AbbVie Inc. $ABBV Shares Sold by Genesee Capital Advisors LLC

Genesee Capital Advisors LLC lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 5.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,370 shares of the company’s stock after selling 126 shares during the period. Genesee Capital Advisors LLC’s holdings in AbbVie were worth $440,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Sharp Financial Services LLC lifted its position in AbbVie by 5.5% during the second quarter. Sharp Financial Services LLC now owns 2,124 shares of the company’s stock worth $394,000 after buying an additional 110 shares during the period. Libra Wealth LLC lifted its position in AbbVie by 3.1% during the second quarter. Libra Wealth LLC now owns 2,492 shares of the company’s stock worth $463,000 after buying an additional 75 shares during the period. Clarendon Private LLC lifted its position in AbbVie by 2.1% during the second quarter. Clarendon Private LLC now owns 4,597 shares of the company’s stock worth $853,000 after buying an additional 93 shares during the period. LRI Investments LLC lifted its position in AbbVie by 1.0% during the second quarter. LRI Investments LLC now owns 15,067 shares of the company’s stock worth $2,797,000 after buying an additional 148 shares during the period. Finally, Prostatis Group LLC lifted its position in AbbVie by 6.0% during the second quarter. Prostatis Group LLC now owns 1,551 shares of the company’s stock worth $288,000 after buying an additional 88 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Performance

AbbVie stock opened at $230.88 on Monday. The stock’s 50-day moving average is $214.84 and its 200-day moving average is $196.71. The company has a market cap of $407.86 billion, a price-to-earnings ratio of 109.94, a price-to-earnings-growth ratio of 1.42 and a beta of 0.51. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS 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 firm had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter last year, the business earned $2.65 earnings per share. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid 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 2.8%. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the sale, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ABBV. Evercore ISI increased their target price on AbbVie from $207.00 to $222.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price on the stock in a research report on Thursday, August 7th. Bank of America increased their target price on AbbVie from $220.00 to $251.00 and gave the stock a “neutral” rating in a research report on Friday, October 3rd. UBS Group set a $251.00 target price on AbbVie in a research report on Friday, October 3rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.90.

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.