Braun Bostich & Associates Inc. Reduces Position in AbbVie Inc. (NYSE:ABBV)

Braun Bostich & Associates Inc. lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 5.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,671 shares of the company’s stock after selling 93 shares during the quarter. Braun Bostich & Associates Inc.’s holdings in AbbVie were worth $330,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of ABBV. Fairway Wealth LLC purchased a new stake in AbbVie in the 2nd quarter worth approximately $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie during the second quarter valued at about $27,000. IFS Advisors LLC purchased a new stake in AbbVie during the 1st quarter valued at about $36,000. Marquette Asset Management LLC bought a new position in AbbVie during the 3rd quarter worth approximately $39,000. Finally, Redmont Wealth Advisors LLC bought a new stake in AbbVie in the first quarter valued at approximately $37,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

Shares of AbbVie stock opened at $191.86 on Wednesday. The stock has a market cap of $338.80 billion, a price-to-earnings ratio of 56.93, a PEG ratio of 2.66 and a beta of 0.63. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The firm’s 50-day moving average is $194.44 and its 200 day moving average is $177.54.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter last year, the firm earned $2.91 earnings per share. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. Sell-side analysts anticipate that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.23%. AbbVie’s payout ratio is 183.98%.

Analyst Ratings Changes

ABBV has been the subject of a number of recent analyst reports. Barclays upped their price target on shares of AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a report on Monday, October 7th. UBS Group raised their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Wells Fargo & Company upped their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Finally, Piper Sandler Companies restated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $198.00.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the 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 transaction, the chairman now directly 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 filing with the Securities & Exchange Commission, which is available through this link. 0.25% of the stock is owned by insiders.

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.