Cheviot Value Management LLC Trims Stock Position in AbbVie Inc. (NYSE:ABBV)

Cheviot Value Management LLC lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 31,267 shares of the company’s stock after selling 607 shares during the quarter. AbbVie comprises approximately 1.0% of Cheviot Value Management LLC’s portfolio, making the stock its 25th largest position. Cheviot Value Management LLC’s holdings in AbbVie were worth $5,363,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Providence Capital Advisors LLC raised its position in shares of AbbVie by 1.1% during the 2nd quarter. Providence Capital Advisors LLC now owns 16,101 shares of the company’s stock valued at $2,762,000 after buying an additional 169 shares during the period. Resources Management Corp CT ADV raised its position in AbbVie by 0.5% in the second quarter. Resources Management Corp CT ADV now owns 81,355 shares of the company’s stock valued at $13,954,000 after purchasing an additional 383 shares during the period. Nippon Life Global Investors Americas Inc. raised its position in AbbVie by 11.0% in the second quarter. Nippon Life Global Investors Americas Inc. now owns 59,360 shares of the company’s stock valued at $10,181,000 after purchasing an additional 5,900 shares during the period. EverSource Wealth Advisors LLC raised its position in AbbVie by 27.3% in the second quarter. EverSource Wealth Advisors LLC now owns 8,662 shares of the company’s stock valued at $1,605,000 after purchasing an additional 1,857 shares during the period. Finally, Fairscale Capital LLC purchased a new stake in AbbVie in the second quarter valued at approximately $86,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Activity at AbbVie

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

AbbVie Stock Performance

Shares of ABBV stock opened at $193.82 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The firm has a fifty day moving average price of $189.87 and a 200 day moving average price of $175.86. The company has a market cap of $342.26 billion, a P/E ratio of 57.51, a PEG ratio of 2.66 and a beta of 0.64. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the previous year, the firm posted $2.91 earnings per share. The company’s revenue was up 4.3% compared to the same quarter last year. Sell-side analysts predict that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.20%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analyst Upgrades and Downgrades

ABBV has been the topic of a number of research analyst reports. Barclays boosted their target price on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. BMO Capital Markets boosted their target price on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Morgan Stanley boosted their target price on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research note on Wednesday, July 3rd. Finally, Wells Fargo & Company boosted their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $191.64.

AbbVie Company 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.