PSI Advisors LLC Trims Position in AbbVie Inc. (NYSE:ABBV)

PSI Advisors LLC lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 1.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,834 shares of the company’s stock after selling 69 shares during the period. PSI Advisors LLC’s holdings in AbbVie were worth $757,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Boyd Watterson Asset Management LLC OH raised its holdings in AbbVie by 6.0% in the 3rd quarter. Boyd Watterson Asset Management LLC OH now owns 25,298 shares of the company’s stock valued at $4,996,000 after buying an additional 1,427 shares during the period. Hennion & Walsh Asset Management Inc. raised its holdings in AbbVie by 16.6% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 32,851 shares of the company’s stock valued at $6,481,000 after buying an additional 4,688 shares during the period. Global Assets Advisory LLC purchased a new stake in AbbVie in the 3rd quarter valued at about $996,000. X Square Capital LLC raised its holdings in AbbVie by 4.4% in the 3rd quarter. X Square Capital LLC now owns 14,710 shares of the company’s stock valued at $2,905,000 after buying an additional 625 shares during the period. Finally, Romano Brothers AND Company raised its holdings in AbbVie by 1.4% in the 3rd quarter. Romano Brothers AND Company now owns 132,127 shares of the company’s stock valued at $26,092,000 after buying an additional 1,853 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Activity at AbbVie

In related 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 value of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on ABBV shares. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Sanford C. Bernstein initiated coverage on shares of AbbVie in a report on Thursday, October 17th. They issued a “market perform” rating and a $203.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Finally, UBS Group increased their target price on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Wednesday, October 9th. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $198.47.

AbbVie Price Performance

Shares of NYSE ABBV opened at $188.75 on Thursday. The stock’s 50-day simple moving average is $194.22 and its 200-day simple moving average is $178.08. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The firm has a market capitalization of $333.31 billion, a PE ratio of 55.75, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping 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 business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. The company’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.91 EPS. As a group, equities research analysts forecast that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Dividend Announcement

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 given 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 3.28%. AbbVie’s dividend payout ratio (DPR) is presently 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.