Financial Partners Group LLC Decreases Stake in AbbVie Inc. (NYSE:ABBV)

Financial Partners Group LLC cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 41.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,773 shares of the company’s stock after selling 1,251 shares during the quarter. Financial Partners Group LLC’s holdings in AbbVie were worth $350,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Silver Oak Securities Incorporated increased its position in shares of AbbVie by 15.0% during the 3rd quarter. Silver Oak Securities Incorporated now owns 3,987 shares of the company’s stock worth $777,000 after purchasing an additional 521 shares during the last quarter. Moody Lynn & Lieberson LLC boosted its stake in AbbVie by 16.6% during the third quarter. Moody Lynn & Lieberson LLC now owns 181,165 shares of the company’s stock worth $35,776,000 after buying an additional 25,850 shares during the period. Tectonic Advisors LLC increased its position in shares of AbbVie by 12.2% during the third quarter. Tectonic Advisors LLC now owns 36,325 shares of the company’s stock valued at $7,173,000 after acquiring an additional 3,946 shares during the last quarter. Rowlandmiller & PARTNERS.ADV raised its stake in shares of AbbVie by 1.1% in the 3rd quarter. Rowlandmiller & PARTNERS.ADV now owns 47,224 shares of the company’s stock valued at $9,326,000 after acquiring an additional 535 shares during the period. Finally, Dakota Wealth Management lifted its holdings in shares of AbbVie by 2.5% in the 3rd quarter. Dakota Wealth Management now owns 40,988 shares of the company’s stock worth $8,094,000 after acquiring an additional 991 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on ABBV. Morgan Stanley boosted their target price on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. Wells Fargo & Company raised their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Truist Financial boosted their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Finally, William Blair raised shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $198.47.

AbbVie Stock Performance

NYSE:ABBV opened at $189.68 on Friday. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95. 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 firm has a market capitalization of $334.95 billion, a PE ratio of 56.28, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. The business’s fifty day moving average price is $194.22 and its 200 day moving average price is $178.08.

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 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 for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.91 EPS. On average, sell-side analysts anticipate that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid 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 3.27%. AbbVie’s dividend payout ratio is currently 183.98%.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.25% of the stock is owned by corporate insiders.

AbbVie 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.