Capital Market Strategies LLC Reduces Stake in AbbVie Inc. (NYSE:ABBV)

Capital Market Strategies LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 1.1% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 11,896 shares of the company’s stock after selling 131 shares during the period. AbbVie accounts for about 1.5% of Capital Market Strategies LLC’s holdings, making the stock its 11th largest holding. Capital Market Strategies LLC’s holdings in AbbVie were worth $1,603,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Edmonds Duncan Registered Investment Advisors LLC increased its stake in AbbVie by 11.4% in the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 1,979 shares of the company’s stock valued at $267,000 after purchasing an additional 203 shares in the last quarter. MADDEN SECURITIES Corp increased its position in AbbVie by 0.7% during the second quarter. MADDEN SECURITIES Corp now owns 14,403 shares of the company’s stock worth $1,941,000 after buying an additional 103 shares in the last quarter. Prentice Wealth Management LLC increased its position in AbbVie by 13.6% during the second quarter. Prentice Wealth Management LLC now owns 5,483 shares of the company’s stock worth $739,000 after buying an additional 658 shares in the last quarter. St. Louis Financial Planners Asset Management LLC increased its position in AbbVie by 12.0% during the second quarter. St. Louis Financial Planners Asset Management LLC now owns 12,568 shares of the company’s stock worth $1,693,000 after buying an additional 1,350 shares in the last quarter. Finally, Centre Asset Management LLC increased its position in AbbVie by 3.4% during the second quarter. Centre Asset Management LLC now owns 20,741 shares of the company’s stock worth $2,794,000 after buying an additional 683 shares in the last quarter. 67.86% of the stock is owned by hedge funds and other institutional investors.

AbbVie Price Performance

Shares of AbbVie stock opened at $152.09 on Friday. AbbVie Inc. has a twelve month low of $130.96 and a twelve month high of $168.11. The stock has a market capitalization of $268.45 billion, a P/E ratio of 31.29, a PEG ratio of 2.74 and a beta of 0.58. The company has a current ratio of 0.89, a quick ratio of 0.77 and a debt-to-equity ratio of 4.33. The business’s fifty day moving average price is $146.09 and its 200 day moving average price is $147.56.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 27th. The company reported $2.91 earnings per share for the quarter, beating analysts’ consensus estimates of $2.79 by $0.12. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. The firm had revenue of $13.87 billion for the quarter, compared to analysts’ expectations of $13.52 billion. As a group, research analysts anticipate that AbbVie Inc. will post 11.03 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be given a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio (DPR) is presently 121.81%.

Insider Buying and Selling at AbbVie

In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of the firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $149.15, for a total value of $2,759,275.00. Following the transaction, the chief executive officer now directly owns 625,294 shares of the company’s stock, valued at $93,262,600.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on ABBV shares. Piper Sandler raised their price target on AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, July 28th. HSBC started coverage on AbbVie in a research report on Friday, July 14th. They set a “buy” rating and a $167.00 price target for the company. Credit Suisse Group decreased their price objective on AbbVie from $170.00 to $160.00 in a report on Wednesday, July 12th. TheStreet upgraded AbbVie from a “c+” rating to a “b” rating in a report on Monday, August 28th. Finally, William Blair started coverage on AbbVie in a report on Tuesday, July 25th. They set a “market perform” rating on the stock. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $165.79.

About AbbVie

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.