Boltwood Capital Management Cuts Stock Position in AbbVie Inc. (NYSE:ABBV)

Boltwood Capital Management cut its holdings in AbbVie Inc. (NYSE:ABBV) by 1.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,644 shares of the company’s stock after selling 120 shares during the quarter. Boltwood Capital Management’s holdings in AbbVie were worth $1,030,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Kalos Management Inc. acquired a new position in AbbVie in the 1st quarter valued at $26,000. Boulder Wealth Advisors LLC acquired a new position in AbbVie in the 4th quarter valued at $31,000. Stone House Investment Management LLC acquired a new position in AbbVie in the 1st quarter valued at $37,000. True Wealth Design LLC acquired a new position in AbbVie in the 4th quarter valued at $39,000. Finally, General Partner Inc. acquired a new position in AbbVie in the 1st quarter valued at $40,000. 67.86% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Performance

Shares of AbbVie stock opened at $153.64 on Friday. The company has a debt-to-equity ratio of 4.33, a current ratio of 0.89 and a quick ratio of 0.77. The stock has a market capitalization of $271.18 billion, a price-to-earnings ratio of 31.61, a price-to-earnings-growth ratio of 2.74 and a beta of 0.58. The business has a 50-day moving average of $146.09 and a 200 day moving average of $147.56. AbbVie Inc. has a 12 month low of $130.96 and a 12 month high of $168.11.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 27th. The company reported $2.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.12. The company had revenue of $13.87 billion for the quarter, compared to analyst estimates of $13.52 billion. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. As a group, sell-side analysts forecast that AbbVie Inc. will post 11.03 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be given a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio is currently 121.81%.

Insider Buying and Selling at AbbVie

In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of the stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $149.15, for a total value of $2,759,275.00. Following the sale, the chief executive officer now owns 625,294 shares of the company’s stock, valued at approximately $93,262,600.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.26% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

ABBV has been the subject of several analyst reports. William Blair initiated coverage on AbbVie in a report on Tuesday, July 25th. They issued a “market perform” rating for the company. Piper Sandler increased their price target on AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a report on Friday, July 28th. Credit Suisse Group lowered their price target on AbbVie from $170.00 to $160.00 in a report on Wednesday, July 12th. Piper Jaffray Companies increased their price target on AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a report on Friday, July 28th. Finally, TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a report on Monday, August 28th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $165.79.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.