Single Point Partners LLC Reduces Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Single Point Partners LLC lowered its position in AbbVie Inc. (NYSE:ABBV) by 18.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,903 shares of the company’s stock after selling 439 shares during the quarter. Single Point Partners LLC’s holdings in AbbVie were worth $256,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ABBV. Kalos Management Inc. purchased a new position in AbbVie during the first quarter worth about $26,000. Boulder Wealth Advisors LLC purchased a new position in AbbVie during the fourth quarter worth about $31,000. Stone House Investment Management LLC purchased a new position in AbbVie during the first quarter worth about $37,000. True Wealth Design LLC purchased a new position in AbbVie during the fourth quarter worth about $39,000. Finally, General Partner Inc. purchased a new position in AbbVie during the first quarter worth about $40,000. Hedge funds and other institutional investors own 67.86% of the company’s stock.

AbbVie Stock Down 1.0 %

Shares of NYSE:ABBV opened at $152.12 on Friday. The firm’s 50 day moving average price is $146.42 and its 200 day moving average price is $147.50. The stock has a market cap of $268.50 billion, a price-to-earnings ratio of 31.30, a price-to-earnings-growth ratio of 2.74 and a beta of 0.58. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $168.11. The company has a quick ratio of 0.77, a current ratio of 0.89 and a debt-to-equity ratio of 4.33.

AbbVie (NYSE:ABBV) last issued its earnings results 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 firm had revenue of $13.87 billion for the quarter, compared to analysts’ expectations of $13.52 billion. As a group, equities research analysts predict that AbbVie Inc. will post 11.03 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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 issued a dividend of $1.48 per share. The ex-dividend date is Thursday, October 12th. This represents a $5.92 dividend on an annualized basis and a yield of 3.89%. AbbVie’s payout ratio is currently 121.81%.

Insiders Place Their Bets

In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of the firm’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 transaction of $2,759,275.00. Following the sale, 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 filing with the SEC, which can be accessed through the SEC website. 0.26% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ABBV shares. William Blair started coverage on shares of AbbVie in a research note on Tuesday, July 25th. They set a “market perform” rating for the company. Credit Suisse Group reduced their price target on shares of AbbVie from $170.00 to $160.00 in a research report on Wednesday, July 12th. StockNews.com started coverage on shares of AbbVie in a research report on Thursday, August 17th. They set a “strong-buy” rating on the stock. HSBC started coverage on shares of AbbVie in a research report on Friday, July 14th. They set a “buy” rating and a $167.00 price target on the stock. Finally, Piper Sandler increased their price target 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 research 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 company’s stock. According to MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average price target of $165.79.

AbbVie Company 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.