Goelzer Investment Management Inc. Sells 326 Shares of AbbVie Inc. (NYSE:ABBV)

Goelzer Investment Management Inc. reduced its position in AbbVie Inc. (NYSE:ABBV) by 0.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 52,647 shares of the company’s stock after selling 326 shares during the quarter. Goelzer Investment Management Inc.’s holdings in AbbVie were worth $10,397,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. jvl associates llc bought a new position in shares of AbbVie during the 3rd quarter worth approximately $217,000. First Citizens Financial Corp grew its holdings in AbbVie by 0.9% in the third quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock worth $1,141,000 after purchasing an additional 53 shares during the period. Duncan Williams Asset Management LLC increased its stake in AbbVie by 135.9% in the third quarter. Duncan Williams Asset Management LLC now owns 4,260 shares of the company’s stock valued at $841,000 after purchasing an additional 2,454 shares in the last quarter. Abacus Wealth Partners LLC raised its holdings in shares of AbbVie by 14.9% during the third quarter. Abacus Wealth Partners LLC now owns 1,737 shares of the company’s stock valued at $343,000 after purchasing an additional 225 shares during the period. Finally, Apella Capital LLC boosted its position in shares of AbbVie by 6.6% during the 3rd quarter. Apella Capital LLC now owns 8,070 shares of the company’s stock worth $1,588,000 after purchasing an additional 501 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

Shares of NYSE ABBV traded down $1.16 during mid-day trading on Friday, reaching $194.29. 4,749,856 shares of the company’s stock were exchanged, compared to its average volume of 5,336,546. The firm has a 50-day moving average price of $193.35 and a two-hundred day moving average price of $176.85. 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 firm has a market capitalization of $343.09 billion, a price-to-earnings ratio of 57.65, a price-to-earnings-growth ratio of 2.65 and a beta of 0.63. AbbVie Inc. has a 52 week low of $135.85 and a 52 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, 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 company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same quarter last year, the business posted $2.91 EPS. AbbVie’s quarterly revenue was up 4.3% compared to the same quarter last year. Analysts predict that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

The company 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. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.19%. AbbVie’s dividend payout ratio is presently 183.98%.

Insider Buying and Selling

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’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 sale, the chairman now 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 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 $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ABBV. Morgan Stanley boosted their target price on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Barclays upped their target price on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Wells Fargo & Company lifted their price target on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. Finally, Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price 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.