Grandview Asset Management LLC Reduces Stock Position in AbbVie Inc. (NYSE:ABBV)

Grandview Asset Management LLC lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 8.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,108 shares of the company’s stock after selling 1,864 shares during the quarter. AbbVie comprises about 2.8% of Grandview Asset Management LLC’s investment portfolio, making the stock its 11th biggest holding. Grandview Asset Management LLC’s holdings in AbbVie were worth $2,844,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Kalos Management Inc. purchased a new position in shares of AbbVie in the first quarter worth approximately $26,000. Boulder Wealth Advisors LLC purchased a new position in shares of AbbVie in the fourth quarter worth approximately $31,000. Stone House Investment Management LLC purchased a new position in shares of AbbVie in the first quarter worth approximately $37,000. True Wealth Design LLC purchased a new position in shares of AbbVie in the fourth quarter worth approximately $39,000. Finally, General Partner Inc. purchased a new position in shares of AbbVie in the first quarter worth approximately $40,000. Hedge funds and other institutional investors own 67.86% of the company’s stock.

AbbVie Trading Down 1.0 %

AbbVie stock opened at $152.09 on Friday. The firm’s 50 day moving average price is $146.09 and its 200-day moving average price is $147.56. AbbVie Inc. has a 1 year low of $130.96 and a 1 year 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. The company has a debt-to-equity ratio of 4.33, a current ratio of 0.89 and a quick ratio of 0.77.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 27th. The company reported $2.91 earnings per share for the quarter, topping 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 company had revenue of $13.87 billion for the quarter, compared to analysts’ expectations of $13.52 billion. On average, equities analysts predict that AbbVie Inc. will post 11.03 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 3.89%. The ex-dividend date is Thursday, October 12th. AbbVie’s dividend payout ratio is presently 121.81%.

Insider Buying and Selling

In related news, CEO Richard A. Gonzalez sold 18,500 shares of the business’s stock in a transaction on Monday, July 31st. The shares were 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 in the company, valued at $93,262,600.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ABBV has been the topic of a number of research reports. William Blair initiated coverage on shares of AbbVie in a report on Tuesday, July 25th. They issued a “market perform” rating on the stock. 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. Piper Sandler 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. StockNews.com assumed coverage on shares of AbbVie in a report on Thursday, August 17th. They set a “strong-buy” rating on the stock. Finally, Credit Suisse Group lowered their price target on shares of AbbVie from $170.00 to $160.00 in a report on Wednesday, July 12th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $165.79.

AbbVie Company 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.