Strategic Financial Services Inc. Has $856,000 Position in AbbVie Inc. $ABBV

Strategic Financial Services Inc. reduced its position in shares of AbbVie Inc. (NYSE:ABBV) by 4.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,084 shares of the company’s stock after selling 190 shares during the period. Strategic Financial Services Inc.’s holdings in AbbVie were worth $856,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. TD Capital Management LLC boosted its position in AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after purchasing an additional 58 shares during the last quarter. Abound Financial LLC acquired a new position in AbbVie during the first quarter valued at approximately $30,000. Cypress Capital Management LLC WY acquired a new position in AbbVie during the first quarter valued at approximately $35,000. Pinney & Scofield Inc. acquired a new position in AbbVie during the fourth quarter valued at approximately $36,000. Finally, Inlight Wealth Management LLC acquired a new position in AbbVie during the first quarter valued at approximately $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on ABBV shares. Daiwa Capital Markets raised 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. Piper Sandler started coverage on AbbVie in a research report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price target for the company. Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Morgan Stanley increased their price target on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Finally, Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Four analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $214.95.

AbbVie Stock Performance

ABBV opened at $211.84 on Thursday. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. The stock has a market cap of $374.23 billion, a price-to-earnings ratio of 100.88, a PEG ratio of 1.35 and a beta of 0.53. The business has a 50 day moving average of $199.06 and a 200-day moving average of $194.37. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last released its quarterly earnings data 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same period in the previous year, the business earned $2.65 earnings per share. The business’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.1%. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Insider Buying and Selling

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the 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 owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company 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.