AbbVie Inc. (NYSE:ABBV) Stock Holdings Lessened by Patriot Investment Management Group Inc.

by · The Cerbat Gem

Patriot Investment Management Group Inc. cut its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 9.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,386 shares of the company’s stock after selling 535 shares during the quarter. Patriot Investment Management Group Inc.’s holdings in AbbVie were worth $1,064,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ABBV. Pine Haven Investment Counsel Inc lifted 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 during the period. Frisch Financial Group Inc. increased its position in shares of AbbVie by 0.8% in the second quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock worth $1,187,000 after purchasing an additional 53 shares during the period. First Citizens Financial Corp raised its stake in AbbVie by 0.9% in the third quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock valued at $1,141,000 after purchasing an additional 53 shares in the last quarter. Sunflower Bank N.A. lifted its position in AbbVie by 0.4% during the third quarter. Sunflower Bank N.A. now owns 13,723 shares of the company’s stock worth $2,710,000 after purchasing an additional 53 shares during the period. Finally, Professional Financial Advisors LLC grew its stake in AbbVie by 3.4% during the third quarter. Professional Financial Advisors LLC now owns 1,638 shares of the company’s stock worth $323,000 after buying an additional 54 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction that occurred 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 transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the sale, the chairman now owns 513,099 shares in the company, valued at $89,792,325. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated 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 transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Stock Down 0.1 %

AbbVie stock opened at $194.19 on Monday. The firm has a 50 day moving average price of $194.08 and a two-hundred day moving average price of $177.37. 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 52-week low of $135.85 and a 52-week high of $199.95. The firm has a market cap of $342.91 billion, a price-to-earnings ratio of 57.62, a PEG ratio of 2.66 and a beta of 0.63.

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

AbbVie Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 3.19%. AbbVie’s dividend payout ratio is presently 183.98%.

Analyst Ratings Changes

Several equities research analysts have weighed in on ABBV shares. William Blair upgraded AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Morgan Stanley upped their price objective on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Piper Sandler lifted their target price on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Truist Financial increased their target price on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research note on Wednesday, July 3rd. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $198.00.

Get Our Latest Stock Analysis on AbbVie

AbbVie Company 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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