Cardinal Strategic Wealth Guidance Trims Holdings in AbbVie Inc. $ABBV

Cardinal Strategic Wealth Guidance decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 3.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,715 shares of the company’s stock after selling 116 shares during the period. AbbVie comprises approximately 0.2% of Cardinal Strategic Wealth Guidance’s holdings, making the stock its 29th largest holding. Cardinal Strategic Wealth Guidance’s holdings in AbbVie were worth $690,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Marshall & Sullivan Inc. WA purchased a new position in shares of AbbVie during the second quarter valued at $25,000. TD Capital Management LLC increased its stake in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the period. Abound Financial LLC purchased a new position in shares of AbbVie during the first quarter valued at $30,000. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie during the first quarter valued at $35,000. Finally, Inlight Wealth Management LLC purchased a new position in shares of AbbVie during the first quarter valued at $42,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of NYSE ABBV opened at $234.07 on Friday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The company has a market cap of $413.49 billion, a PE ratio of 111.46, a P/E/G ratio of 1.38 and a beta of 0.51. The business has a 50-day simple moving average of $210.77 and a two-hundred day simple moving average of $196.01. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.AbbVie’s revenue was up 6.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.65 EPS. As a group, equities analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Insider Activity

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president directly owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Cantor Fitzgerald raised their price target on AbbVie from $215.00 to $245.00 and gave the company an “overweight” rating in a research note on Monday, September 15th. UBS Group set a $251.00 price objective on AbbVie in a research report on Friday. Wells Fargo & Company raised their price objective on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, September 12th. Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective on the stock in a research report on Thursday, August 7th. Finally, Guggenheim raised their price objective on AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $228.22.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.