Arcadia Investment Management Corp MI Sells 1,671 Shares of AbbVie Inc. (NYSE:ABBV)

Arcadia Investment Management Corp MI trimmed its holdings in AbbVie Inc. (NYSE:ABBV) by 17.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,700 shares of the company’s stock after selling 1,671 shares during the period. Arcadia Investment Management Corp MI’s holdings in AbbVie were worth $1,321,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Vermillion & White Wealth Management Group LLC bought a new stake in AbbVie during the fourth quarter worth $26,000. Ridgewood Investments LLC purchased a new position in AbbVie during the 2nd quarter worth $27,000. Able Wealth Management LLC bought a new stake in shares of AbbVie in the 4th quarter worth $33,000. IFS Advisors LLC purchased a new stake in shares of AbbVie in the first quarter valued at about $36,000. Finally, Ables Iannone Moore & Associates Inc. bought a new position in shares of AbbVie during the fourth quarter valued at about $37,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ABBV. Truist Financial reaffirmed a “buy” rating and issued a $210.00 price objective (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Barclays lifted their price target on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. BMO Capital Markets upped their price objective on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Morgan Stanley lifted their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Finally, HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research report on Wednesday, June 5th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie currently has an average rating of “Buy” and an average target price of $191.64.

AbbVie Stock Performance

ABBV traded up $0.82 during trading hours on Friday, hitting $193.68. The stock had a trading volume of 422,154 shares, compared to its average volume of 5,404,194. The company’s fifty day simple moving average is $183.44 and its 200 day simple moving average is $174.50. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The stock has a market cap of $342.01 billion, a PE ratio of 57.18, a price-to-earnings-growth ratio of 2.68 and a beta of 0.64. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. 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 firm posted $2.91 EPS. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts anticipate that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date was Monday, July 15th. AbbVie’s payout ratio is presently 183.98%.

Insider Buying and Selling at AbbVie

In other AbbVie 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 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 this link. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie 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 completion of the sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated 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 approximately $83,299,645.48. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Company 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.