HBK Sorce Advisory LLC Sells 1,191 Shares of AbbVie Inc. (NYSE:ABBV)

HBK Sorce Advisory LLC reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 5.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 20,661 shares of the company’s stock after selling 1,191 shares during the period. HBK Sorce Advisory LLC’s holdings in AbbVie were worth $3,544,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vermillion & White Wealth Management Group LLC bought a new position in AbbVie during the fourth quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie during the 2nd quarter worth approximately $27,000. Able Wealth Management LLC bought a new position in shares of AbbVie during the 4th quarter valued at approximately $33,000. IFS Advisors LLC purchased a new position in shares of AbbVie in the first quarter valued at $36,000. Finally, Quest Partners LLC increased its position in AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after purchasing an additional 207 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. 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 report on Wednesday, June 5th. 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. Morgan Stanley upped their price objective on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Truist Financial reiterated a “buy” rating and issued a $210.00 target price (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Finally, Wells Fargo & Company increased their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, AbbVie currently has an average rating of “Buy” and a consensus price target of $191.64.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie 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 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 filing with the SEC, which is accessible through this link. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction 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 sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 completion of the transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

AbbVie Price Performance

AbbVie stock opened at $194.05 on Friday. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The stock has a market cap of $342.67 billion, a price-to-earnings ratio of 57.58, a price-to-earnings-growth ratio of 2.64 and a beta of 0.64. The firm has a 50-day moving average of $186.29 and a two-hundred day moving average of $175.15. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion during 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 revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.91 EPS. On average, research analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.20%. AbbVie’s dividend payout ratio is currently 183.98%.

AbbVie Company 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.