Menlo Advisors LLC Has $6.67 Million Position in AbbVie Inc. (NYSE:ABBV)

Menlo Advisors LLC decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,902 shares of the company’s stock after selling 200 shares during the period. AbbVie accounts for approximately 3.7% of Menlo Advisors LLC’s holdings, making the stock its 11th biggest holding. Menlo Advisors LLC’s holdings in AbbVie were worth $6,672,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ABBV. Capital Advisors Ltd. LLC raised its stake in AbbVie by 1.3% during the second quarter. Capital Advisors Ltd. LLC now owns 4,453 shares of the company’s stock worth $764,000 after acquiring an additional 55 shares in the last quarter. Hilltop Partners LLC increased its position in AbbVie by 1.4% during the 2nd quarter. Hilltop Partners LLC now owns 3,859 shares of the company’s stock worth $662,000 after purchasing an additional 55 shares in the last quarter. Lokken Investment Group LLC lifted its stake in AbbVie by 3.6% in the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock valued at $258,000 after purchasing an additional 58 shares during the last quarter. Longfellow Investment Management Co. LLC boosted its position in AbbVie by 1.0% in the second quarter. Longfellow Investment Management Co. LLC now owns 5,622 shares of the company’s stock valued at $964,000 after buying an additional 58 shares in the last quarter. Finally, RAM Investment Partners LLC grew its stake in shares of AbbVie by 1.1% during the second quarter. RAM Investment Partners LLC now owns 5,219 shares of the company’s stock worth $895,000 after buying an additional 59 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

ABBV stock opened at $195.78 on Tuesday. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The company’s fifty day simple moving average is $187.41 and its 200 day simple moving average is $175.36. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95. The firm has a market cap of $345.72 billion, a price-to-earnings ratio of 58.09, a PEG ratio of 2.66 and a beta of 0.64.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating 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 company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.91 EPS. On average, analysts expect that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed 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 is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.17%. AbbVie’s dividend payout ratio is currently 183.98%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ABBV shares. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research note on Wednesday, June 5th. Wells Fargo & Company upped their price objective on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Morgan Stanley lifted their target price on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Finally, Piper Sandler upped their price target on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, AbbVie currently has a consensus rating of “Buy” and an average price target of $191.64.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction 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 completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred 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 in the company, valued at $83,299,645.48. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction that occurred 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 sale, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

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.