1858 Wealth Management LLC Cuts Stake in AbbVie Inc. (NYSE:ABBV)

1858 Wealth Management LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 3.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,142 shares of the company’s stock after selling 149 shares during the period. 1858 Wealth Management LLC’s holdings in AbbVie were worth $818,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Bellecapital International Ltd. boosted its position in shares of AbbVie by 0.4% during the third quarter. Bellecapital International Ltd. now owns 57,938 shares of the company’s stock valued at $11,442,000 after buying an additional 220 shares during the last quarter. Koss Olinger Consulting LLC lifted its holdings in AbbVie by 18.5% in the third quarter. Koss Olinger Consulting LLC now owns 2,566 shares of the company’s stock valued at $507,000 after acquiring an additional 400 shares during the period. Violich Capital Management Inc. lifted its holdings in AbbVie by 0.7% in the third quarter. Violich Capital Management Inc. now owns 117,261 shares of the company’s stock valued at $23,157,000 after acquiring an additional 775 shares during the period. Penn Davis Mcfarland Inc. bought a new position in AbbVie in the third quarter valued at about $6,110,000. Finally, Brown Lisle Cummings Inc. lifted its holdings in AbbVie by 5.4% in the third quarter. Brown Lisle Cummings Inc. now owns 28,091 shares of the company’s stock valued at $5,547,000 after acquiring an additional 1,450 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ABBV shares. Wells Fargo & Company raised their price objective on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Bank of America raised their price objective on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Friday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Barclays raised their price objective on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Finally, BMO Capital Markets raised their price objective on AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $198.47.

AbbVie Price Performance

NYSE ABBV traded down $1.95 during trading on Monday, hitting $186.91. 1,405,593 shares of the stock traded hands, compared to its average volume of 5,282,121. The company has a market capitalization of $330.06 billion, a P/E ratio of 55.78, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The firm has a 50-day simple moving average of $194.44 and a 200-day simple moving average of $177.74. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.91 EPS. As a group, analysts predict that AbbVie Inc. will post 10.85 EPS for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.25% of the company’s stock.

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.