AbbVie Inc. (NYSE:ABBV) Shares Sold by MJP Associates Inc. ADV

MJP Associates Inc. ADV cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 39.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,006 shares of the company’s stock after selling 3,252 shares during the quarter. MJP Associates Inc. ADV’s holdings in AbbVie were worth $674,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ABBV. Johnson & White Wealth Management LLC purchased a new stake in shares of AbbVie in the 1st quarter valued at approximately $721,000. Sand Hill Global Advisors LLC grew its stake in shares of AbbVie by 0.4% during the first quarter. Sand Hill Global Advisors LLC now owns 18,755 shares of the company’s stock worth $2,989,000 after purchasing an additional 68 shares in the last quarter. Chesapeake Wealth Management increased its holdings in AbbVie by 21.4% in the fourth quarter. Chesapeake Wealth Management now owns 13,083 shares of the company’s stock valued at $2,114,000 after buying an additional 2,305 shares during the last quarter. Quintet Private Bank Europe S.A. acquired a new stake in AbbVie in the first quarter valued at $6,686,000. Finally, Capital Market Strategies LLC lifted its holdings in AbbVie by 5.0% during the 1st quarter. Capital Market Strategies LLC now owns 12,027 shares of the company’s stock worth $1,917,000 after buying an additional 575 shares during the last quarter. Hedge funds and other institutional investors own 67.86% of the company’s stock.

AbbVie Price Performance

Shares of NYSE ABBV opened at $153.93 on Tuesday. The company has a debt-to-equity ratio of 4.33, a current ratio of 0.89 and a quick ratio of 0.77. The company has a market cap of $271.69 billion, a PE ratio of 31.67, a P/E/G ratio of 2.79 and a beta of 0.58. The stock has a fifty day moving average price of $146.42 and a 200 day moving average price of $147.44. AbbVie Inc. has a 1-year low of $130.96 and a 1-year high of $168.11.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 27th. The company reported $2.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.79 by $0.12. The business had revenue of $13.87 billion for the quarter, compared to analyst estimates of $13.52 billion. AbbVie had a net margin of 15.50% and a return on equity of 151.29%. Sell-side analysts forecast that AbbVie Inc. will post 11.03 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio is presently 121.81%.

Insider Activity at AbbVie

In other news, CEO Richard A. Gonzalez sold 18,500 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $149.15, for a total value of $2,759,275.00. Following the completion of the transaction, the chief executive officer now owns 625,294 shares of the company’s stock, valued at $93,262,600.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.26% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ABBV. TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a report on Monday, August 28th. Piper Sandler increased their price target on shares of AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a research note on Friday, July 28th. William Blair began coverage on shares of AbbVie in a research report on Tuesday, July 25th. They set a “market perform” rating for the company. Credit Suisse Group dropped their target price on shares of AbbVie from $170.00 to $160.00 in a research report on Wednesday, July 12th. Finally, StockNews.com started coverage on shares of AbbVie in a research report on Thursday, August 17th. They issued a “strong-buy” rating for the company. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $165.79.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.