Vigilare Wealth Management Cuts Stake in AbbVie Inc. (NYSE:ABBV)

Vigilare Wealth Management cut its stake in AbbVie Inc. (NYSE:ABBV) by 18.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 2,828 shares of the company’s stock after selling 619 shares during the quarter. Vigilare Wealth Management’s holdings in AbbVie were worth $381,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ABBV. Johnson & White Wealth Management LLC acquired a new stake in shares of AbbVie during the first quarter valued at about $721,000. Sand Hill Global Advisors LLC grew its stake in shares of AbbVie by 0.4% during the first quarter. Sand Hill Global Advisors LLC now owns 18,755 shares of the company’s stock valued at $2,989,000 after acquiring an additional 68 shares in the last quarter. Chesapeake Wealth Management grew its stake in shares of AbbVie by 21.4% during the fourth quarter. Chesapeake Wealth Management now owns 13,083 shares of the company’s stock valued at $2,114,000 after acquiring an additional 2,305 shares in the last quarter. Quintet Private Bank Europe S.A. acquired a new stake in shares of AbbVie during the first quarter valued at about $6,686,000. Finally, Capital Market Strategies LLC grew its stake in shares of AbbVie by 5.0% during the first quarter. Capital Market Strategies LLC now owns 12,027 shares of the company’s stock valued at $1,917,000 after acquiring an additional 575 shares in the last quarter. 67.86% of the stock is owned by hedge funds and other institutional investors.

AbbVie Stock Performance

ABBV opened at $153.93 on Tuesday. The business’s 50 day moving average is $146.42 and its 200-day moving average is $147.44. The stock has a market cap of $271.69 billion, a PE ratio of 31.67, a price-to-earnings-growth ratio of 2.79 and a beta of 0.58. The company has a current ratio of 0.89, a quick ratio of 0.77 and a debt-to-equity ratio of 4.33. AbbVie Inc. has a twelve month low of $130.96 and a twelve month high of $168.11.

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

AbbVie Dividend Announcement

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

Analyst Ratings Changes

ABBV has been the subject of a number of research reports. StockNews.com initiated coverage on AbbVie in a research note on Thursday, August 17th. They issued a “strong-buy” rating for the company. Credit Suisse Group decreased their price target on AbbVie from $170.00 to $160.00 in a research note on Wednesday, July 12th. William Blair initiated coverage on AbbVie in a research note on Tuesday, July 25th. They issued a “market perform” rating for the company. HSBC initiated coverage on AbbVie in a research note on Friday, July 14th. They issued a “buy” rating and a $167.00 price target for the company. Finally, Piper Sandler lifted their price target on AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $165.79.

Insider Activity

In related news, CEO Richard A. Gonzalez sold 18,500 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was 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 owns 625,294 shares of the company’s stock, valued at $93,262,600.10. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.26% of the company’s stock.

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.