Schmidt P J Investment Management Inc. Has $6.45 Million Holdings in AbbVie Inc. $ABBV

Schmidt P J Investment Management Inc. increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,748 shares of the company’s stock after acquiring an additional 396 shares during the quarter. AbbVie accounts for about 1.1% of Schmidt P J Investment Management Inc.’s holdings, making the stock its 28th largest position. Schmidt P J Investment Management Inc.’s holdings in AbbVie were worth $6,450,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in ABBV. Marshall & Sullivan Inc. WA acquired a new stake in shares of AbbVie during the second quarter valued at approximately $25,000. TD Capital Management LLC raised its holdings in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the period. Abound Financial LLC acquired a new stake in shares of AbbVie during the first quarter valued at approximately $30,000. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie during the first quarter valued at approximately $35,000. Finally, Bear Mountain Capital Inc. raised its holdings in shares of AbbVie by 480.6% during the second 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 period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Performance

ABBV stock opened at $228.06 on Monday. 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 company has a market capitalization of $402.87 billion, a price-to-earnings ratio of 108.60, a P/E/G ratio of 1.44 and a beta of 0.51. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81. The firm has a 50 day moving average of $220.69 and a two-hundred day moving average of $199.24.

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 business 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%.The business’s revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.65 earnings per share. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

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

Analyst Ratings Changes

A number of research firms have recently issued reports on ABBV. Wall Street Zen upgraded shares of AbbVie from a “hold” rating to a “buy” rating in a report on Saturday. Hsbc Global Res lowered shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Citigroup reiterated a “neutral” rating on shares of AbbVie in a research note on Monday, October 13th. Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective on the stock in a research note on Thursday, August 7th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $250.00 price objective (up previously from $236.00) on shares of AbbVie in a research note on Friday, October 17th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and an average target price of $234.80.

Insider Activity at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the sale, the executive vice president directly 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. Insiders own 0.08% of the company’s stock.

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.