Beese Fulmer Investment Management Inc. Sells 308 Shares of AbbVie Inc. (NYSE:ABBV)

by · The Markets Daily

Beese Fulmer Investment Management Inc. lowered its stake in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 0.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,318 shares of the company’s stock after selling 308 shares during the quarter. Beese Fulmer Investment Management Inc.’s holdings in AbbVie were worth $6,975,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Fairway Wealth LLC acquired a new stake in AbbVie during the 2nd quarter valued at approximately $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie during the 2nd quarter valued at about $27,000. Quest Partners LLC lifted its position in AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after buying an additional 207 shares during the last quarter. Redmont Wealth Advisors LLC acquired a new stake in shares of AbbVie during the first quarter worth about $37,000. Finally, Marquette Asset Management LLC purchased a new stake in shares of AbbVie during the third quarter worth approximately $39,000. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ABBV. Morgan Stanley increased their price target on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. BMO Capital Markets upped their price target on AbbVie from $214.00 to $220.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. Bank of America increased their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, Piper Sandler upped their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $198.47.

Check Out Our Latest Report on ABBV

AbbVie Price Performance

Shares of ABBV opened at $187.87 on Thursday. 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 stock has a 50 day simple moving average of $194.22 and a 200 day simple moving average of $178.08. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95. The firm has a market capitalization of $331.75 billion, a PE ratio of 55.75, a P/E/G ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating 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 business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the prior year, the business earned $2.91 EPS. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. Sell-side analysts predict that AbbVie Inc. will post 10.85 EPS for the current fiscal 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 paid a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.30%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.25% of the stock is currently owned by insiders.

AbbVie Company Profile

(Free Report)

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.

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