Invst LLC Buys 774 Shares of AbbVie Inc. (NYSE:ABBV)

Invst LLC lifted its stake in AbbVie Inc. (NYSE:ABBV) by 23.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 4,133 shares of the company’s stock after purchasing an additional 774 shares during the quarter. Invst LLC’s holdings in AbbVie were worth $704,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. William B. Walkup & Associates Inc. bought a new position in AbbVie in the 2nd quarter worth $4,336,000. Sunbelt Securities Inc. lifted its position in shares of AbbVie by 3.5% in the second quarter. Sunbelt Securities Inc. now owns 48,020 shares of the company’s stock valued at $8,236,000 after acquiring an additional 1,622 shares in the last quarter. Front Row Advisors LLC boosted its stake in shares of AbbVie by 1.0% in the second quarter. Front Row Advisors LLC now owns 27,346 shares of the company’s stock worth $4,690,000 after acquiring an additional 265 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of AbbVie by 0.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 227,071 shares of the company’s stock worth $38,948,000 after purchasing an additional 1,843 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in AbbVie by 13.3% during the 2nd quarter. NewEdge Advisors LLC now owns 441,911 shares of the company’s stock valued at $75,797,000 after purchasing an additional 51,874 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Piper Sandler upped their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Wells Fargo & Company upped their target price on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. Finally, Truist Financial restated a “buy” rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Two 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’s stock. According to MarketBeat.com, AbbVie currently has a consensus rating of “Buy” and a consensus price target of $191.64.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’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 completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred 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 directly owns 513,099 shares of the company’s stock, valued at $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 that occurred 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 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. Company insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV opened at $197.48 on Tuesday. The firm has a market capitalization of $348.72 billion, a PE ratio of 58.60, a PEG ratio of 2.65 and a beta of 0.64. The stock’s fifty day moving average is $192.02 and its 200 day moving average is $176.34. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the prior year, the firm posted $2.91 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, sell-side analysts anticipate that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders 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 dividend yield of 3.14%. AbbVie’s dividend payout ratio is 183.98%.

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.