Wealthquest Corp Buys 130 Shares of AbbVie Inc. (NYSE:ABBV)

Wealthquest Corp boosted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.1% in the second quarter, Holdings Channel reports. The firm owned 6,261 shares of the company’s stock after acquiring an additional 130 shares during the period. Wealthquest Corp’s holdings in AbbVie were worth $1,074,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently bought and sold shares of ABBV. Fairway Wealth LLC bought a new position in AbbVie during the second quarter worth $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie during the second quarter worth about $27,000. Vermillion & White Wealth Management Group LLC bought a new position in AbbVie during the fourth quarter valued at about $26,000. IFS Advisors LLC acquired a new position in AbbVie in the 1st quarter valued at approximately $36,000. Finally, Redmont Wealth Advisors LLC bought a new stake in shares of AbbVie in the 1st quarter worth approximately $37,000. Institutional investors own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ABBV shares. BMO Capital Markets boosted their price objective on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Wells Fargo & Company increased their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research report on Wednesday, June 5th. William Blair raised shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $191.64.

AbbVie Price Performance

ABBV opened at $197.48 on Tuesday. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. The stock has a market capitalization of $348.72 billion, a P/E ratio of 58.60, a price-to-earnings-growth ratio of 2.65 and a beta of 0.64. The company’s 50 day simple moving average is $192.02 and its 200-day simple moving average is $176.34. AbbVie Inc. has a one year low of $135.85 and a one year high of $199.95.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The company 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 quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.91 earnings per share. Sell-side analysts anticipate that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is 183.98%.

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie 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 completion of the sale, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’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 transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 value of $49,497,875.00. Following the sale, 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. 0.25% of the stock is currently owned by insiders.

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.