Beddow Capital Management Inc. Lowers Stake in AbbVie Inc. (NYSE:ABBV)

Beddow Capital Management Inc. lessened its stake in AbbVie Inc. (NYSE:ABBV) by 0.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 44,496 shares of the company’s stock after selling 150 shares during the quarter. AbbVie makes up approximately 3.3% of Beddow Capital Management Inc.’s portfolio, making the stock its 9th biggest holding. Beddow Capital Management Inc.’s holdings in AbbVie were worth $7,632,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Vermillion & White Wealth Management Group LLC purchased a new position in AbbVie in the 4th quarter valued at approximately $26,000. Fairway Wealth LLC purchased a new position in shares of AbbVie during the 2nd quarter valued at $26,000. Ridgewood Investments LLC purchased a new position in shares of AbbVie during the 2nd quarter valued at $27,000. Able Wealth Management LLC purchased a new position in shares of AbbVie during the 4th quarter valued at $33,000. Finally, IFS Advisors LLC purchased a new position in shares of AbbVie during the 1st quarter valued at $36,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Stock Down 0.1 %

Shares of AbbVie stock opened at $193.46 on Friday. The company has a market cap of $341.62 billion, a price-to-earnings ratio of 57.41, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. The company’s 50 day moving average is $189.35 and its 200 day moving average is $175.82. 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.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating 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 company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the prior year, the firm earned $2.91 earnings per share. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. Research analysts anticipate that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Announces Dividend

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 $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.20%. AbbVie’s payout ratio is presently 183.98%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. BMO Capital Markets lifted their price objective on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Morgan Stanley lifted their price objective on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Truist Financial reaffirmed a “buy” rating and set a $210.00 price objective (up from $195.00) on shares of AbbVie in a report on Friday, July 26th. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a report on Wednesday, June 5th. Finally, William Blair raised 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie presently has an average rating of “Buy” and an average target price of $191.64.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred 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 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 can be accessed through this hyperlink. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the 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 accessible through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction 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 sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

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.