Strs Ohio Reduces Stock Holdings in AbbVie Inc. $ABBV

by · The Cerbat Gem

Strs Ohio trimmed its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 18.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 618,001 shares of the company’s stock after selling 139,574 shares during the quarter. Strs Ohio’s holdings in AbbVie were worth $114,713,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. FF Advisors LLC grew its stake in AbbVie by 3.6% during the 2nd quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock worth $286,000 after buying an additional 53 shares during the last quarter. Private Management Group Inc. grew its stake in AbbVie by 1.9% during the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock worth $616,000 after buying an additional 54 shares during the last quarter. LifeSteps Financial Inc. grew its stake in AbbVie by 0.7% during the 2nd quarter. LifeSteps Financial Inc. now owns 7,358 shares of the company’s stock worth $1,366,000 after buying an additional 54 shares during the last quarter. Silicon Valley Capital Partners grew its stake in AbbVie by 10.8% during the 1st quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock worth $118,000 after buying an additional 56 shares during the last quarter. Finally, Seneca House Advisors grew its stake in AbbVie by 2.7% during the 2nd quarter. Seneca House Advisors now owns 2,093 shares of the company’s stock worth $388,000 after buying an additional 56 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on ABBV shares. BMO Capital Markets lifted their price target on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, September 12th. Citigroup reaffirmed a “neutral” rating on shares of AbbVie in a research report on Monday, October 13th. Weiss Ratings reissued a “hold (c)” rating on shares of AbbVie in a report on Wednesday, October 8th. Wall Street Zen raised AbbVie from a “hold” rating to a “buy” rating in a report on Saturday, October 25th. Finally, Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Two research 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 company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $234.80.

Check Out Our Latest Stock Analysis on ABBV

Insider Buying and Selling

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s 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 completion of 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 at this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.25% of the stock is owned by corporate insiders.

AbbVie Price Performance

Shares of AbbVie stock opened at $225.24 on Thursday. The business has a 50 day simple moving average of $221.89 and a two-hundred day simple moving average of $200.31. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81. The stock has a market capitalization of $397.90 billion, a P/E ratio of 107.26, a PEG ratio of 1.44 and a beta of 0.51. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly 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 analysts’ expectations of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the company earned $2.65 earnings per share. As a group, analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.9%. AbbVie’s dividend payout ratio is 312.38%.

About AbbVie

(Free Report)

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.

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