Telemus Capital LLC Lowers Stake in AbbVie Inc. (NYSE:ABBV)

Telemus Capital LLC lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 10.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,559 shares of the company’s stock after selling 1,567 shares during the period. Telemus Capital LLC’s holdings in AbbVie were worth $1,827,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Johnson & White Wealth Management LLC purchased a new stake in shares of AbbVie during the first quarter valued at about $721,000. Sand Hill Global Advisors LLC boosted its holdings in AbbVie by 0.4% in the first quarter. Sand Hill Global Advisors LLC now owns 18,755 shares of the company’s stock worth $2,989,000 after acquiring an additional 68 shares in the last quarter. Chesapeake Wealth Management boosted its holdings in AbbVie by 21.4% in the fourth quarter. Chesapeake Wealth Management now owns 13,083 shares of the company’s stock worth $2,114,000 after acquiring an additional 2,305 shares in the last quarter. Quintet Private Bank Europe S.A. purchased a new stake in shares of AbbVie during the first quarter worth about $6,686,000. Finally, Capital Market Strategies LLC increased its holdings in shares of AbbVie by 5.0% during the first quarter. Capital Market Strategies LLC now owns 12,027 shares of the company’s stock valued at $1,917,000 after acquiring an additional 575 shares in the last quarter. Hedge funds and other institutional investors own 67.86% of the company’s stock.

AbbVie Price Performance

NYSE:ABBV opened at $152.12 on Friday. The company has a 50 day moving average price of $146.42 and a 200-day moving average price of $147.50. AbbVie Inc. has a 1-year low of $130.96 and a 1-year high of $168.11. The firm 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. 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 released its quarterly earnings data 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 net margin of 15.50% and a return on equity of 151.29%. The company had revenue of $13.87 billion during the quarter, compared to analysts’ expectations of $13.52 billion. Equities research analysts forecast that AbbVie Inc. will post 11.03 EPS for the current year.

AbbVie Dividend Announcement

The firm 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 $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 payout ratio is currently 121.81%.

Insider Transactions at AbbVie

In related news, CEO Richard A. Gonzalez sold 18,500 shares of AbbVie 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 owns 625,294 shares of the company’s stock, valued at approximately $93,262,600.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on ABBV shares. TheStreet upgraded shares of AbbVie from a “c+” rating to a “b” rating in a research note on Monday, August 28th. Credit Suisse Group cut their target price on AbbVie from $170.00 to $160.00 in a research report on Wednesday, July 12th. StockNews.com assumed coverage on AbbVie in a research note on Thursday, August 17th. They set a “strong-buy” rating on the stock. Piper Jaffray Companies raised their price objective on AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. Finally, William Blair initiated coverage on shares of AbbVie in a report on Tuesday, July 25th. They issued a “market perform” rating on the stock. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently 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.