Saxony Capital Management LLC Reduces Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Saxony Capital Management LLC lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 28.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,704 shares of the company’s stock after selling 692 shares during the quarter. Saxony Capital Management LLC’s holdings in AbbVie were worth $336,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its stake in AbbVie by 6.2% in the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock worth $31,025,605,000 after acquiring an additional 9,978,415 shares during the last quarter. Capital World Investors increased its stake in AbbVie by 249.1% in the 1st quarter. Capital World Investors now owns 4,373,184 shares of the company’s stock valued at $796,357,000 after buying an additional 3,120,310 shares during the period. Capital International Investors grew its stake in shares of AbbVie by 6.9% during the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock worth $8,758,789,000 after purchasing an additional 3,110,601 shares during the period. TD Asset Management Inc grew its stake in shares of AbbVie by 156.0% during the 1st quarter. TD Asset Management Inc now owns 3,474,020 shares of the company’s stock worth $632,619,000 after purchasing an additional 2,116,997 shares during the period. Finally, Swedbank AB purchased a new stake in shares of AbbVie in the 1st quarter worth about $367,372,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie 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 completion of the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several recent analyst reports. Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Truist Financial raised their price objective on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. William Blair upgraded AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. 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. Finally, Sanford C. Bernstein initiated coverage on AbbVie in a report on Thursday, October 17th. They set a “market perform” rating and a $203.00 target price on the stock. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.47.

AbbVie Trading Up 1.2 %

Shares of AbbVie stock opened at $188.78 on Wednesday. The stock has a market capitalization of $333.36 billion, a P/E ratio of 56.02, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. 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 company has a 50-day simple moving average of $194.32 and a 200 day simple moving average of $178.01. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95.

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. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations 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 quarter last year, the company posted $2.91 EPS. Research analysts expect that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is 183.98%.

About AbbVie

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.