AbbVie Inc. (NYSE:ABBV) Position Lowered by Belpointe Asset Management LLC

Posted by Defense World Staff on Sep 12th, 2023

Belpointe Asset Management LLC lessened its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 3.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,652 shares of the company’s stock after selling 2,366 shares during the quarter. Belpointe Asset Management LLC’s holdings in AbbVie were worth $9,347,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ABBV. Kalos Management Inc. bought a new position in shares of AbbVie during the first quarter worth about $26,000. Boulder Wealth Advisors LLC acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $31,000. Stone House Investment Management LLC bought a new stake in shares of AbbVie during the first quarter valued at approximately $37,000. True Wealth Design LLC acquired a new position in shares of AbbVie during the fourth quarter worth approximately $39,000. Finally, General Partner Inc. bought a new position in AbbVie in the 1st quarter worth approximately $40,000. 67.86% of the stock is currently owned by institutional investors.

Insider Buying and Selling at AbbVie

In other news, CEO Richard A. Gonzalez sold 18,500 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $149.15, for a total value of $2,759,275.00. Following the sale, the chief executive officer now owns 625,294 shares in the company, valued at $93,262,600.10. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.26% of the company’s stock.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of analyst reports. William Blair initiated coverage on AbbVie in a research report on Tuesday, July 25th. They set a “market perform” rating for the company. Credit Suisse Group dropped their price objective on AbbVie from $170.00 to $160.00 in a research note on Wednesday, July 12th. StockNews.com started coverage on AbbVie in a research note on Thursday, August 17th. They set a “strong-buy” rating for the company. TheStreet upgraded shares of AbbVie from a “c+” rating to a “b” rating in a research report on Monday, August 28th. Finally, Piper Sandler raised their price objective on shares of AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a research report on Friday, July 28th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $165.79.

View Our Latest Research Report on ABBV

AbbVie Stock Up 0.0 %

ABBV opened at $149.03 on Tuesday. The company has a market capitalization of $263.05 billion, a PE ratio of 30.66, a price-to-earnings-growth ratio of 2.70 and a beta of 0.58. The business has a 50-day moving average of $145.21 and a 200-day moving average of $147.51. AbbVie Inc. has a fifty-two week low of $130.96 and a fifty-two week high of $168.11. The company has a debt-to-equity ratio of 4.33, a current ratio of 0.89 and a quick ratio of 0.77.

AbbVie (NYSE:ABBV – Get Free Report) last posted its earnings results on Thursday, July 27th. The company reported $2.91 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.12. The firm had revenue of $13.87 billion during the quarter, compared to analyst estimates of $13.52 billion. AbbVie had a return on equity of 151.29% and a net margin of 15.50%. Equities research analysts forecast that AbbVie Inc. will post 11.03 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a dividend of $1.48 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $5.92 annualized dividend and a dividend yield of 3.97%. AbbVie’s dividend payout ratio is presently 121.81%.

About AbbVie

(Free Report)

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.