OMC Financial Services LTD Cuts Stock Position in AbbVie Inc. $ABBV

OMC Financial Services LTD cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,523 shares of the company’s stock after selling 473 shares during the quarter. AbbVie makes up 3.9% of OMC Financial Services LTD’s portfolio, making the stock its 7th largest position. OMC Financial Services LTD’s holdings in AbbVie were worth $9,564,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Jacobsen Capital Management lifted its position in AbbVie by 11.6% during the 2nd quarter. Jacobsen Capital Management now owns 3,690 shares of the company’s stock worth $685,000 after buying an additional 385 shares in the last quarter. Schulhoff & Co. Inc. lifted its position in AbbVie by 0.5% during the 2nd quarter. Schulhoff & Co. Inc. now owns 27,771 shares of the company’s stock worth $5,155,000 after buying an additional 130 shares in the last quarter. Cullen Frost Bankers Inc. lifted its position in AbbVie by 3.1% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 396,225 shares of the company’s stock worth $73,547,000 after buying an additional 11,730 shares in the last quarter. St. Johns Investment Management Company LLC lifted its position in AbbVie by 7.8% during the 2nd quarter. St. Johns Investment Management Company LLC now owns 4,191 shares of the company’s stock worth $778,000 after buying an additional 305 shares in the last quarter. Finally, Wallace Advisory Group LLC lifted its position in AbbVie by 9.9% during the 2nd quarter. Wallace Advisory Group LLC now owns 3,103 shares of the company’s stock worth $576,000 after buying an additional 279 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ABBV shares. Raymond James Financial reaffirmed an “outperform” rating and issued a $250.00 target price (up from $236.00) on shares of AbbVie in a report on Friday. UBS Group set a $251.00 target price on shares of AbbVie in a report on Friday, October 3rd. Berenberg Bank raised shares of AbbVie from a “hold” rating to a “buy” rating and upped their target price for the company from $170.00 to $270.00 in a report on Wednesday, September 17th. JPMorgan Chase & Co. upped their target price on shares of AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Finally, Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $234.80.

AbbVie Stock Down 0.2%

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

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the company posted $2.65 EPS. The firm’s quarterly revenue was up 6.6% on a year-over-year basis. On average, analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the 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 owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred 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 sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

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.