Traphagen Investment Advisors LLC Sells 69 Shares of AbbVie Inc. (NYSE:ABBV)

Traphagen Investment Advisors LLC cut its position in AbbVie Inc. (NYSE:ABBV) by 0.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 9,694 shares of the company’s stock after selling 69 shares during the period. Traphagen Investment Advisors LLC’s holdings in AbbVie were worth $1,914,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in ABBV. Fairway Wealth LLC purchased a new position in AbbVie in the 2nd quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie in the second quarter worth $27,000. Quest Partners LLC grew its position in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares in the last quarter. Redmont Wealth Advisors LLC bought a new stake in shares of AbbVie during the 1st quarter valued at $37,000. Finally, Marquette Asset Management LLC purchased a new stake in AbbVie during the 3rd quarter worth about $39,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 0.0 %

Shares of NYSE:ABBV traded down $0.07 on Tuesday, reaching $186.47. 432,480 shares of the company traded hands, compared to its average volume of 5,273,500. The stock has a market capitalization of $329.28 billion, a P/E ratio of 55.33, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The business’s 50-day simple moving average is $194.37 and its 200 day simple moving average is $177.88. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95.

AbbVie (NYSE:ABBV) last announced 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. The business had revenue of $14.46 billion for 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 business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.91 EPS. As a group, equities analysts anticipate that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.32%. AbbVie’s payout ratio is currently 183.98%.

Insiders Place Their Bets

In other AbbVie 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 completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.25% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on ABBV. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. TD Cowen upped their target price on shares of AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. BMO Capital Markets upped their price target on shares of AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Finally, Morgan Stanley upped their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $198.47.

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.