Exeter Financial LLC Sells 128 Shares of AbbVie Inc. $ABBV

Exeter Financial LLC lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,673 shares of the company’s stock after selling 128 shares during the period. AbbVie makes up approximately 1.6% of Exeter Financial LLC’s investment portfolio, making the stock its 22nd largest position. Exeter Financial LLC’s holdings in AbbVie were worth $3,652,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the company. Jeppson Wealth Management LLC boosted its holdings in shares of AbbVie by 3.4% during the second quarter. Jeppson Wealth Management LLC now owns 10,279 shares of the company’s stock worth $1,908,000 after acquiring an additional 334 shares during the period. LeConte Wealth Management LLC boosted its holdings in shares of AbbVie by 34.6% during the second quarter. LeConte Wealth Management LLC now owns 1,879 shares of the company’s stock worth $349,000 after acquiring an additional 483 shares during the period. First City Capital Management Inc. boosted its holdings in shares of AbbVie by 1.6% during the second quarter. First City Capital Management Inc. now owns 25,911 shares of the company’s stock worth $4,810,000 after acquiring an additional 409 shares during the period. Beacon Investment Advisory Services Inc. boosted its holdings in shares of AbbVie by 8.4% during the second quarter. Beacon Investment Advisory Services Inc. now owns 82,094 shares of the company’s stock worth $15,238,000 after acquiring an additional 6,388 shares during the period. Finally, Harrell Investment Partners LLC boosted its holdings in shares of AbbVie by 2,028.8% during the second quarter. Harrell Investment Partners LLC now owns 32,699 shares of the company’s stock worth $6,070,000 after acquiring an additional 31,163 shares during the period. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ABBV. Raymond James Financial restated an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Piper Sandler assumed coverage on shares of AbbVie in a research report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price target for the company. BMO Capital Markets lifted their price target on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, September 12th. Cantor Fitzgerald lifted their price target on shares of AbbVie from $215.00 to $245.00 and gave the company an “overweight” rating in a research report on Monday, September 15th. Finally, Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target for the company in a research report on Thursday, August 7th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, AbbVie currently has an average rating of “Moderate Buy” and an average price target of $223.45.

AbbVie Stock Down 1.1%

Shares of ABBV opened at $220.11 on Thursday. AbbVie Inc. has a one year low of $163.81 and a one year high of $225.16. The company has a market cap of $388.84 billion, a P/E ratio of 104.81, a P/E/G ratio of 1.33 and a beta of 0.53. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The firm has a 50 day simple moving average of $205.07 and a two-hundred day simple moving average of $195.21.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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 firm 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 firm earned $2.65 earnings per share. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. Research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is currently 312.38%.

Insider Activity at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction on 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 transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction 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 transaction, the executive vice president owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

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.