AbbVie Inc. (NYSE:ABBV) Shares Sold by MidWestOne Financial Group Inc.

MidWestOne Financial Group Inc. reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 36,820 shares of the company’s stock after selling 290 shares during the period. AbbVie accounts for 1.1% of MidWestOne Financial Group Inc.’s portfolio, making the stock its 8th biggest position. MidWestOne Financial Group Inc.’s holdings in AbbVie were worth $6,315,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in ABBV. Goodman Advisory Group LLC grew its stake in AbbVie by 3,909.8% in the second quarter. Goodman Advisory Group LLC now owns 13,914 shares of the company’s stock worth $2,387,000 after purchasing an additional 13,567 shares in the last quarter. Alethea Capital Management LLC bought a new position in AbbVie during the 2nd quarter worth approximately $488,000. Security National Bank of SO Dak grew its position in shares of AbbVie by 1.5% in the 2nd quarter. Security National Bank of SO Dak now owns 16,247 shares of the company’s stock worth $2,787,000 after acquiring an additional 240 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of AbbVie by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock valued at $2,620,382,000 after acquiring an additional 134,239 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in shares of AbbVie by 11.0% during the 2nd quarter. Mackenzie Financial Corp now owns 2,307,363 shares of the company’s stock valued at $395,759,000 after acquiring an additional 227,957 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Up 1.5 %

Shares of AbbVie stock opened at $194.78 on Friday. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95. The company has a market capitalization of $343.96 billion, a P/E ratio of 57.80, a PEG ratio of 2.65 and a beta of 0.64. The business’s fifty day moving average price is $191.54 and its two-hundred day moving average price is $176.28. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 9.71% and a return on equity of 203.66%. The company’s revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.91 earnings per share. As a group, research analysts forecast that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.18%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analysts Set New Price Targets

A number of research firms have commented on ABBV. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Piper Sandler boosted their price objective 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. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Wednesday, June 5th. Finally, Barclays upped their target price on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, AbbVie presently has an average rating of “Buy” and a consensus price target of $191.64.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction that occurred 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 sale, the chairman now 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 is available through the SEC website. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction that occurred 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 sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

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.