Joule Financial LLC Trims Stake in AbbVie Inc. $ABBV

Joule Financial LLC lessened its position in shares of AbbVie Inc. (NYSE:ABBV) by 19.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,850 shares of the company’s stock after selling 435 shares during the quarter. Joule Financial LLC’s holdings in AbbVie were worth $343,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ABBV. Marshall & Sullivan Inc. WA purchased a new stake in AbbVie in the 2nd quarter valued at $25,000. TD Capital Management LLC raised its holdings in shares of AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the last quarter. Abound Financial LLC acquired a new stake in shares of AbbVie during the first quarter worth about $30,000. Cypress Capital Management LLC WY purchased a new position in shares of AbbVie during the first quarter worth about $35,000. Finally, Inlight Wealth Management LLC purchased a new position in shares of AbbVie during the first quarter worth about $42,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Trading Down 1.1%

Shares of AbbVie stock opened at $234.07 on Monday. The company has a 50-day moving average of $210.77 and a two-hundred day moving average of $195.79. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock has a market cap of $413.49 billion, a PE ratio of 111.46, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51.

AbbVie (NYSE:ABBV) last released 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). The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.65 EPS. On average, research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors 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 2.8%. AbbVie’s payout ratio is currently 312.38%.

Analysts Set New Price Targets

ABBV has been the subject of a number of recent research reports. Hsbc Global Res cut AbbVie from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 1st. Morgan Stanley upped their price target on AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Daiwa America upgraded shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Bank of America upped their price objective on shares of AbbVie from $220.00 to $251.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of AbbVie in a report on Saturday, September 27th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $228.22.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the 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 $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’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 transaction, the executive vice president directly 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 ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

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.