Summit Financial Strategies Inc. Has $990,000 Stake in AbbVie Inc. (NYSE:ABBV)

Summit Financial Strategies Inc. trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 1.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,016 shares of the company’s stock after selling 71 shares during the period. Summit Financial Strategies Inc.’s holdings in AbbVie were worth $990,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pine Haven Investment Counsel Inc raised its holdings in shares of AbbVie by 0.3% during the third quarter. Pine Haven Investment Counsel Inc now owns 18,102 shares of the company’s stock valued at $3,575,000 after purchasing an additional 52 shares during the last quarter. Frisch Financial Group Inc. raised its holdings in shares of AbbVie by 0.8% during the second quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock valued at $1,187,000 after purchasing an additional 53 shares during the last quarter. First Citizens Financial Corp raised its holdings in shares of AbbVie by 0.9% during the third quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock valued at $1,141,000 after purchasing an additional 53 shares during the last quarter. Sunflower Bank N.A. raised its holdings in shares of AbbVie by 0.4% during the third quarter. Sunflower Bank N.A. now owns 13,723 shares of the company’s stock valued at $2,710,000 after purchasing an additional 53 shares during the last quarter. Finally, Professional Financial Advisors LLC raised its holdings in shares of AbbVie by 3.4% during the third quarter. Professional Financial Advisors LLC now owns 1,638 shares of the company’s stock valued at $323,000 after purchasing an additional 54 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is owned by company insiders.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $188.57 on Friday. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The firm has a fifty day moving average price of $194.46 and a 200 day moving average price of $177.70. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The firm has a market cap of $332.99 billion, a price-to-earnings ratio of 55.96, a P/E/G ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the prior year, the business earned $2.91 earnings per share. AbbVie’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, sell-side analysts expect that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.29%. AbbVie’s dividend payout ratio (DPR) is currently 183.98%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Piper Sandler upped their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. William Blair raised shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Truist Financial upped their target price on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Finally, Barclays upped their target price on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Three equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and an average price target of $198.69.

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.