Cobblestone Capital Advisors LLC NY Decreases Stock Position in AbbVie Inc. (NYSE:ABBV)

Cobblestone Capital Advisors LLC NY reduced its stake in AbbVie Inc. (NYSE:ABBV) by 0.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,078 shares of the company’s stock after selling 98 shares during the period. Cobblestone Capital Advisors LLC NY’s holdings in AbbVie were worth $1,900,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ABBV. Vermillion & White Wealth Management Group LLC bought a new stake in AbbVie during the fourth quarter valued at $26,000. Ridgewood Investments LLC bought a new stake in AbbVie during the second quarter worth about $27,000. Able Wealth Management LLC bought a new stake in AbbVie during the fourth quarter worth about $33,000. IFS Advisors LLC bought a new stake in AbbVie during the first quarter worth about $36,000. Finally, Ables Iannone Moore & Associates Inc. bought a new stake in AbbVie during the fourth quarter worth about $37,000. 70.23% of the stock is owned by institutional investors.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction 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 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 SEC, which is available through this link. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

AbbVie Stock Up 0.3 %

AbbVie stock traded up $0.54 during trading hours on Friday, hitting $193.40. 4,312,632 shares of the stock traded hands, compared to its average volume of 5,427,167. The firm’s 50-day moving average price is $183.88 and its two-hundred day moving average price is $174.61. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The company has a market cap of $341.52 billion, a PE ratio of 57.42, a PEG ratio of 2.68 and a beta of 0.64. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same period in the previous year, the firm posted $2.91 EPS. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, research analysts forecast that AbbVie Inc. will post 10.86 EPS for the current 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 given a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.21%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Wall Street Analyst Weigh In

ABBV has been the subject of several research analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research note on Monday, August 5th. BMO Capital Markets lifted their price target on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. Piper Sandler lifted their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Wells Fargo & Company lifted their price objective on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $191.64.

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.