M&R Capital Management Inc. Sells 2,394 Shares of AbbVie Inc. (NYSE:ABBV)

M&R Capital Management Inc. lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 12.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,872 shares of the company’s stock after selling 2,394 shares during the quarter. M&R Capital Management Inc.’s holdings in AbbVie were worth $2,273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kalos Management Inc. purchased a new position in AbbVie during the first quarter valued at approximately $26,000. Boulder Wealth Advisors LLC purchased a new position in shares of AbbVie during the 4th quarter valued at $31,000. Stone House Investment Management LLC purchased a new stake in AbbVie in the 1st quarter worth $37,000. True Wealth Design LLC bought a new stake in AbbVie during the fourth quarter valued at about $39,000. Finally, General Partner Inc. bought a new position in shares of AbbVie in the first quarter worth about $40,000. 67.86% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ABBV has been the topic of several recent analyst reports. Piper Sandler lifted their price objective on shares of AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a research report on Friday, July 28th. Piper Jaffray Companies lifted their price target on shares of AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, July 28th. Credit Suisse Group dropped their price objective on shares of AbbVie from $170.00 to $160.00 in a report on Wednesday, July 12th. TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a research report on Monday, August 28th. Finally, HSBC initiated coverage on AbbVie in a report on Friday, July 14th. They set a “buy” rating and a $167.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $165.79.

Insider Activity

In related news, CEO Richard A. Gonzalez sold 18,500 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the completion of the sale, the chief executive officer now directly owns 625,294 shares in the company, valued at approximately $93,262,600.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.26% of the company’s stock.

AbbVie Stock Up 1.6 %

Shares of NYSE ABBV opened at $153.64 on Friday. The stock has a 50 day moving average price of $146.09 and a 200 day moving average price of $147.56. The firm has a market capitalization of $271.18 billion, a price-to-earnings ratio of 31.61, a PEG ratio of 2.70 and a beta of 0.58. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $168.11. The company has a debt-to-equity ratio of 4.33, a quick ratio of 0.77 and a current ratio of 0.89.

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

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be given a dividend of $1.48 per share. The ex-dividend date is Thursday, October 12th. This represents a $5.92 annualized dividend and a yield of 3.85%. AbbVie’s dividend payout ratio (DPR) is presently 121.81%.

About AbbVie

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.