AbbVie Inc. (NYSE:ABBV) Position Lessened by Guardian Investment Management

by · The Markets Daily

Guardian Investment Management reduced its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 7.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 18,251 shares of the company’s stock after selling 1,475 shares during the period. AbbVie accounts for approximately 2.9% of Guardian Investment Management’s holdings, making the stock its 8th biggest holding. Guardian Investment Management’s holdings in AbbVie were worth $3,604,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ABBV. Fairway Wealth LLC bought a new stake in AbbVie in the second quarter valued at about $26,000. Ridgewood Investments LLC bought a new stake in AbbVie in the second quarter valued at about $27,000. Able Wealth Management LLC bought a new stake in AbbVie in the fourth quarter valued at about $33,000. IFS Advisors LLC bought a new stake in AbbVie in the first quarter valued at about $36,000. Finally, Quest Partners LLC increased its holdings in AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after buying an additional 207 shares during the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Price Performance

ABBV traded down $0.16 during trading on Friday, reaching $194.19. The stock had a trading volume of 2,973,025 shares, compared to its average volume of 5,304,990. The firm has a market capitalization of $342.91 billion, a price-to-earnings ratio of 57.62, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95. The stock has a 50 day moving average of $194.08 and a two-hundred day moving average of $177.39.

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

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given 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 yield of 3.19%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction on Monday, August 5th. The stock was 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 approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction on Monday, August 5th. The stock was 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 approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction on 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 completion of the transaction, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. This 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 insiders.

Analyst Upgrades and Downgrades

ABBV has been the subject of several research analyst reports. Barclays boosted their price objective on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. William Blair raised AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Morgan Stanley upped their target price on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Wells Fargo & Company upped their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Piper Sandler upped their target price on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $198.00.

View Our Latest Stock Report on AbbVie

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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