Next Capital Management LLC Sells 70 Shares of AbbVie Inc. (NYSE:ABBV)

Next Capital Management LLC lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 3.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,301 shares of the company’s stock after selling 70 shares during the quarter. Next Capital Management LLC’s holdings in AbbVie were worth $395,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. West Coast Financial LLC raised its position in AbbVie by 9.7% during the 1st quarter. West Coast Financial LLC now owns 1,578 shares of the company’s stock valued at $287,000 after purchasing an additional 140 shares during the last quarter. FCG Investment Co purchased a new stake in shares of AbbVie in the 1st quarter worth about $1,413,000. Safeguard Financial LLC purchased a new position in shares of AbbVie during the first quarter valued at about $235,000. BluePath Capital Management LLC increased its position in shares of AbbVie by 0.9% during the first quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock valued at $1,331,000 after buying an additional 67 shares during the period. Finally, Voisard Asset Management Group Inc. purchased a new stake in AbbVie in the fourth quarter worth about $87,000. 70.23% of the stock is owned by institutional investors.

AbbVie Stock Up 1.4 %

ABBV opened at $197.48 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The company has a market capitalization of $348.72 billion, a PE ratio of 58.60, a PEG ratio of 2.65 and a beta of 0.64. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95. The firm’s 50 day simple moving average is $192.02 and its two-hundred day simple moving average is $176.34.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the prior year, the business posted $2.91 earnings per share. The business’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, equities analysts forecast that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.14%. AbbVie’s payout ratio is 183.98%.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction that occurred on 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 owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated 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 transaction, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Morgan Stanley raised 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. BMO Capital Markets lifted their target price on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, July 19th. William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Barclays boosted their target price on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of “Buy” and a consensus target price of $191.64.

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.