Phillips Financial Management LLC Sells 128 Shares of AbbVie Inc. $ABBV

Phillips Financial Management LLC reduced its holdings in AbbVie Inc. (NYSE:ABBV) by 4.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,824 shares of the company’s stock after selling 128 shares during the quarter. Phillips Financial Management LLC’s holdings in AbbVie were worth $524,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in ABBV. Brighton Jones LLC boosted its position in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its position in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after purchasing an additional 3,064 shares in the last quarter. GAMMA Investing LLC boosted its holdings in AbbVie by 23.8% in the first quarter. GAMMA Investing LLC now owns 48,848 shares of the company’s stock worth $10,235,000 after acquiring an additional 9,395 shares in the last quarter. Valmark Advisers Inc. boosted its holdings in AbbVie by 14.5% in the first quarter. Valmark Advisers Inc. now owns 9,763 shares of the company’s stock worth $2,046,000 after acquiring an additional 1,236 shares in the last quarter. Finally, Walkner Condon Financial Advisors LLC boosted its holdings in AbbVie by 7.8% in the first quarter. Walkner Condon Financial Advisors LLC now owns 2,212 shares of the company’s stock worth $464,000 after acquiring an additional 160 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Down 0.2%

ABBV stock opened at $231.48 on Wednesday. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81. The business has a fifty day moving average price of $219.24 and a 200-day moving average price of $198.07. 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 stock has a market capitalization of $408.93 billion, a P/E ratio of 110.23, a P/E/G ratio of 1.45 and a beta of 0.51.

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

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. AbbVie’s dividend payout ratio is currently 312.38%.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president directly owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. The trade was 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 corporate insiders.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Wells Fargo & Company boosted their target price on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. JPMorgan Chase & Co. boosted their target price on AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. BMO Capital Markets boosted their target price on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, September 12th. Bank of America boosted their target price on AbbVie from $220.00 to $251.00 and gave the stock a “neutral” rating in a report on Friday, October 3rd. Finally, Berenberg Bank raised AbbVie from a “hold” rating to a “buy” rating and boosted their target price for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus price target of $234.80.

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.