AbbVie Inc. $ABBV Shares Sold by MADDEN SECURITIES Corp

MADDEN SECURITIES Corp lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,653 shares of the company’s stock after selling 202 shares during the period. MADDEN SECURITIES Corp’s holdings in AbbVie were worth $2,163,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in AbbVie in the first quarter valued at $1,819,154,000. Assenagon Asset Management S.A. grew its stake in AbbVie by 550.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company’s stock valued at $804,116,000 after acquiring an additional 3,666,521 shares during the last quarter. Goldman Sachs Group Inc. raised its position in AbbVie by 31.6% during the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after acquiring an additional 3,519,187 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in shares of AbbVie in the second quarter valued at about $581,817,000. Finally, Bessemer Group Inc. grew its position in shares of AbbVie by 147.6% in the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company’s stock valued at $576,800,000 after purchasing an additional 1,641,091 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ABBV has been the subject of several research reports. Wells Fargo & Company lifted their price objective on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, September 12th. Piper Sandler assumed coverage on AbbVie in a report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price target for the company. Hsbc Global Res downgraded AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. HSBC set a $225.00 price objective on AbbVie in a research note on Thursday. Finally, JPMorgan Chase & Co. boosted their target price on shares of AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $229.14.

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction 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 represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $230.28 on Tuesday. The business has a fifty day simple moving average of $211.61 and a 200-day simple moving average of $195.93. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The company has a market cap of $406.80 billion, a P/E ratio of 109.66, a P/E/G ratio of 1.37 and a beta of 0.51. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%.The firm’s quarterly revenue was up 6.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.65 earnings per share. Equities research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.8%. AbbVie’s dividend payout ratio is 312.38%.

About AbbVie

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.