Prosperity Financial Group Inc. Cuts Holdings in AbbVie Inc. $ABBV

Prosperity Financial Group Inc. cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,520 shares of the company’s stock after selling 115 shares during the quarter. Prosperity Financial Group Inc.’s holdings in AbbVie were worth $839,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. TD Capital Management LLC increased its holdings in AbbVie by 82.9% during the first 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 last quarter. Marshall & Sullivan Inc. WA purchased a new stake in AbbVie during the second quarter worth about $25,000. Abound Financial LLC purchased a new stake in AbbVie during the first quarter worth about $30,000. Cypress Capital Management LLC WY purchased a new stake in AbbVie during the first quarter worth about $35,000. Finally, Bear Mountain Capital Inc. increased its holdings in AbbVie by 480.6% during the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after buying an additional 173 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Bank of America raised their price objective on shares of AbbVie from $220.00 to $251.00 and gave the stock a “neutral” rating in a report on Friday, October 3rd. Raymond James Financial restated an “outperform” rating and set a $250.00 price objective (up previously from $236.00) on shares of AbbVie in a report on Friday, October 17th. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a report on Wednesday, October 8th. Hsbc Global Res downgraded shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Finally, Erste Group Bank downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a research note on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $234.80.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business’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 transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. The trade was 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 accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’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 transaction, the executive vice president directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This 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 insiders.

AbbVie Price Performance

ABBV opened at $228.57 on Thursday. The company has a market capitalization of $403.79 billion, a price-to-earnings ratio of 108.84, a PEG ratio of 1.44 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. The firm has a 50-day moving average price of $219.78 and a 200-day moving average price of $198.28. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie’s revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.65 EPS. Equities analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company 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 annualized dividend and a yield of 2.9%. AbbVie’s payout ratio is currently 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.