Mutual of America Capital Management LLC Decreases Position in AbbVie Inc. (NYSE:ABBV)

Mutual of America Capital Management LLC decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 239,555 shares of the company’s stock after selling 3,633 shares during the quarter. AbbVie makes up approximately 0.4% of Mutual of America Capital Management LLC’s portfolio, making the stock its 23rd biggest position. Mutual of America Capital Management LLC’s holdings in AbbVie were worth $41,088,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Frisch Financial Group Inc. grew its stake in shares of AbbVie by 0.8% in the second quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock valued at $1,187,000 after buying an additional 53 shares in the last quarter. Capital Advisors Ltd. LLC grew its stake in shares of AbbVie by 1.3% in the second quarter. Capital Advisors Ltd. LLC now owns 4,453 shares of the company’s stock valued at $764,000 after buying an additional 55 shares in the last quarter. Hilltop Partners LLC grew its stake in shares of AbbVie by 1.4% in the second quarter. Hilltop Partners LLC now owns 3,859 shares of the company’s stock valued at $662,000 after buying an additional 55 shares in the last quarter. Lokken Investment Group LLC grew its stake in shares of AbbVie by 3.6% in the fourth quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock valued at $258,000 after buying an additional 58 shares in the last quarter. Finally, Longfellow Investment Management Co. LLC grew its stake in shares of AbbVie by 1.0% in the second quarter. Longfellow Investment Management Co. LLC now owns 5,622 shares of the company’s stock valued at $964,000 after buying an additional 58 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 1.1 %

NYSE:ABBV opened at $193.50 on Wednesday. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The business’s 50 day moving average is $187.92 and its two-hundred day moving average is $175.46. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. The company has a market cap of $341.70 billion, a PE ratio of 57.42, a P/E/G ratio of 2.66 and a beta of 0.64.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business’s revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business posted $2.91 EPS. On average, analysts predict that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Announces Dividend

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

Analysts Set New Price Targets

ABBV has been the subject of a number of recent research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Truist Financial restated a “buy” rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a research note on Friday, July 26th. HSBC upgraded 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. Barclays raised their price objective on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, William Blair upgraded AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $191.64.

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’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 value of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie 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 sale, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction on 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 sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

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.