Access Financial Services Inc. Sells 80 Shares of AbbVie Inc. (NYSE:ABBV)

Access Financial Services Inc. lessened its position in AbbVie Inc. (NYSE:ABBV) by 0.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,823 shares of the company’s stock after selling 80 shares during the period. Access Financial Services Inc.’s holdings in AbbVie were worth $1,513,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Independence Bank of Kentucky raised its position in shares of AbbVie by 5.7% in the second quarter. Independence Bank of Kentucky now owns 16,521 shares of the company’s stock valued at $2,834,000 after purchasing an additional 894 shares during the period. Optas LLC raised its holdings in AbbVie by 9.0% in the 2nd quarter. Optas LLC now owns 3,905 shares of the company’s stock valued at $670,000 after acquiring an additional 323 shares during the period. Clear Creek Financial Management LLC lifted its position in AbbVie by 7.1% during the second quarter. Clear Creek Financial Management LLC now owns 3,340 shares of the company’s stock worth $573,000 after acquiring an additional 222 shares during the last quarter. Waypoint Capital Advisors LLC boosted its holdings in shares of AbbVie by 3.8% during the second quarter. Waypoint Capital Advisors LLC now owns 4,257 shares of the company’s stock worth $730,000 after acquiring an additional 157 shares during the period. Finally, Shelter Ins Retirement Plan acquired a new position in shares of AbbVie in the second quarter valued at approximately $9,877,000. 70.23% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on the company. Morgan Stanley upped their price objective on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research note on Wednesday, June 5th. Truist Financial restated a “buy” rating and set a $210.00 target price (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and a consensus target price of $191.64.

AbbVie Trading Up 0.6 %

Shares of ABBV stock traded up $1.18 during trading hours on Friday, hitting $197.55. 4,720,300 shares of the company were exchanged, compared to its average volume of 5,492,238. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $197.98. The company has a 50 day simple moving average of $178.93 and a two-hundred day simple moving average of $173.16. The firm has a market cap of $348.85 billion, a P/E ratio of 58.62, a P/E/G ratio of 2.49 and a beta of 0.64.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same period last year, the company posted $2.91 earnings per share. The business’s quarterly revenue was up 4.3% on a year-over-year basis. Equities analysts anticipate that AbbVie Inc. will post 10.87 EPS for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were issued a $1.55 dividend. The ex-dividend date was Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.14%. AbbVie’s payout ratio is currently 183.98%.

Insider Buying and Selling at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’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 directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated 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 sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction dated 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 transaction, 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. Insiders own 0.25% of the company’s stock.

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.