AbbVie Inc. (NYSE:ABBV) Holdings Cut by Abundance Wealth Counselors

Abundance Wealth Counselors lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 7.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,545 shares of the company’s stock after selling 1,285 shares during the period. AbbVie comprises about 1.3% of Abundance Wealth Counselors’ investment portfolio, making the stock its 13th biggest holding. Abundance Wealth Counselors’ holdings in AbbVie were worth $2,838,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC bought a new position in shares of AbbVie during the 4th quarter valued at $26,000. Able Wealth Management LLC acquired a new stake in shares of AbbVie in the fourth quarter worth about $33,000. IFS Advisors LLC bought a new stake in shares of AbbVie during the 1st quarter worth about $36,000. Ables Iannone Moore & Associates Inc. acquired a new position in shares of AbbVie during the 4th quarter valued at about $37,000. Finally, Redmont Wealth Advisors LLC bought a new position in shares of AbbVie in the 1st quarter valued at approximately $37,000. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

AbbVie Price Performance

ABBV stock traded up $0.40 during trading on Thursday, hitting $193.40. 4,711,573 shares of the stock traded hands, compared to its average volume of 5,547,581. The stock has a market cap of $341.52 billion, a price-to-earnings ratio of 57.39, a P/E/G ratio of 2.49 and a beta of 0.64. AbbVie Inc. has a one year low of $135.85 and a one year high of $194.99. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93. The company has a 50 day simple moving average of $175.56 and a 200 day simple moving average of $171.94.

AbbVie (NYSE:ABBV) last released its quarterly earnings results 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 firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. The business’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the firm posted $2.91 EPS. Equities analysts expect that AbbVie Inc. will post 10.87 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Truist Financial reiterated a “buy” rating and issued a $210.00 target price (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Barclays raised their price target on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research report on Wednesday, June 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 company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $190.29.

Insiders Place Their Bets

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction dated 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 owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were 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 $83,299,645.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction of $49,497,875.00. Following the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. 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.