Texas Capital Bank Wealth Management Services Inc decreased its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 21.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,102 shares of the company’s stock after selling 872 shares during the quarter. Texas Capital Bank Wealth Management Services Inc’s holdings in AbbVie were worth $532,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently made changes to their positions in ABBV. Gilbert & Cook Inc. boosted its position in shares of AbbVie by 9.8% during the fourth quarter. Gilbert & Cook Inc. now owns 9,691 shares of the company’s stock valued at $1,502,000 after buying an additional 861 shares during the last quarter. Aveo Capital Partners LLC boosted its holdings in shares of AbbVie by 5.1% during the 4th quarter. Aveo Capital Partners LLC now owns 4,297 shares of the company’s stock valued at $666,000 after acquiring an additional 210 shares during the last quarter. 9258 Wealth Management LLC grew its stake in shares of AbbVie by 1.7% in the fourth quarter. 9258 Wealth Management LLC now owns 16,909 shares of the company’s stock worth $2,620,000 after acquiring an additional 283 shares during the period. Gryphon Financial Partners LLC raised its holdings in shares of AbbVie by 1.9% during the fourth quarter. Gryphon Financial Partners LLC now owns 84,249 shares of the company’s stock valued at $12,972,000 after purchasing an additional 1,531 shares during the last quarter. Finally, Scotia Capital Inc. lifted its position in AbbVie by 4.8% during the fourth quarter. Scotia Capital Inc. now owns 155,440 shares of the company’s stock valued at $24,088,000 after purchasing an additional 7,111 shares during the period. Institutional investors own 70.23% of the company’s stock.
Insider Buying and Selling at AbbVie
In other 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 value of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction 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 sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction on 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 transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at $89,792,325. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.
AbbVie Price Performance
AbbVie (NYSE:ABBV – Get Free Report) last posted its quarterly earnings results 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. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.91 EPS. As a group, analysts expect that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.
AbbVie Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is currently 183.98%.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the stock. BMO Capital Markets boosted their target price on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Wells Fargo & Company increased their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Morgan Stanley boosted their price target on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Barclays increased their price objective on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Piper Sandler boosted their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $191.64.
View Our Latest Report on AbbVie
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.
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