GraniteShares Advisors LLC Sells 187 Shares of AbbVie Inc. (NYSE:ABBV)

GraniteShares Advisors LLC lessened its position in AbbVie Inc. (NYSE:ABBV) by 3.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,107 shares of the company’s stock after selling 187 shares during the period. GraniteShares Advisors LLC’s holdings in AbbVie were worth $688,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ABBV. Kalos Management Inc. bought a new position in AbbVie during the first quarter valued at approximately $26,000. Miller Wealth Advisors LLC lifted its position in AbbVie by 140.0% during the second quarter. Miller Wealth Advisors LLC now owns 240 shares of the company’s stock valued at $32,000 after purchasing an additional 140 shares during the period. Sanctuary Wealth Management L.L.C. bought a new position in AbbVie during the second quarter valued at approximately $39,000. True Wealth Design LLC bought a new position in AbbVie during the fourth quarter valued at approximately $39,000. Finally, PrairieView Partners LLC lifted its position in AbbVie by 346.7% during the second quarter. PrairieView Partners LLC now owns 335 shares of the company’s stock valued at $45,000 after purchasing an additional 260 shares during the period. Institutional investors own 67.86% of the company’s stock.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $138.48 on Wednesday. The company has a debt-to-equity ratio of 4.59, a quick ratio of 0.84 and a current ratio of 0.96. The company has a market cap of $244.49 billion, a P/E ratio of 37.82, a P/E/G ratio of 2.47 and a beta of 0.51. The firm’s fifty day moving average is $147.17 and its two-hundred day moving average is $144.23. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $168.11.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Friday, October 27th. The company reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.86 by $0.09. The company had revenue of $13.93 billion for the quarter, compared to the consensus estimate of $13.72 billion. AbbVie had a net margin of 11.81% and a return on equity of 152.70%. AbbVie’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.66 EPS. As a group, analysts anticipate that AbbVie Inc. will post 11.24 EPS for the current fiscal year.

AbbVie Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Tuesday, January 16th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Friday, January 12th. This is an increase from AbbVie’s previous quarterly dividend of $1.48. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.48%. AbbVie’s payout ratio is 162.19%.

Analyst Ratings Changes

ABBV has been the topic of several recent research reports. Piper Sandler increased their price target on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, July 28th. Barclays upgraded shares of AbbVie from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $160.00 to $170.00 in a research report on Monday, October 30th. StockNews.com initiated coverage on shares of AbbVie in a research report on Thursday, October 5th. They issued a “strong-buy” rating on the stock. Piper Sandler Companies increased their price target on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, July 28th. Finally, William Blair started coverage on shares of AbbVie in a research report on Tuesday, July 25th. They issued a “market perform” rating on the stock. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $167.69.

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.