Trueblood Wealth Management LLC Decreases Holdings in AbbVie Inc. (NYSE:ABBV)

Trueblood Wealth Management LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 4.9% in the second quarter, Holdings Channel.com reports. The firm owned 6,374 shares of the company’s stock after selling 330 shares during the period. Trueblood Wealth Management LLC’s holdings in AbbVie were worth $1,093,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. American National Bank increased its stake in shares of AbbVie by 4.8% in the fourth quarter. American National Bank now owns 59,392 shares of the company’s stock worth $9,204,000 after buying an additional 2,695 shares during the period. AXS Investments LLC raised its position in AbbVie by 3.3% during the 4th quarter. AXS Investments LLC now owns 9,530 shares of the company’s stock valued at $1,477,000 after purchasing an additional 307 shares during the last quarter. Mizuho Markets Americas LLC lifted its holdings in AbbVie by 33.4% in the 4th quarter. Mizuho Markets Americas LLC now owns 30,914 shares of the company’s stock worth $4,791,000 after buying an additional 7,737 shares during the period. West Coast Financial LLC grew its position in shares of AbbVie by 9.7% in the 1st quarter. West Coast Financial LLC now owns 1,578 shares of the company’s stock worth $287,000 after buying an additional 140 shares during the last quarter. Finally, FCG Investment Co purchased a new position in shares of AbbVie during the first quarter valued at approximately $1,413,000. Institutional investors own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ABBV. Truist Financial reiterated a “buy” rating and issued a $210.00 price target (up from $195.00) on shares of AbbVie in a research note on Friday, July 26th. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research note on Wednesday, June 5th. William Blair raised shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Morgan Stanley lifted their price objective on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Finally, BMO Capital Markets raised their price target on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $191.64.

Insider Buying and Selling at AbbVie

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

AbbVie Stock Down 2.4 %

Shares of NYSE:ABBV opened at $194.59 on Thursday. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $199.95. The company has a market capitalization of $343.62 billion, a PE ratio of 57.74, a P/E/G ratio of 2.64 and a beta of 0.64. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The firm has a 50 day simple moving average of $185.68 and a 200-day simple moving average of $175.02.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the prior year, the firm earned $2.91 earnings per share. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, equities analysts predict that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.19%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

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.