Masso Torrence Wealth Management Inc. Decreases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Masso Torrence Wealth Management Inc. lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,796 shares of the company’s stock after selling 120 shares during the period. AbbVie accounts for approximately 1.0% of Masso Torrence Wealth Management Inc.’s investment portfolio, making the stock its 23rd biggest position. Masso Torrence Wealth Management Inc.’s holdings in AbbVie were worth $1,934,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FCG Investment Co purchased a new position in shares of AbbVie in the first quarter worth about $1,413,000. BluePath Capital Management LLC boosted its holdings in shares of AbbVie by 0.9% during the 1st quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock worth $1,331,000 after purchasing an additional 67 shares during the last quarter. Palisade Asset Management LLC grew its position in shares of AbbVie by 65.6% in the first quarter. Palisade Asset Management LLC now owns 97,341 shares of the company’s stock valued at $17,726,000 after purchasing an additional 38,562 shares in the last quarter. First Hawaiian Bank increased its holdings in shares of AbbVie by 9.0% in the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock valued at $5,506,000 after purchasing an additional 2,657 shares during the last quarter. Finally, PGGM Investments lifted its position in AbbVie by 308.1% during the second quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after buying an additional 24,756 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ABBV has been the topic of several analyst reports. Piper Sandler lifted their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Sanford C. Bernstein began coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 target price on the stock. Barclays raised their price target on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. TD Cowen upped their price objective on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a report on Monday, October 7th. Finally, BMO Capital Markets increased their price objective on AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $199.39.

AbbVie Stock Down 0.9 %

ABBV stock traded down $1.80 during mid-day trading on Friday, reaching $187.85. The company had a trading volume of 4,017,525 shares, compared to its average volume of 5,287,914. The firm has a fifty day simple moving average of $194.14 and a 200 day simple moving average of $178.16. 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 Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The company has a market capitalization of $331.72 billion, a price-to-earnings ratio of 55.73, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the business earned $2.91 EPS. Analysts forecast that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $1.55 dividend. The ex-dividend date 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 Transactions at AbbVie

In other AbbVie 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 transaction of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.25% of the company’s stock.

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.