Perennial Investment Advisors LLC Sells 267 Shares of AbbVie Inc. (NYSE:ABBV)

Perennial Investment Advisors LLC lessened its position in AbbVie Inc. (NYSE:ABBV) by 7.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,350 shares of the company’s stock after selling 267 shares during the period. Perennial Investment Advisors LLC’s holdings in AbbVie were worth $574,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ABBV. Frisch Financial Group Inc. lifted its stake in shares of AbbVie by 0.8% in the 2nd quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock valued at $1,187,000 after purchasing an additional 53 shares during the period. Capital Advisors Ltd. LLC lifted its stake in shares of AbbVie by 1.3% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 4,453 shares of the company’s stock valued at $764,000 after purchasing an additional 55 shares during the period. Hilltop Partners LLC lifted its stake in shares of AbbVie by 1.4% in the 2nd quarter. Hilltop Partners LLC now owns 3,859 shares of the company’s stock valued at $662,000 after purchasing an additional 55 shares during the period. Lokken Investment Group LLC lifted its stake in shares of AbbVie by 3.6% in the 4th quarter. Lokken Investment Group LLC now owns 1,666 shares of the company’s stock valued at $258,000 after purchasing an additional 58 shares during the period. Finally, Longfellow Investment Management Co. LLC lifted its stake in shares of AbbVie by 1.0% in the 2nd quarter. Longfellow Investment Management Co. LLC now owns 5,622 shares of the company’s stock valued at $964,000 after purchasing an additional 58 shares during the period. Institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s 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 completion of the sale, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction that occurred 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 transaction, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 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. Insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ABBV. Morgan Stanley boosted their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. BMO Capital Markets boosted their price target on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Piper Sandler boosted their price target on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Finally, Barclays raised their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Two investment 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. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $191.64.

AbbVie Stock Down 1.1 %

ABBV stock opened at $193.50 on Wednesday. The company has a market cap of $341.70 billion, a price-to-earnings ratio of 57.42, a PEG ratio of 2.66 and a beta of 0.64. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95. The firm has a 50-day moving average of $187.92 and a two-hundred day moving average of $175.46.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. AbbVie’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.91 EPS. As a group, analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders 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 dividend on an annualized basis and a yield of 3.20%. AbbVie’s payout ratio is 183.98%.

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.