Sharp Financial Services LLC Boosts Position in AbbVie Inc. $ABBV

Sharp Financial Services LLC increased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 5.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,124 shares of the company’s stock after purchasing an additional 110 shares during the quarter. Sharp Financial Services LLC’s holdings in AbbVie were worth $394,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ABBV. Marshall & Sullivan Inc. WA purchased a new stake in AbbVie during the second quarter worth approximately $25,000. TD Capital Management LLC lifted its stake in AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Abound Financial LLC purchased a new stake in AbbVie during the first quarter worth approximately $30,000. Cypress Capital Management LLC WY purchased a new stake in AbbVie during the first quarter worth approximately $35,000. Finally, Bear Mountain Capital Inc. lifted its stake in AbbVie by 480.6% during the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after purchasing an additional 173 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.1%

NYSE:ABBV opened at $230.88 on Monday. The firm has a market cap of $407.86 billion, a P/E ratio of 109.94, a PEG ratio of 1.42 and a beta of 0.51. 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’s 50 day simple moving average is $214.84 and its 200-day simple moving average is $196.71. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.65 EPS. Equities analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

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 issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie’s payout ratio is presently 312.38%.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred on Tuesday, August 12th. The stock was 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 in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on ABBV. Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Wall Street Zen lowered AbbVie from a “buy” rating to a “hold” rating in a research report on Saturday. Guggenheim lifted their price target on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Morgan Stanley lifted their price target on AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Finally, Cantor Fitzgerald set a $250.00 price target on AbbVie and gave the stock an “overweight” rating in a research report on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $231.90.

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.