Massachusetts Wealth Management Sells 175 Shares of AbbVie Inc. $ABBV

Massachusetts Wealth Management trimmed its position in AbbVie Inc. (NYSE:ABBV) by 1.8% during the second quarter, HoldingsChannel.com reports. The fund owned 9,656 shares of the company’s stock after selling 175 shares during the quarter. Massachusetts Wealth Management’s holdings in AbbVie were worth $1,792,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ABBV. Brighton Jones LLC increased its stake in AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC grew its stake in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after buying an additional 3,064 shares during the last quarter. Harbor Capital Advisors Inc. bought a new stake in shares of AbbVie during the first quarter worth $5,224,000. GAMMA Investing LLC grew its stake in shares of AbbVie by 23.8% during the first quarter. GAMMA Investing LLC now owns 48,848 shares of the company’s stock worth $10,235,000 after buying an additional 9,395 shares during the last quarter. Finally, Trueblood Wealth Management LLC grew its stake in shares of AbbVie by 3.1% during the first quarter. Trueblood Wealth Management LLC now owns 6,306 shares of the company’s stock worth $1,321,000 after buying an additional 192 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

Insider Buying and Selling at AbbVie

In related news, 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 value of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

AbbVie Price Performance

ABBV stock opened at $231.26 on Thursday. The firm has a market cap of $408.53 billion, a price-to-earnings ratio of 110.12, a PEG ratio of 1.36 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 Inc. has a 12-month low of $163.81 and a 12-month high of $244.81. The company’s fifty day simple moving average is $213.28 and its 200 day simple moving average is $196.43.

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

AbbVie Announces Dividend

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

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of research reports. Guggenheim boosted their target price on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Berenberg Bank raised shares of AbbVie from a “hold” rating to a “buy” rating and boosted their target price for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. UBS Group set a $251.00 target price on shares of AbbVie in a research note on Friday, October 3rd. Cantor Fitzgerald boosted their target price on shares of AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, September 15th. Finally, Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target on the stock in a report on Thursday, August 7th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $229.14.

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.