AbbVie Inc. (NYSE:ABBV) Holdings Reduced by High Net Worth Advisory Group LLC

High Net Worth Advisory Group LLC lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.2% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 44,067 shares of the company’s stock after selling 89 shares during the period. AbbVie comprises about 2.3% of High Net Worth Advisory Group LLC’s portfolio, making the stock its 8th largest holding. High Net Worth Advisory Group LLC’s holdings in AbbVie were worth $5,937,000 as of its most recent filing with the SEC.

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

AbbVie Price Performance

AbbVie stock opened at $152.09 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.77 and a debt-to-equity ratio of 4.33. The company has a 50-day moving average price of $146.09 and a 200 day moving average price of $147.56. AbbVie Inc. has a 12-month low of $130.96 and a 12-month high of $168.11. The stock has a market cap of $268.45 billion, a P/E ratio of 31.29, a PEG ratio of 2.74 and a beta of 0.58.

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

AbbVie Announces Dividend

The firm 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 $1.48 dividend. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $5.92 dividend on an annualized basis and a yield of 3.89%. AbbVie’s dividend payout ratio is currently 121.81%.

Insider Activity

In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the completion of the transaction, the chief executive officer now owns 625,294 shares of the company’s stock, valued at $93,262,600.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ABBV shares. Credit Suisse Group dropped their price target on shares of AbbVie from $170.00 to $160.00 in a research note on Wednesday, July 12th. HSBC started coverage on shares of AbbVie in a research report on Friday, July 14th. They set a “buy” rating and a $167.00 price target for the company. StockNews.com started coverage on AbbVie in a report on Thursday, August 17th. They issued a “strong-buy” rating on the stock. William Blair assumed coverage on AbbVie in a research report on Tuesday, July 25th. They issued a “market perform” rating on the stock. Finally, TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a research report on Monday, August 28th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, AbbVie presently has an average 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.