Mosaic Family Wealth Partners LLC Lowers Stock Position in AbbVie Inc. (NYSE:ABBV)

Mosaic Family Wealth Partners LLC lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 12.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,378 shares of the company’s stock after selling 945 shares during the quarter. Mosaic Family Wealth Partners LLC’s holdings in AbbVie were worth $1,161,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ABBV. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of AbbVie during the fourth quarter worth about $26,000. Able Wealth Management LLC acquired a new stake in shares of AbbVie during the fourth quarter worth about $33,000. IFS Advisors LLC acquired a new stake in shares of AbbVie during the first quarter worth about $36,000. Ables Iannone Moore & Associates Inc. acquired a new stake in AbbVie in the fourth quarter valued at approximately $37,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in AbbVie in the first quarter valued at approximately $37,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV traded down $0.42 during midday trading on Friday, hitting $189.29. 6,303,909 shares of the stock were exchanged, compared to its average volume of 5,147,175. The stock has a market cap of $334.26 billion, a P/E ratio of 56.17, a PEG ratio of 2.49 and a beta of 0.64. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $193.91. The company has a 50 day moving average price of $170.28 and a 200-day moving average price of $170.42.

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 186.82%. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the previous year, the company posted $2.91 EPS. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, research analysts forecast that AbbVie Inc. will post 10.87 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Insider Buying and Selling at AbbVie

In other AbbVie news, 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 completion of the sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ABBV shares. Wells Fargo & Company raised their price objective on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Barclays raised their price objective on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Piper Sandler reissued an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a report on Tuesday, July 2nd. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Finally, BMO Capital Markets raised their price objective on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $188.71.

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.