GWN Securities Inc. Sells 61,072 Shares of AbbVie Inc. $ABBV

GWN Securities Inc. lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 91.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,425 shares of the company’s stock after selling 61,072 shares during the quarter. GWN Securities Inc.’s holdings in AbbVie were worth $1,011,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Marshall & Sullivan Inc. WA purchased a new stake in AbbVie in the second quarter valued at about $25,000. TD Capital Management LLC raised its stake in AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the last quarter. Abound Financial LLC purchased a new stake in AbbVie in the first quarter valued at about $30,000. Cypress Capital Management LLC WY purchased a new stake in AbbVie in the first quarter valued at about $35,000. Finally, Bear Mountain Capital Inc. raised its stake in AbbVie by 480.6% in the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after buying an additional 173 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Down 0.0%

Shares of ABBV stock opened at $227.98 on Tuesday. The stock has a 50 day moving average of $221.13 and a 200 day moving average of $199.58. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock has a market cap of $402.73 billion, a P/E ratio of 108.56, a P/E/G ratio of 1.44 and a beta of 0.51. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81.

AbbVie (NYSE:ABBV) last announced 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). The company had revenue of $15.42 billion for 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%. The firm’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.65 earnings per share. As a group, sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business 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. This represents a $6.56 annualized dividend and a yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 transaction, the executive vice president owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on ABBV shares. HSBC set a $225.00 price target on AbbVie in a research note on Thursday, October 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research note on Wednesday, October 8th. Wells Fargo & Company increased 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. Evercore ISI raised their price objective on AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Finally, Morgan Stanley raised their price objective on AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus 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.