AbbVie Inc. (NYSE:ABBV) Stake Lessened by Easterly Investment Partners LLC

Easterly Investment Partners LLC decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 38.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,172 shares of the company’s stock after selling 3,868 shares during the quarter. Easterly Investment Partners LLC’s holdings in AbbVie were worth $1,059,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of AbbVie during the 4th quarter valued at $26,000. Able Wealth Management LLC acquired a new stake in AbbVie during the fourth quarter valued at $33,000. IFS Advisors LLC purchased a new position in AbbVie in the first quarter valued at about $36,000. Ables Iannone Moore & Associates Inc. acquired a new position in AbbVie in the 4th quarter worth about $37,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of AbbVie during the 1st quarter worth about $37,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Price Performance

NYSE:ABBV traded down $0.03 during trading hours on Monday, reaching $197.52. The company had a trading volume of 622,464 shares, compared to its average volume of 5,462,367. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The stock has a 50-day moving average of $178.93 and a two-hundred day moving average of $173.15. AbbVie Inc. has a one year low of $135.85 and a one year high of $197.98. The firm has a market capitalization of $348.79 billion, a PE ratio of 58.71, a PEG ratio of 2.49 and a beta of 0.64.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the company posted $2.91 EPS. Analysts forecast that AbbVie Inc. will post 10.87 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date of this dividend was Monday, July 15th. AbbVie’s dividend payout ratio is presently 183.98%.

Wall Street Analysts Forecast Growth

ABBV has been the topic of a number of research reports. Wells Fargo & Company increased their price objective on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. BMO Capital Markets increased their price target on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Barclays raised their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research report on Wednesday, July 3rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $191.64.

Insider Activity

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by 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.