IMS Capital Management Cuts Position in AbbVie Inc. (NYSE:ABBV)

IMS Capital Management reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,640 shares of the company’s stock after selling 73 shares during the period. AbbVie comprises about 1.4% of IMS Capital Management’s holdings, making the stock its 15th largest holding. IMS Capital Management’s holdings in AbbVie were worth $3,026,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vermillion & White Wealth Management Group LLC purchased a new position in AbbVie in the fourth quarter worth approximately $26,000. Fairway Wealth LLC purchased a new position in AbbVie during the 2nd quarter worth $26,000. Ridgewood Investments LLC acquired a new position in AbbVie in the second quarter valued at $27,000. Able Wealth Management LLC acquired a new stake in shares of AbbVie during the fourth quarter worth about $33,000. Finally, IFS Advisors LLC acquired a new stake in AbbVie during the 1st quarter worth approximately $36,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

AbbVie Trading Up 1.4 %

Shares of ABBV opened at $197.48 on Tuesday. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95. The stock has a market cap of $348.72 billion, a price-to-earnings ratio of 58.60, a price-to-earnings-growth ratio of 2.65 and a beta of 0.64. The firm has a 50 day simple moving average of $192.02 and a 200-day simple moving average of $176.34.

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

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued 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 3.14%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Analyst Upgrades and Downgrades

ABBV has been the subject of several analyst reports. Morgan Stanley increased their price target on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Wells Fargo & Company raised their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. BMO Capital Markets increased their price objective on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Piper Sandler boosted their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Finally, William Blair upgraded shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $191.64.

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.