AbbVie Inc. $ABBV Shares Sold by Janney Capital Management LLC

Janney Capital Management LLC trimmed its holdings in AbbVie Inc. (NYSE:ABBV) by 1.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 100,597 shares of the company’s stock after selling 995 shares during the period. AbbVie accounts for about 1.2% of Janney Capital Management LLC’s investment portfolio, making the stock its 16th largest position. Janney Capital Management LLC’s holdings in AbbVie were worth $18,673,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Marshall & Sullivan Inc. WA acquired a new stake in shares of AbbVie during the 2nd quarter worth about $25,000. TD Capital Management LLC boosted its stake 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 purchasing an additional 58 shares during the last quarter. Abound Financial LLC acquired a new stake in shares of AbbVie during the 1st quarter worth about $30,000. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie during the 1st quarter worth about $35,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of AbbVie during the 1st quarter worth about $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Trading Up 1.1%

NYSE ABBV opened at $222.93 on Tuesday. AbbVie Inc. has a one year low of $163.81 and a one year high of $225.16. The company’s 50 day moving average price is $207.00 and its 200 day moving average price is $195.12. 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 firm has a market capitalization of $393.82 billion, a price-to-earnings ratio of 106.16, a PEG ratio of 1.29 and a beta of 0.53.

AbbVie (NYSE:ABBV) last posted its quarterly 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter in the previous year, the business posted $2.65 EPS. The company’s quarterly revenue was up 6.6% on a year-over-year basis. On average, sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared 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 2.9%. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

Insider Activity at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the 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 completion of 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 the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the 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 of the company’s stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the topic of several analyst reports. Morgan Stanley raised their price target on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Cantor Fitzgerald increased their price objective on shares of AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, September 15th. Berenberg Bank upgraded shares of AbbVie from a “hold” rating to a “buy” rating and increased their price objective for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Bank of America increased their price objective on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Finally, Citigroup increased their price objective on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Four analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $223.45.

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.