Parallel Advisors LLC Reduces Stake in AbbVie Inc. (NYSE:ABBV)

Parallel Advisors LLC lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 110,107 shares of the company’s stock after selling 1,340 shares during the period. Parallel Advisors LLC’s holdings in AbbVie were worth $18,886,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Dai ichi Life Insurance Company Ltd boosted its holdings in AbbVie by 0.6% in the 2nd quarter. Dai ichi Life Insurance Company Ltd now owns 152,737 shares of the company’s stock valued at $26,197,000 after purchasing an additional 859 shares during the last quarter. Schiavi & Co LLC lifted its holdings in AbbVie by 8.1% in the second quarter. Schiavi & Co LLC now owns 3,321 shares of the company’s stock valued at $570,000 after acquiring an additional 249 shares during the last quarter. Westover Capital Advisors LLC grew its position in AbbVie by 30.0% in the second quarter. Westover Capital Advisors LLC now owns 11,674 shares of the company’s stock worth $2,002,000 after acquiring an additional 2,696 shares during the period. CoreCap Advisors LLC acquired a new stake in AbbVie during the second quarter worth $2,290,000. Finally, SYM FINANCIAL Corp purchased a new stake in AbbVie in the second quarter valued at $362,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were 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 directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Truist Financial reaffirmed a “buy” rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. William Blair raised AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Wells Fargo & Company increased their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Morgan Stanley raised their price objective on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Finally, Piper Sandler increased their target price on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $191.64.

AbbVie Price Performance

Shares of NYSE ABBV opened at $194.18 on Friday. The stock has a fifty day moving average price of $186.83 and a 200 day moving average price of $175.26. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The company has a market cap of $342.99 billion, a PE ratio of 57.62, a P/E/G ratio of 2.66 and a beta of 0.64.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.57 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business’s revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business earned $2.91 EPS. Sell-side analysts forecast that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

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 $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

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.