AbbVie Inc. (NYSE:ABBV) Stake Lessened by Alaethes Wealth LLC

Alaethes Wealth LLC decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 15.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,980 shares of the company’s stock after selling 1,442 shares during the quarter. Alaethes Wealth LLC’s holdings in AbbVie were worth $1,369,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Gilbert & Cook Inc. increased its holdings in shares of AbbVie by 9.8% in the 4th quarter. Gilbert & Cook Inc. now owns 9,691 shares of the company’s stock valued at $1,502,000 after purchasing an additional 861 shares during the period. Aveo Capital Partners LLC grew its position in AbbVie by 5.1% during the fourth quarter. Aveo Capital Partners LLC now owns 4,297 shares of the company’s stock valued at $666,000 after purchasing an additional 210 shares in the last quarter. 9258 Wealth Management LLC increased its stake in AbbVie by 1.7% in the 4th quarter. 9258 Wealth Management LLC now owns 16,909 shares of the company’s stock valued at $2,620,000 after buying an additional 283 shares during the period. Gryphon Financial Partners LLC lifted its position in AbbVie by 1.9% in the 4th quarter. Gryphon Financial Partners LLC now owns 84,249 shares of the company’s stock worth $12,972,000 after buying an additional 1,531 shares in the last quarter. Finally, SageView Advisory Group LLC lifted its position in AbbVie by 73.7% in the 4th quarter. SageView Advisory Group LLC now owns 22,298 shares of the company’s stock worth $3,677,000 after buying an additional 9,460 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ABBV. Morgan Stanley upped their price target on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research note on Wednesday, June 5th. Barclays raised their price target on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Finally, BMO Capital Markets raised their price objective on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie presently has an average rating of “Buy” and an average price target of $191.64.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction 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 $89,792,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $89,792,325. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s 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 transaction, the chairman now directly 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 owned by company insiders.

AbbVie Stock Performance

NYSE:ABBV opened at $193.46 on Friday. The firm has a market capitalization of $341.62 billion, a PE ratio of 57.41, a PEG ratio of 2.66 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 company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The firm’s fifty day simple moving average is $189.35 and its 200 day simple moving average is $175.82.

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. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same period last year, the business posted $2.91 earnings per share. The firm’s revenue was up 4.3% compared to the same quarter last year. On average, sell-side analysts anticipate that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Announces Dividend

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 issued a dividend of $1.55 per share. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.20%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

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.