Ameriprise Financial Inc. Trims Holdings in AbbVie Inc. (NYSE:ABBV)

Ameriprise Financial Inc. lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 1.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,049,623 shares of the company’s stock after selling 154,584 shares during the period. AbbVie comprises approximately 0.7% of Ameriprise Financial Inc.’s holdings, making the stock its 17th largest holding. Ameriprise Financial Inc. owned about 0.80% of AbbVie worth $2,409,546,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Vermillion & White Wealth Management Group LLC bought a new stake in AbbVie during the 4th quarter valued at approximately $26,000. Fairway Wealth LLC bought a new stake in AbbVie during the 2nd quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new stake in AbbVie during the 2nd quarter valued at approximately $27,000. Able Wealth Management LLC bought a new stake in AbbVie during the 4th quarter valued at approximately $33,000. Finally, IFS Advisors LLC bought a new stake in AbbVie during the 1st quarter valued at approximately $36,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

ABBV stock opened at $191.29 on Thursday. The stock has a market capitalization of $337.79 billion, a PE ratio of 56.76, a price-to-earnings-growth ratio of 2.65 and a beta of 0.64. AbbVie Inc. has a 12-month low of $135.85 and a 12-month 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 stock’s 50 day simple moving average is $190.36 and its 200 day simple moving average is $175.96.

AbbVie (NYSE:ABBV) last released its quarterly earnings data 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. The business had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm posted $2.91 EPS. As a group, research analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid 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 yield of 3.24%. AbbVie’s dividend payout ratio is presently 183.98%.

Analyst Upgrades and Downgrades

ABBV has been the topic of several research reports. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Barclays lifted their price objective on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Two equities research 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. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $191.64.

Insider Buying and Selling at AbbVie

In other AbbVie 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 completion of the sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The sale was disclosed in a document filed with the SEC, which is available through this link. 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 value of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was 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 owns 513,099 shares of the company’s stock, valued at $89,792,325. The disclosure for this sale can be found here. Company 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.