AbbVie Inc. $ABBV Shares Sold by Procyon Advisors LLC

Procyon Advisors LLC decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 21.1% during the second quarter, HoldingsChannel reports. The firm owned 25,392 shares of the company’s stock after selling 6,771 shares during the quarter. Procyon Advisors LLC’s holdings in AbbVie were worth $4,713,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. TD Capital Management LLC increased its stake in shares of AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after acquiring an additional 58 shares during the period. Abound Financial LLC acquired a new stake in shares of AbbVie in the first quarter worth $30,000. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie in the first quarter worth $35,000. Pinney & Scofield Inc. acquired a new stake in shares of AbbVie in the fourth quarter worth $36,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of AbbVie in the first quarter worth $42,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Down 0.6%

Shares of NYSE ABBV opened at $216.27 on Wednesday. The company’s 50-day simple moving average is $201.39 and its 200-day simple moving average is $194.66. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $221.76. The firm has a market cap of $382.05 billion, a price-to-earnings ratio of 102.99, a price-to-earnings-growth ratio of 1.40 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (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 company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the business earned $2.65 EPS. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal 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 given a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ABBV. Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective on the stock in a research note on Thursday, August 7th. Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a research note on Monday, August 25th. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Wells Fargo & Company increased their price target on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. Finally, JPMorgan Chase & Co. increased their price target on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a report on Tuesday. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $220.43.

Insider Activity

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated 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 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 position. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

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.