SYSTM Wealth Solutions LLC Reduces Holdings in AbbVie Inc. (NYSE:ABBV)

SYSTM Wealth Solutions LLC trimmed its position in AbbVie Inc. (NYSE:ABBV) by 29.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 45,799 shares of the company’s stock after selling 19,239 shares during the quarter. AbbVie makes up 1.8% of SYSTM Wealth Solutions LLC’s holdings, making the stock its 5th largest position. SYSTM Wealth Solutions LLC’s holdings in AbbVie were worth $7,855,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. Frisch Financial Group Inc. lifted its position in shares of AbbVie by 0.8% during the second quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock valued at $1,187,000 after purchasing an additional 53 shares in the last quarter. Capital Advisors Ltd. LLC lifted its position in shares of AbbVie by 1.3% during the second quarter. Capital Advisors Ltd. LLC now owns 4,453 shares of the company’s stock valued at $764,000 after purchasing an additional 55 shares in the last quarter. Hilltop Partners LLC lifted its position in shares of AbbVie by 1.4% during the second quarter. Hilltop Partners LLC now owns 3,859 shares of the company’s stock valued at $662,000 after purchasing an additional 55 shares in the last quarter. Lokken Investment Group LLC lifted its position in shares of AbbVie by 3.6% during the fourth 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 in the last quarter. Finally, Longfellow Investment Management Co. LLC lifted its position in shares of AbbVie by 1.0% during the second quarter. Longfellow Investment Management Co. LLC now owns 5,622 shares of the company’s stock valued at $964,000 after purchasing an additional 58 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Performance

NYSE ABBV opened at $193.50 on Wednesday. The company’s 50 day moving average is $187.92 and its 200-day moving average is $175.46. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95. 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 firm has a market cap of $341.70 billion, a P/E ratio of 57.42, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating the consensus estimate 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 net margin of 9.71% and a return on equity of 203.66%. AbbVie’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.91 earnings per share. Sell-side analysts predict that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors 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 yield of 3.20%. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other AbbVie news, 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 completion of the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. 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 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 completion of the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Piper Sandler raised 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. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research report on Wednesday, June 5th. Barclays lifted their price objective on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $191.64.

About AbbVie

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.