Sendero Wealth Management LLC Trims Stake in AbbVie Inc. (NYSE:ABBV)

Sendero Wealth Management LLC lessened its position in AbbVie Inc. (NYSE:ABBV) by 22.2% in the 3rd quarter, Holdings Channel.com reports. The fund owned 6,545 shares of the company’s stock after selling 1,872 shares during the period. Sendero Wealth Management LLC’s holdings in AbbVie were worth $1,292,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ABBV. Ethic Inc. grew its holdings in shares of AbbVie by 10.2% in the fourth quarter. Ethic Inc. now owns 38,570 shares of the company’s stock worth $5,977,000 after purchasing an additional 3,574 shares during the last quarter. First Financial Bankshares Inc bought a new position in AbbVie in the 4th quarter worth about $875,000. Kestra Advisory Services LLC increased its position in shares of AbbVie by 2.1% during the fourth quarter. Kestra Advisory Services LLC now owns 289,111 shares of the company’s stock worth $44,804,000 after acquiring an additional 5,962 shares during the period. Waverly Advisors LLC raised its stake in shares of AbbVie by 7.8% during the fourth quarter. Waverly Advisors LLC now owns 31,828 shares of the company’s stock valued at $4,932,000 after acquiring an additional 2,290 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $14,080,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction 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 completion of the transaction, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred 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 transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 directly owns 446,599 shares in the company, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ABBV shares. Barclays upped their target price on AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a report on Monday. Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. BMO Capital Markets raised their target price on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Truist Financial upped their price target on shares of AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $198.00.

AbbVie Stock Performance

ABBV traded down $0.90 during trading on Thursday, reaching $193.85. 904,952 shares of the company’s stock were exchanged, compared to its average volume of 5,303,336. 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 Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The company’s fifty day simple moving average is $193.89 and its 200-day simple moving average is $177.18. The stock has a market capitalization of $342.31 billion, a P/E ratio of 57.63, a price-to-earnings-growth ratio of 2.65 and a beta of 0.63.

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

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) 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.