AbbVie Inc. $ABBV Shares Sold by Griffin Asset Management Inc.

Griffin Asset Management Inc. decreased its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,135 shares of the company’s stock after selling 1,411 shares during the quarter. AbbVie accounts for approximately 1.8% of Griffin Asset Management Inc.’s portfolio, making the stock its 11th largest holding. Griffin Asset Management Inc.’s holdings in AbbVie were worth $14,875,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. FF Advisors LLC increased its position in shares of AbbVie by 3.6% during the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock worth $286,000 after purchasing an additional 53 shares during the last quarter. Private Management Group Inc. increased its position in shares of AbbVie by 1.9% during the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock worth $616,000 after purchasing an additional 54 shares during the last quarter. LifeSteps Financial Inc. increased its position in shares of AbbVie by 0.7% during the 2nd quarter. LifeSteps Financial Inc. now owns 7,358 shares of the company’s stock worth $1,366,000 after purchasing an additional 54 shares during the last quarter. Silicon Valley Capital Partners increased its position in shares of AbbVie by 10.8% during the 1st quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock worth $118,000 after purchasing an additional 56 shares during the last quarter. Finally, Seneca House Advisors increased its position in shares of AbbVie by 2.7% during the 2nd quarter. Seneca House Advisors now owns 2,093 shares of the company’s stock worth $388,000 after purchasing an additional 56 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a research report on Wednesday, October 8th. HSBC set a $225.00 price objective on AbbVie in a research report on Thursday, October 2nd. Raymond James Financial reaffirmed an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Finally, Hsbc Global Res downgraded AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $231.90.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president owned 58,247 shares of the company’s stock, valued at $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 is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

AbbVie Stock Performance

NYSE ABBV opened at $230.88 on Monday. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81. The company has a market cap of $407.86 billion, a P/E ratio of 109.94, a P/E/G ratio of 1.42 and a beta of 0.51. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The stock has a 50-day moving average of $214.84 and a two-hundred day moving average of $196.71.

AbbVie (NYSE:ABBV) last issued its 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 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%. The firm’s revenue was up 6.6% compared to the same quarter last year. During the same period last year, the business earned $2.65 EPS. As a group, analysts anticipate that AbbVie Inc. will post 12.31 EPS 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 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 (DPR) is 312.38%.

AbbVie Company 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.