AbbVie Inc. (NYSE:ABBV) Shares Sold by Sky Investment Group LLC

Sky Investment Group LLC cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,779 shares of the company’s stock after selling 205 shares during the period. AbbVie makes up 1.4% of Sky Investment Group LLC’s holdings, making the stock its 27th biggest holding. Sky Investment Group LLC’s holdings in AbbVie were worth $7,658,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. AdvisorNet Financial Inc lifted its position in shares of AbbVie by 28.4% during the first quarter. AdvisorNet Financial Inc now owns 4,524 shares of the company’s stock worth $824,000 after purchasing an additional 1,000 shares in the last quarter. West Coast Financial LLC lifted its holdings in AbbVie by 9.7% during the 1st quarter. West Coast Financial LLC now owns 1,578 shares of the company’s stock worth $287,000 after buying an additional 140 shares in the last quarter. Community Bank of Raymore lifted its holdings in AbbVie by 2.7% during the 1st quarter. Community Bank of Raymore now owns 22,648 shares of the company’s stock worth $4,124,000 after buying an additional 600 shares in the last quarter. New England Professional Planning Group Inc. purchased a new position in AbbVie in the 1st quarter valued at approximately $228,000. Finally, Hoxton Planning & Management LLC grew its stake in shares of AbbVie by 11.8% in the first quarter. Hoxton Planning & Management LLC now owns 1,537 shares of the company’s stock worth $280,000 after acquiring an additional 162 shares in the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

Shares of NYSE:ABBV traded down $0.07 on Tuesday, reaching $186.47. The company’s stock had a trading volume of 432,480 shares, compared to its average volume of 5,273,500. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95. The stock’s 50-day moving average is $194.37 and its two-hundred day moving average is $177.88. The stock has a market capitalization of $329.28 billion, a P/E ratio of 55.33, a PEG ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data 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 company had revenue of $14.46 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the firm earned $2.91 EPS. As a group, sell-side analysts forecast that AbbVie Inc. will post 10.85 EPS for the current year.

AbbVie Announces Dividend

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. This represents a $6.20 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Activity

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction that occurred 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 transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ABBV. Sanford C. Bernstein initiated coverage on AbbVie in a research note on Thursday, October 17th. They set a “market perform” rating and a $203.00 target price for the company. BMO Capital Markets lifted their price target on AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Finally, Truist Financial upped their price target on AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.47.

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.