Ifrah Financial Services Inc. Sells 60 Shares of AbbVie Inc. $ABBV

Ifrah Financial Services Inc. lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,583 shares of the company’s stock after selling 60 shares during the quarter. Ifrah Financial Services Inc.’s holdings in AbbVie were worth $1,408,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. TD Capital Management LLC lifted its position in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after buying an additional 58 shares during the period. Marshall & Sullivan Inc. WA bought a new position in AbbVie in the 2nd quarter valued at $25,000. Abound Financial LLC bought a new position in AbbVie in the 1st quarter valued at $30,000. Cypress Capital Management LLC WY bought a new position in AbbVie in the 1st quarter valued at $35,000. Finally, Inlight Wealth Management LLC bought a new position in AbbVie in the 1st quarter valued at $42,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 1.2%

NYSE ABBV opened at $229.66 on Friday. The stock has a fifty day moving average of $217.91 and a 200-day moving average of $197.60. The stock has a market capitalization of $405.71 billion, a P/E ratio of 109.36, a price-to-earnings-growth ratio of 1.41 and a beta of 0.51. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

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

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. AbbVie’s payout ratio is 312.38%.

Insiders Place Their Bets

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on Tuesday, August 12th. The stock was 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 of the company’s stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on 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 sale, the executive vice president directly 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 disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several research analyst reports. Erste Group Bank downgraded AbbVie from a “buy” rating to a “hold” rating in a research report on Tuesday. Morgan Stanley lifted their price objective on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. UBS Group set a $251.00 price objective on AbbVie in a research report on Friday, October 3rd. JPMorgan Chase & Co. lifted their price objective on AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Finally, Daiwa Capital Markets upgraded 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. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $234.05.

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.