Thrivent Financial for Lutherans Reduces Stake in AbbVie Inc. (NYSE:ABBV)

Thrivent Financial for Lutherans decreased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 18.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 268,778 shares of the company’s stock after selling 59,129 shares during the quarter. Thrivent Financial for Lutherans’ holdings in AbbVie were worth $46,101,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. West Coast Financial LLC increased its position in AbbVie by 9.7% during the first quarter. West Coast Financial LLC now owns 1,578 shares of the company’s stock worth $287,000 after buying an additional 140 shares in the last quarter. FCG Investment Co purchased a new position in AbbVie during the first quarter worth $1,413,000. Safeguard Financial LLC purchased a new position in AbbVie during the first quarter worth $235,000. BluePath Capital Management LLC increased its position in AbbVie by 0.9% during the first quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock worth $1,331,000 after buying an additional 67 shares in the last quarter. Finally, Voisard Asset Management Group Inc. purchased a new position in AbbVie during the fourth quarter worth $87,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s 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 transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 transaction 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 filing with the SEC, which can be accessed through this hyperlink. Also, 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 value of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

Analyst Ratings Changes

ABBV has been the topic of several analyst reports. BMO Capital Markets raised their price objective on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Truist Financial restated a “buy” rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Morgan Stanley raised their price objective on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. William Blair upgraded AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Finally, Barclays raised their price objective on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $191.64.

AbbVie Price Performance

Shares of AbbVie stock opened at $193.47 on Monday. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $199.95. The stock has a market capitalization of $341.64 billion, a P/E ratio of 57.41, a PEG ratio of 2.66 and a beta of 0.64. 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 business’s fifty day moving average price is $189.35 and its 200 day moving average price is $175.76.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The company 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 quarter in the previous year, the firm posted $2.91 earnings per share. As a group, research analysts anticipate that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently disclosed 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. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is presently 183.98%.

About AbbVie

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.