Bingham Private Wealth LLC Trims Stake in AbbVie Inc. $ABBV

Bingham Private Wealth LLC trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 9.4% during the 2nd quarter, Holdings Channel reports. The firm owned 5,840 shares of the company’s stock after selling 608 shares during the quarter. AbbVie comprises approximately 1.0% of Bingham Private Wealth LLC’s portfolio, making the stock its 26th biggest holding. Bingham Private Wealth LLC’s holdings in AbbVie were worth $1,084,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ABBV. FF Advisors LLC lifted its position in AbbVie by 3.6% in the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock valued at $286,000 after purchasing an additional 53 shares during the last quarter. Private Management Group Inc. increased its position in shares of AbbVie by 1.9% during the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock valued at $616,000 after purchasing an additional 54 shares during the period. Silicon Valley Capital Partners raised its position in AbbVie by 10.8% in the first quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock worth $118,000 after acquiring an additional 56 shares in the last quarter. Seneca House Advisors lifted its stake in AbbVie by 2.7% during the second quarter. Seneca House Advisors now owns 2,093 shares of the company’s stock valued at $388,000 after purchasing an additional 56 shares during the last quarter. Finally, Castle Wealth Management LLC lifted its position in shares of AbbVie by 3.4% during the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company’s stock valued at $361,000 after acquiring an additional 57 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ABBV shares. HSBC set a $225.00 target price on AbbVie in a research note on Thursday. Citigroup boosted their target price on AbbVie to $205.00 and gave the stock a “hold” rating in a report on Wednesday, June 11th. Cantor Fitzgerald raised their price target on AbbVie from $215.00 to $245.00 and gave the company an “overweight” rating in a research report on Monday, September 15th. Wells Fargo & Company raised their price target on shares of AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, September 12th. Finally, JPMorgan Chase & Co. raised their target price on AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $229.14.

Insider Buying and Selling

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s 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 approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s 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 represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

AbbVie Stock Performance

ABBV opened at $230.28 on Tuesday. The company has a market capitalization of $406.80 billion, a price-to-earnings ratio of 109.66, a P/E/G ratio of 1.37 and a beta of 0.51. The business’s 50-day moving average price is $211.61 and its two-hundred day moving average price is $195.93. 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 1 year low of $163.81 and a 1 year high of $244.81.

AbbVie (NYSE:ABBV) last issued 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 company had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period last year, the company posted $2.65 earnings per share. The business’s revenue for the quarter was up 6.6% on a year-over-year basis. Equities analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm 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. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is presently 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.