Beese Fulmer Investment Management Inc. Sells 917 Shares of AbbVie Inc. (NYSE:ABBV)

Beese Fulmer Investment Management Inc. decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.4% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 37,902 shares of the company’s stock after selling 917 shares during the quarter. Beese Fulmer Investment Management Inc.’s holdings in AbbVie were worth $5,106,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of ABBV. Geode Capital Management LLC raised its stake in AbbVie by 0.9% in the 1st quarter. Geode Capital Management LLC now owns 34,045,021 shares of the company’s stock worth $5,414,143,000 after purchasing an additional 292,512 shares in the last quarter. Morgan Stanley raised its stake in AbbVie by 17.9% in the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock worth $5,102,311,000 after purchasing an additional 4,785,277 shares in the last quarter. Moneta Group Investment Advisors LLC raised its stake in AbbVie by 89,097.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock worth $4,719,514,000 after purchasing an additional 29,170,366 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in AbbVie by 138.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 21,536,656 shares of the company’s stock worth $3,432,297,000 after purchasing an additional 12,515,744 shares in the last quarter. Finally, Norges Bank acquired a new stake in AbbVie in the 4th quarter worth about $3,033,348,000. Institutional investors own 67.86% of the company’s stock.

AbbVie Price Performance

ABBV stock opened at $153.93 on Tuesday. The company has a 50 day simple moving average of $146.42 and a 200 day simple moving average of $147.44. The stock has a market cap of $271.69 billion, a price-to-earnings ratio of 31.67, a P/E/G ratio of 2.79 and a beta of 0.58. AbbVie Inc. has a 1 year low of $130.96 and a 1 year high of $168.11. The company has a debt-to-equity ratio of 4.33, a current ratio of 0.89 and a quick ratio of 0.77.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 27th. The company reported $2.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.79 by $0.12. AbbVie had a net margin of 15.50% and a return on equity of 151.29%. The business had revenue of $13.87 billion during the quarter, compared to analysts’ expectations of $13.52 billion. Research analysts anticipate that AbbVie Inc. will post 11.03 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, October 13th will be issued a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s payout ratio is 121.81%.

Insiders Place Their Bets

In other AbbVie news, CEO Richard A. Gonzalez sold 18,500 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the sale, the chief executive officer now directly owns 625,294 shares of the company’s stock, valued at approximately $93,262,600.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on ABBV shares. TheStreet upgraded shares of AbbVie from a “c+” rating to a “b” rating in a research note on Monday, August 28th. Piper Jaffray Companies lifted their price objective on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. Credit Suisse Group dropped their target price on shares of AbbVie from $170.00 to $160.00 in a research report on Wednesday, July 12th. William Blair started coverage on shares of AbbVie in a research report on Tuesday, July 25th. They issued a “market perform” rating for the company. Finally, HSBC started coverage on shares of AbbVie in a research report on Friday, July 14th. They issued a “buy” rating and a $167.00 target price for the company. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $165.79.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.