Delta Investment Management LLC Trims Stock Position in AbbVie Inc. $ABBV

Delta Investment Management LLC lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 3.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,909 shares of the company’s stock after selling 132 shares during the period. Delta Investment Management LLC’s holdings in AbbVie were worth $726,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Marshall & Sullivan Inc. WA acquired a new position in shares of AbbVie in the second quarter valued at approximately $25,000. TD Capital Management LLC increased its position in AbbVie by 82.9% during the first 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 acquired a new position in AbbVie during the first quarter worth approximately $30,000. Cypress Capital Management LLC WY acquired a new position in AbbVie during the first quarter worth approximately $35,000. Finally, Bear Mountain Capital Inc. increased its position in AbbVie by 480.6% during the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after purchasing an additional 173 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction 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 transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction 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 trade 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 corporate insiders.

AbbVie Price Performance

Shares of ABBV stock opened at $228.06 on Monday. The company has a market capitalization of $402.87 billion, a PE ratio of 108.60, a price-to-earnings-growth ratio of 1.44 and a beta of 0.51. The firm has a fifty day simple moving average of $220.69 and a 200-day simple moving average of $199.24. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81.

AbbVie (NYSE:ABBV) last announced its 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 during 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%. AbbVie’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter last year, the company posted $2.65 earnings per share. Equities research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. AbbVie’s dividend payout ratio is 312.38%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Morgan Stanley upped their price target on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Hsbc Global Res lowered shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Bank of America upped their price target on shares of AbbVie from $220.00 to $251.00 and gave the stock a “neutral” rating in a research report on Friday, October 3rd. Citigroup reaffirmed a “neutral” rating on shares of AbbVie in a research report on Monday, October 13th. Finally, HSBC set a $225.00 price target on shares of AbbVie in a research report on Thursday, October 2nd. Two 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. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $234.80.

AbbVie Company 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.