Capital Investment Counsel LLC Sells 1,209 Shares of AbbVie Inc. $ABBV

by · The Cerbat Gem

Capital Investment Counsel LLC decreased its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 2.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,321 shares of the company’s stock after selling 1,209 shares during the period. AbbVie comprises approximately 1.4% of Capital Investment Counsel LLC’s portfolio, making the stock its 20th biggest holding. Capital Investment Counsel LLC’s holdings in AbbVie were worth $9,341,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Marshall & Sullivan Inc. WA purchased a new position in AbbVie in the second quarter valued at approximately $25,000. TD Capital Management LLC lifted its stake in AbbVie by 82.9% in 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 purchased a new position in AbbVie in the first quarter valued at approximately $30,000. Cypress Capital Management LLC WY purchased a new position in AbbVie in the first quarter valued at approximately $35,000. Finally, Bear Mountain Capital Inc. lifted its stake in AbbVie by 480.6% in the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $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.

Analysts Set New Price Targets

ABBV has been the topic of several research analyst reports. Wells Fargo & Company upped their price objective on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price on the stock in a research report on Thursday, August 7th. Wall Street Zen upgraded AbbVie from a “hold” rating to a “buy” rating in a research report on Saturday. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a research report on Wednesday, October 8th. Finally, Morgan Stanley increased their target price on AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $234.80.

View Our Latest Report on ABBV

AbbVie Trading Down 0.0%

Shares of ABBV stock opened at $227.98 on Tuesday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The company has a market capitalization of $402.73 billion, a PE ratio of 108.56, a price-to-earnings-growth ratio of 1.44 and a beta of 0.51. The business’s fifty day moving average is $221.13 and its 200 day moving average is $199.58.

AbbVie (NYSE:ABBV – Get Free Report) last issued 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 return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter last year, the business posted $2.65 EPS. The company’s quarterly revenue was up 6.6% on a year-over-year basis. On average, equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Insiders Place Their Bets

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction 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 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the 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 completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

AbbVie Profile

(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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