its stake in shares of AbbVie by 480.6% in the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after acquiring an additional 173 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business’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 value of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’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 $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by insiders.

AbbVie Price Performance

Shares of ABBV opened at $231.48 on Wednesday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The stock has a 50 day simple moving average of $219.24 and a 200 day simple moving average of $198.07. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The firm has a market capitalization of $408.93 billion, a PE ratio of 110.23, a P/E/G ratio of 1.45 and a beta of 0.51.

AbbVie (NYSE:ABBV) last issued 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 net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the prior year, the firm posted $2.65 earnings per share. AbbVie’s revenue for the quarter was up 6.6% compared to the same quarter last year. Sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

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

Analysts Set New Price Targets

ABBV has been the subject of a number of recent analyst reports. Bank of America upped their price target on AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Berenberg Bank raised AbbVie from a “hold” rating to a “buy” rating and upped their price target for the company from $170.00 to $270.00 in a research note on Wednesday, September 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a research note on Wednesday, October 8th. Wells Fargo & Company upped their price target on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. Finally, Guggenheim upped their price target on AbbVie from $227.00 to $242.00 and gave the company a “buy” rating in a research note on Monday. Two equities research 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $234.80.

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.