AbbVie Inc. (NYSE:ABBV) Stake Lessened by Keystone Wealth Services LLC

Keystone Wealth Services LLC cut its stake in AbbVie Inc. (NYSE:ABBV) by 16.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,618 shares of the company’s stock after selling 901 shares during the period. Keystone Wealth Services LLC’s holdings in AbbVie were worth $912,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Scarborough Advisors LLC acquired a new stake in AbbVie during the fourth quarter valued at approximately $164,000. Wellington Management Group LLP lifted its stake in AbbVie by 128.5% during the fourth quarter. Wellington Management Group LLP now owns 954,374 shares of the company’s stock valued at $147,899,000 after purchasing an additional 536,730 shares during the last quarter. Livelsberger Financial Advisory acquired a new stake in AbbVie during the fourth quarter valued at approximately $626,000. Fairman Group LLC acquired a new stake in AbbVie during the fourth quarter valued at approximately $77,000. Finally, HighPoint Advisor Group LLC acquired a new stake in AbbVie during the fourth quarter valued at approximately $27,290,000. 70.23% of the stock is currently owned by institutional investors.

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the 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 transaction, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related 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 transaction, 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’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 transaction, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

AbbVie Stock Down 1.1 %

Shares of ABBV traded down $2.22 during mid-day trading on Tuesday, hitting $191.86. 6,023,912 shares of the company’s stock were exchanged, compared to its average volume of 5,302,177. The firm has a fifty day moving average of $194.31 and a two-hundred day moving average of $177.47. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $199.95. The stock has a market cap of $338.80 billion, a price-to-earnings ratio of 58.12, a P/E/G 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 (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the prior year, the business posted $2.91 EPS. AbbVie’s quarterly revenue was up 4.3% on a year-over-year basis. On average, sell-side analysts forecast that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.23%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ABBV shares. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. BMO Capital Markets upped their price target on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. 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. Truist Financial upped their price target on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Barclays upped their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $198.00.

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.