Bellecapital International Ltd. decreased its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 0.5% in the 2nd quarter, HoldingsChannel reports. The firm owned 62,371 shares of the company’s stock after selling 326 shares during the quarter. AbbVie makes up 2.0% of Bellecapital International Ltd.’s portfolio, making the stock its 16th largest holding. Bellecapital International Ltd.’s holdings in AbbVie were worth $8,403,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of ABBV. Kalos Management Inc. acquired a new position in shares of AbbVie during the 1st quarter valued at $26,000. Boulder Wealth Advisors LLC bought a new stake in AbbVie in the fourth quarter worth about $31,000. Stone House Investment Management LLC bought a new position in shares of AbbVie during the 1st quarter valued at about $37,000. True Wealth Design LLC acquired a new position in shares of AbbVie in the 4th quarter worth approximately $39,000. Finally, General Partner Inc. acquired a new stake in AbbVie during the first quarter valued at approximately $40,000. 67.86% of the stock is currently owned by institutional investors.
Insider Buying and Selling
In other news, CEO Richard A. Gonzalez sold 18,500 shares of AbbVie stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the sale, the chief executive officer now directly owns 625,294 shares of the company’s stock, valued at $93,262,600.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.26% of the stock is currently owned by company insiders.
AbbVie Stock Down 1.0 %
AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly earnings results on Thursday, July 27th. The company reported $2.91 earnings per share for the quarter, topping analysts’ consensus estimates of $2.79 by $0.12. The firm had revenue of $13.87 billion for the quarter, compared to the consensus estimate of $13.52 billion. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. On average, analysts predict that AbbVie Inc. will post 11.03 earnings per share for the current fiscal year.
AbbVie Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be paid a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 3.89%. The ex-dividend date is Thursday, October 12th. AbbVie’s dividend payout ratio (DPR) is currently 121.81%.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on ABBV. Credit Suisse Group reduced their price objective on AbbVie from $170.00 to $160.00 in a research note on Wednesday, July 12th. Piper Sandler upped their price objective 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 assumed coverage on shares of AbbVie in a research report on Tuesday, July 25th. They issued a “market perform” rating on the stock. HSBC began coverage on shares of AbbVie in a research report on Friday, July 14th. They issued a “buy” rating and a $167.00 price target for the company. Finally, Piper Jaffray Companies lifted their price objective on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research report on Friday, July 28th. Eight equities research 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 company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $165.79.
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.
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