My Legacy Advisors LLC Cuts Stake in AbbVie Inc. (NYSE:ABBV)

My Legacy Advisors LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 9.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,675 shares of the company’s stock after selling 603 shares during the period. My Legacy Advisors LLC’s holdings in AbbVie were worth $1,121,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Pine Haven Investment Counsel Inc boosted its position in shares of AbbVie by 0.3% during the 3rd quarter. Pine Haven Investment Counsel Inc now owns 18,102 shares of the company’s stock valued at $3,575,000 after acquiring an additional 52 shares in the last quarter. Frisch Financial Group Inc. boosted its position in shares of AbbVie by 0.8% during the 2nd quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock valued at $1,187,000 after acquiring an additional 53 shares in the last quarter. First Citizens Financial Corp boosted its position in shares of AbbVie by 0.9% during the 3rd quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock valued at $1,141,000 after acquiring an additional 53 shares in the last quarter. Sunflower Bank N.A. boosted its position in shares of AbbVie by 0.4% during the 3rd quarter. Sunflower Bank N.A. now owns 13,723 shares of the company’s stock valued at $2,710,000 after acquiring an additional 53 shares in the last quarter. Finally, Professional Financial Advisors LLC boosted its position in shares of AbbVie by 3.4% during the 3rd quarter. Professional Financial Advisors LLC now owns 1,638 shares of the company’s stock valued at $323,000 after acquiring an additional 54 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

NYSE:ABBV traded up $1.56 during mid-day trading on Tuesday, reaching $188.10. 903,096 shares of the company’s stock were exchanged, compared to its average volume of 5,275,806. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95. The firm has a market capitalization of $332.16 billion, a PE ratio of 55.33, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The business’s fifty day simple moving average is $194.37 and its two-hundred day simple moving average is $177.88. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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 firm had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.91 earnings per share. Analysts anticipate that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.30%. AbbVie’s payout ratio is currently 183.98%.

Insider Activity

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. UBS Group boosted their price target on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. Wells Fargo & Company boosted their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Bank of America boosted their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Friday. Finally, TD Cowen boosted their target price on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a research note on Monday, October 7th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $198.47.

AbbVie Company 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.