Toronto Dominion Bank Sells 136,985 Shares of AbbVie Inc. (NYSE:ABBV)

Toronto Dominion Bank cut its holdings in AbbVie Inc. (NYSE:ABBV) by 12.7% during the second quarter, HoldingsChannel reports. The firm owned 941,351 shares of the company’s stock after selling 136,985 shares during the period. Toronto Dominion Bank’s holdings in AbbVie were worth $161,461,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vermillion & White Wealth Management Group LLC bought a new stake in shares of AbbVie in the fourth quarter valued at approximately $26,000. Fairway Wealth LLC bought a new stake in AbbVie in the 2nd quarter valued at $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie in the 2nd quarter worth $27,000. Able Wealth Management LLC bought a new position in shares of AbbVie during the 4th quarter worth about $33,000. Finally, IFS Advisors LLC acquired a new position in shares of AbbVie during the first quarter valued at about $36,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

ABBV stock opened at $193.60 on Wednesday. The stock has a market capitalization of $341.87 billion, a PE ratio of 57.45, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. 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 company has a 50 day moving average price of $190.36 and a 200 day moving average price of $175.96. 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 results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.91 earnings per share. Analysts forecast that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is 183.98%.

Insider Buying and Selling

In other AbbVie 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 value of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 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. 0.25% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ABBV. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. BMO Capital Markets lifted their price objective on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Morgan Stanley upped their target price on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Piper Sandler increased their price objective on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Two 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. According to MarketBeat.com, AbbVie presently has a consensus rating of “Buy” and an average price target of $191.64.

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.