Quotient Wealth Partners LLC Lowers Stock Position in AbbVie Inc. (NYSE:ABBV)

Quotient Wealth Partners LLC trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 6.7% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 6,280 shares of the company’s stock after selling 453 shares during the period. Quotient Wealth Partners LLC’s holdings in AbbVie were worth $1,240,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Modus Advisors LLC grew its holdings in shares of AbbVie by 1.2% in the third quarter. Modus Advisors LLC now owns 24,108 shares of the company’s stock valued at $4,761,000 after purchasing an additional 289 shares in the last quarter. Steigerwald Gordon & Koch Inc. boosted its position in AbbVie by 3.1% in the 3rd quarter. Steigerwald Gordon & Koch Inc. now owns 3,345 shares of the company’s stock valued at $661,000 after buying an additional 101 shares during the period. Matrix Trust Co grew its stake in shares of AbbVie by 0.8% in the third quarter. Matrix Trust Co now owns 13,419 shares of the company’s stock worth $2,650,000 after acquiring an additional 102 shares in the last quarter. Advocate Group LLC increased its position in shares of AbbVie by 0.4% during the third quarter. Advocate Group LLC now owns 77,294 shares of the company’s stock worth $15,264,000 after acquiring an additional 295 shares during the period. Finally, Cypress Wealth Services LLC raised its stake in shares of AbbVie by 6.0% in the third quarter. Cypress Wealth Services LLC now owns 2,738 shares of the company’s stock valued at $541,000 after acquiring an additional 156 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on ABBV. Morgan Stanley increased their price target on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. BMO Capital Markets raised their target price on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Truist Financial lifted their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday. UBS Group increased their price objective on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Wells Fargo & Company lifted their price objective on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $198.00.

AbbVie Stock Performance

Shares of AbbVie stock traded down $0.41 on Thursday, hitting $194.34. The stock had a trading volume of 766,358 shares, compared to its average volume of 5,302,629. The stock has a market cap of $343.18 billion, a price-to-earnings ratio of 57.63, a P/E/G ratio of 2.65 and a beta of 0.63. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95. The company’s 50 day moving average price is $193.89 and its 200 day moving average price is $177.18.

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

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders 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 dividend yield of 3.19%. AbbVie’s payout ratio is 183.98%.

Insider Transactions at AbbVie

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 trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction that occurred 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 sale, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

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.