Cedrus LLC Sells 475 Shares of AbbVie Inc. (NYSE:ABBV)

Cedrus LLC lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 24.1% in the 3rd quarter, Holdings Channel reports. The firm owned 1,495 shares of the company’s stock after selling 475 shares during the quarter. Cedrus LLC’s holdings in AbbVie were worth $295,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Fairway Wealth LLC bought 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 second quarter worth approximately $27,000. Marquette Asset Management LLC bought a new stake in shares of AbbVie in the third quarter valued at approximately $39,000. Redmont Wealth Advisors LLC acquired a new stake in shares of AbbVie in the first quarter worth $37,000. Finally, Quest Partners LLC increased its position in AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after acquiring an additional 207 shares during the period. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Up 0.2 %

Shares of ABBV opened at $188.86 on Monday. The stock has a fifty day moving average price of $194.44 and a two-hundred day moving average price of $177.74. 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 company has a market cap of $333.50 billion, a price-to-earnings ratio of 56.04, a PEG ratio of 2.66 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 data 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 net margin of 9.71% and a return on equity of 203.66%. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the prior year, the firm earned $2.91 EPS. The company’s revenue was up 4.3% on a year-over-year basis. Analysts predict that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is 183.98%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Morgan Stanley increased their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. TD Cowen lifted their price objective on AbbVie from $195.00 to $225.00 and gave the stock a “buy” rating in a report on Monday, October 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Sanford C. Bernstein started coverage on shares of AbbVie in a research note on Thursday. They set a “market perform” rating and a $203.00 price target on the stock. Finally, Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research note on Wednesday, July 3rd. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and a consensus price target of $198.47.

Insider Buying and Selling at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction 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 transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.25% of the company’s stock.

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.