Ieq Capital LLC Sells 25,552 Shares of AbbVie Inc. (NYSE:ABBV)

Ieq Capital LLC lessened its stake in AbbVie Inc. (NYSE:ABBV) by 19.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 104,556 shares of the company’s stock after selling 25,552 shares during the quarter. Ieq Capital LLC’s holdings in AbbVie were worth $17,933,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in shares of AbbVie by 2.5% during the second quarter. Brighton Jones LLC now owns 19,721 shares of the company’s stock worth $3,383,000 after purchasing an additional 477 shares in the last quarter. UP Strategic Wealth Investment Advisors LLC raised its stake in AbbVie by 13.7% during the 2nd quarter. UP Strategic Wealth Investment Advisors LLC now owns 1,873 shares of the company’s stock worth $321,000 after buying an additional 225 shares during the period. Concorde Asset Management LLC lifted its holdings in AbbVie by 2.6% during the second quarter. Concorde Asset Management LLC now owns 3,151 shares of the company’s stock worth $540,000 after acquiring an additional 81 shares in the last quarter. Miramar Capital LLC grew its stake in AbbVie by 0.7% in the second quarter. Miramar Capital LLC now owns 102,841 shares of the company’s stock valued at $17,639,000 after acquiring an additional 764 shares during the period. Finally, Altrius Capital Management Inc increased its holdings in shares of AbbVie by 5.9% in the second quarter. Altrius Capital Management Inc now owns 26,014 shares of the company’s stock worth $4,462,000 after acquiring an additional 1,453 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. BMO Capital Markets lifted their price objective on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Piper Sandler increased their price objective 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. Truist Financial reaffirmed a “buy” rating and issued a $210.00 price objective (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Finally, Wells Fargo & Company increased their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. 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’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $191.64.

AbbVie Stock Up 0.4 %

NYSE:ABBV opened at $193.63 on Friday. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $199.95. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The stock’s 50 day moving average price is $188.89 and its two-hundred day moving average price is $175.71. The firm has a market capitalization of $341.93 billion, a price-to-earnings ratio of 57.46, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64.

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

AbbVie Dividend Announcement

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