Profit Investment Management LLC Has $1.28 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

by · The Markets Daily

Profit Investment Management LLC reduced its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 3.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 6,481 shares of the company’s stock after selling 227 shares during the quarter. Profit Investment Management LLC’s holdings in AbbVie were worth $1,280,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of ABBV. Bell Investment Advisors Inc increased its stake in shares of AbbVie by 6.6% in the 4th quarter. Bell Investment Advisors Inc now owns 2,031 shares of the company’s stock valued at $315,000 after acquiring an additional 126 shares in the last quarter. Baird Financial Group Inc. grew its position in AbbVie by 0.6% in the 4th quarter. Baird Financial Group Inc. now owns 2,095,667 shares of the company’s stock worth $324,766,000 after purchasing an additional 12,389 shares in the last quarter. Buckingham Strategic Wealth LLC increased its stake in AbbVie by 2.7% in the 4th quarter. Buckingham Strategic Wealth LLC now owns 91,743 shares of the company’s stock valued at $14,217,000 after buying an additional 2,420 shares during the last quarter. Garden State Investment Advisory Services LLC lifted its position in shares of AbbVie by 4.6% during the 4th quarter. Garden State Investment Advisory Services LLC now owns 3,253 shares of the company’s stock worth $504,000 after buying an additional 142 shares in the last quarter. Finally, Groupama Asset Managment purchased a new position in shares of AbbVie in the 4th quarter worth approximately $13,572,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of ABBV stock traded up $0.29 during trading hours on Friday, reaching $194.64. The stock had a trading volume of 454,333 shares, compared to its average volume of 5,291,692. The stock’s fifty day simple moving average is $193.98 and its 200 day simple moving average is $177.30. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The firm has a market capitalization of $343.80 billion, a PE ratio of 64.88, a PEG ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95.

AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $14.02 billion. During the same quarter last year, the company posted $2.91 EPS. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts predict that AbbVie Inc. will post 10.85 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is currently 206.67%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ABBV. UBS Group lifted their price target on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Wednesday. Truist Financial boosted their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Piper Sandler lifted their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Finally, TD Cowen increased their target price on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $198.00.

Check Out Our Latest Analysis on ABBV

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction dated 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 completion of the sale, 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 sale was disclosed in a legal filing with the SEC, 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 on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the sale, 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of 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 disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

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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