AbbVie Inc. (NYSE:ABBV) Shares Sold by Holderness Investments Co.

Holderness Investments Co. decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 2.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,858 shares of the company’s stock after selling 536 shares during the quarter. AbbVie comprises 1.0% of Holderness Investments Co.’s investment portfolio, making the stock its 20th largest holding. Holderness Investments Co.’s holdings in AbbVie were worth $4,092,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of ABBV. ProShare Advisors LLC boosted its holdings in shares of AbbVie by 2.0% in the second quarter. ProShare Advisors LLC now owns 1,309,684 shares of the company’s stock valued at $224,637,000 after acquiring an additional 26,088 shares in the last quarter. Profund Advisors LLC grew its holdings in shares of AbbVie by 32.8% in the 2nd quarter. Profund Advisors LLC now owns 47,004 shares of the company’s stock worth $8,062,000 after acquiring an additional 11,603 shares during the period. Kowal Investment Group LLC increased its position in shares of AbbVie by 4.7% in the second quarter. Kowal Investment Group LLC now owns 15,006 shares of the company’s stock valued at $2,574,000 after buying an additional 671 shares in the last quarter. Westwood Holdings Group Inc. grew its stake in AbbVie by 1.2% in the 2nd quarter. Westwood Holdings Group Inc. now owns 11,380 shares of the company’s stock valued at $1,952,000 after acquiring an additional 130 shares during the last quarter. Finally, Tcwp LLC increased its holdings in AbbVie by 12.0% during the 2nd quarter. Tcwp LLC now owns 2,936 shares of the company’s stock valued at $504,000 after acquiring an additional 315 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. William Blair raised AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Wells Fargo & Company upped their price objective on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Finally, BMO Capital Markets raised their price target on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $191.64.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Price Performance

ABBV stock opened at $193.47 on Friday. The firm has a market cap of $341.64 billion, a P/E ratio of 57.41, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The stock has a 50-day simple moving average of $189.35 and a 200-day simple moving average of $175.80.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter last year, the company earned $2.91 earnings per share. AbbVie’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities analysts predict that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.20%. AbbVie’s payout ratio is currently 183.98%.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.