Cooper Financial Group Cuts Stock Holdings in AbbVie Inc. $ABBV

Cooper Financial Group trimmed its stake in shares of AbbVie Inc. (NYSE:ABBV) by 15.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,489 shares of the company’s stock after selling 1,569 shares during the quarter. Cooper Financial Group’s holdings in AbbVie were worth $1,576,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of ABBV. Brighton Jones LLC increased its position in shares of AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after purchasing an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC grew its stake in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after purchasing an additional 3,064 shares in the last quarter. Marquette Asset Management LLC increased its holdings in AbbVie by 122.0% in the first quarter. Marquette Asset Management LLC now owns 444 shares of the company’s stock valued at $93,000 after buying an additional 244 shares during the last quarter. Merit Financial Group LLC raised its stake in AbbVie by 19.9% in the first quarter. Merit Financial Group LLC now owns 59,033 shares of the company’s stock valued at $12,369,000 after buying an additional 9,807 shares in the last quarter. Finally, Capital Asset Advisory Services LLC raised its stake in AbbVie by 7.5% in the first quarter. Capital Asset Advisory Services LLC now owns 19,828 shares of the company’s stock valued at $4,068,000 after buying an additional 1,380 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Activity

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction that occurred 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. This represents a 19.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred 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 $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

AbbVie Price Performance

ABBV stock opened at $231.47 on Wednesday. The business has a 50 day simple moving average of $207.89 and a 200-day simple moving average of $195.37. The company has a market capitalization of $408.91 billion, a P/E ratio of 110.22, a PEG ratio of 1.31 and a beta of 0.53. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $232.35. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter in the prior year, the company earned $2.65 EPS. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business 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 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 2.8%. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ABBV shares. Bank of America increased their price objective on AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. JPMorgan Chase & Co. upped their price target on AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, September 16th. Berenberg Bank raised shares of AbbVie from a “hold” rating to a “buy” rating and raised their price objective for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Daiwa Capital Markets upgraded shares of 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. Finally, Evercore ISI increased their target price on shares of AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research report on Monday, September 22nd. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $223.45.

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.