Summit Financial Strategies Inc. Cuts Stock Holdings in AbbVie Inc. (NYSE:ABBV)

by · The Cerbat Gem

Summit Financial Strategies Inc. lowered its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 3.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,389 shares of the company’s stock after selling 256 shares during the period. Summit Financial Strategies Inc.’s holdings in AbbVie were worth $952,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Banco Bilbao Vizcaya Argentaria S.A. grew its stake in shares of AbbVie by 5.0% during the second quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 372,189 shares of the company’s stock worth $50,154,000 after purchasing an additional 17,879 shares in the last quarter. DDD Partners LLC boosted its stake in AbbVie by 9,979.7% in the second quarter. DDD Partners LLC now owns 135,673 shares of the company’s stock valued at $18,279,000 after acquiring an additional 134,327 shares in the last quarter. Polar Capital Holdings Plc boosted its stake in AbbVie by 11.6% in the second quarter. Polar Capital Holdings Plc now owns 358,872 shares of the company’s stock valued at $48,351,000 after acquiring an additional 37,368 shares in the last quarter. Sand Hill Global Advisors LLC boosted its stake in AbbVie by 0.4% in the first quarter. Sand Hill Global Advisors LLC now owns 18,755 shares of the company’s stock valued at $2,989,000 after acquiring an additional 68 shares in the last quarter. Finally, Bank of Montreal Can acquired a new position in AbbVie in the second quarter valued at $486,807,000. Institutional investors and hedge funds own 67.86% of the company’s stock.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 2,912 shares of the stock in a transaction dated Tuesday, December 26th. The shares were sold at an average price of $154.72, for a total value of $450,544.64. Following the completion of the transaction, the executive vice president now directly owns 55,903 shares of the company’s stock, valued at $8,649,312.16. The sale was disclosed in a filing with the SEC, which is available at this link. 0.26% of the stock is currently owned by corporate insiders.

AbbVie Trading Up 0.7 %

NYSE ABBV opened at $161.51 on Friday. The stock has a market capitalization of $290.72 billion, a P/E ratio of 44.25, a P/E/G ratio of 2.85 and a beta of 0.50. AbbVie Inc. has a 52-week low of $130.96 and a 52-week high of $168.11. The firm has a 50-day moving average price of $146.27 and a 200 day moving average price of $145.85. The company has a quick ratio of 0.84, a current ratio of 0.96 and a debt-to-equity ratio of 4.59.

AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings results on Friday, October 27th. The company reported $2.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.86 by $0.09. The firm had revenue of $13.93 billion during the quarter, compared to analysts’ expectations of $13.72 billion. AbbVie had a net margin of 11.81% and a return on equity of 152.70%. The firm’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same period in the prior year, the company posted $3.66 earnings per share. Equities research analysts expect that AbbVie Inc. will post 11.24 EPS for the current year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Tuesday, January 16th will be issued a $1.55 dividend. The ex-dividend date is Friday, January 12th. This is a boost from AbbVie’s previous quarterly dividend of $1.48. This represents a $6.20 dividend on an annualized basis and a yield of 3.84%. AbbVie’s dividend payout ratio (DPR) is 162.19%.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several research analyst reports. Morgan Stanley upped their price objective on shares of AbbVie from $193.00 to $196.00 and gave the company an “overweight” rating in a research note on Monday, October 30th. UBS Group decreased their price objective on shares of AbbVie from $157.00 to $150.00 and set a “neutral” rating for the company in a research note on Friday, October 20th. The Goldman Sachs Group upgraded shares of AbbVie from a “neutral” rating to a “buy” rating and set a $173.00 price objective for the company in a research note on Monday, December 11th. Raymond James upped their price objective on shares of AbbVie from $177.00 to $181.00 and gave the company an “outperform” rating in a research note on Friday, December 1st. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of AbbVie in a research note on Thursday, November 9th. They issued a “hold” rating and a $150.00 price objective for the company. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $167.59.

Get Our Latest Analysis on AbbVie

AbbVie Profile

(Free Report)

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.

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