Abacus Planning Group Inc. Sells 88 Shares of AbbVie Inc. (NYSE:ABBV)

Abacus Planning Group Inc. decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 5.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,592 shares of the company’s stock after selling 88 shares during the quarter. Abacus Planning Group Inc.’s holdings in AbbVie were worth $214,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in ABBV. Retirement Income Solutions Inc bought a new stake in AbbVie in the first quarter valued at about $204,000. Ergoteles LLC grew its stake in AbbVie by 17.8% during the first quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock worth $909,000 after buying an additional 847 shares during the last quarter. First Western Trust Bank bought a new stake in AbbVie during the first quarter worth about $1,150,000. Wsfs Capital Management LLC bought a new stake in AbbVie during the first quarter worth about $562,000. Finally, Bridgewater Associates LP grew its stake in AbbVie by 80.4% during the first quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock worth $12,242,000 after buying an additional 33,661 shares during the last quarter. Institutional investors own 67.86% of the company’s stock.

AbbVie Trading Down 1.0 %

Shares of NYSE ABBV opened at $152.09 on Friday. The company’s 50 day simple moving average is $146.09 and its 200 day simple moving average is $147.56. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $168.11. The firm has a market capitalization of $268.45 billion, a P/E ratio of 31.29, a P/E/G ratio of 2.74 and a beta of 0.58. The company has a debt-to-equity ratio of 4.33, a current ratio of 0.89 and a quick ratio of 0.77.

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

AbbVie Announces Dividend

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

Analyst Ratings Changes

Several analysts have weighed in on the stock. StockNews.com assumed coverage on shares of AbbVie in a research note on Thursday, August 17th. They set a “strong-buy” rating on the stock. William Blair assumed coverage on shares of AbbVie in a research note on Tuesday, July 25th. They set a “market perform” rating on the stock. HSBC assumed coverage on shares of AbbVie in a research note on Friday, July 14th. They set a “buy” rating and a $167.00 price objective on the stock. Piper Jaffray Companies upped their price objective on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. Finally, Credit Suisse Group reduced their target price on shares of AbbVie from $170.00 to $160.00 in a research report on Wednesday, July 12th. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $165.79.

Insiders Place Their Bets

In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 625,294 shares in the company, valued at $93,262,600.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.26% of the company’s stock.

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.