Prentice Wealth Management LLC Sells 110 Shares of AbbVie Inc. $ABBV

Prentice Wealth Management LLC lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 1.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,129 shares of the company’s stock after selling 110 shares during the quarter. Prentice Wealth Management LLC’s holdings in AbbVie were worth $1,138,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Conning Inc. raised its position in shares of AbbVie by 7.1% in the 2nd quarter. Conning Inc. now owns 191,023 shares of the company’s stock valued at $35,458,000 after acquiring an additional 12,690 shares during the period. Dohj LLC raised its position in shares of AbbVie by 41.8% in the 2nd quarter. Dohj LLC now owns 4,529 shares of the company’s stock valued at $802,000 after acquiring an additional 1,335 shares during the period. First Hawaiian Bank raised its position in shares of AbbVie by 0.8% in the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock valued at $1,403,000 after acquiring an additional 60 shares during the period. Narus Financial Partners LLC raised its position in shares of AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock valued at $417,000 after acquiring an additional 401 shares during the period. Finally, BankPlus Trust Department raised its position in shares of AbbVie by 3.3% in the 2nd quarter. BankPlus Trust Department now owns 27,113 shares of the company’s stock valued at $5,033,000 after acquiring an additional 855 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie 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 directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ABBV. Berenberg Bank upgraded shares of AbbVie from a “hold” rating to a “buy” rating and increased their price target for the company from $170.00 to $270.00 in a research report on Wednesday, September 17th. Morgan Stanley increased their price target on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research report on Wednesday, October 8th. Guggenheim increased their price target on shares of AbbVie from $227.00 to $242.00 and gave the company a “buy” rating in a research report on Monday. Finally, Hsbc Global Res downgraded shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.80.

AbbVie Stock Performance

Shares of ABBV stock opened at $228.74 on Friday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The company has a market capitalization of $404.08 billion, a P/E ratio of 108.92, a price-to-earnings-growth ratio of 1.42 and a beta of 0.51. The company’s 50 day moving average price is $220.26 and its two-hundred day moving average price is $198.58. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81.

AbbVie (NYSE:ABBV) last announced 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 company had revenue of $15.42 billion for 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 business’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter last year, the business posted $2.65 earnings per share. On average, analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.9%. 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.