Mountain Pacific Investment Advisers LLC Cuts Holdings in AbbVie Inc. $ABBV

Mountain Pacific Investment Advisers LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 6.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,307 shares of the company’s stock after selling 1,201 shares during the period. Mountain Pacific Investment Advisers LLC’s holdings in AbbVie were worth $3,027,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of ABBV. Brighton Jones LLC boosted its position in AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its holdings in shares of AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after buying an additional 3,064 shares in the last quarter. CGN Advisors LLC boosted its holdings in shares of AbbVie by 10.3% in the 1st quarter. CGN Advisors LLC now owns 2,045 shares of the company’s stock valued at $428,000 after buying an additional 191 shares in the last quarter. Apella Capital LLC grew its position in shares of AbbVie by 9.4% in the 1st quarter. Apella Capital LLC now owns 8,827 shares of the company’s stock worth $1,849,000 after buying an additional 756 shares during the last quarter. Finally, Amplius Wealth Advisors LLC raised its stake in shares of AbbVie by 9.2% during the 1st quarter. Amplius Wealth Advisors LLC now owns 2,814 shares of the company’s stock worth $590,000 after acquiring an additional 237 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ABBV shares. Bank of America raised their target price on shares of AbbVie to $204.00 and gave the company a “hold” rating in a research note on Monday, June 9th. Berenberg Bank raised AbbVie from a “hold” rating to a “buy” rating and raised their price objective for the stock from $170.00 to $270.00 in a research report on Wednesday, September 17th. Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 7th. Piper Sandler started coverage on AbbVie in a research note on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price target for the company. Finally, Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target on the stock in a research note on Thursday, August 7th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $223.45.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction on 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 directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 value of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares of the company’s stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

AbbVie Stock Performance

Shares of ABBV opened at $244.77 on Thursday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The stock has a 50-day moving average of $208.97 and a two-hundred day moving average of $195.71. The stock has a market cap of $432.40 billion, a P/E ratio of 116.56, a P/E/G ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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 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 in the previous year, the business earned $2.65 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 2.7%. The ex-dividend date is Wednesday, October 15th. AbbVie’s payout ratio is presently 312.38%.

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.