Meyer Handelman Co. Boosts Stake in AbbVie Inc. (NYSE:ABBV)

Meyer Handelman Co. lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 3.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 153,240 shares of the company’s stock after buying an additional 5,162 shares during the period. Meyer Handelman Co.’s holdings in AbbVie were worth $30,262,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Optimist Retirement Group LLC bought a new stake in shares of AbbVie in the fourth quarter worth $2,003,000. Wealthquest Corp increased its position in shares of AbbVie by 3.1% during the 4th quarter. Wealthquest Corp now owns 6,988 shares of the company’s stock valued at $1,083,000 after purchasing an additional 208 shares during the last quarter. Clarity Asset Management Inc. bought a new position in shares of AbbVie in the 4th quarter worth approximately $42,000. Security National Bank of SO Dak boosted its holdings in shares of AbbVie by 0.6% in the fourth quarter. Security National Bank of SO Dak now owns 16,052 shares of the company’s stock worth $2,488,000 after buying an additional 102 shares during the last quarter. Finally, Oarsman Capital Inc. boosted its holdings in shares of AbbVie by 3.5% in the fourth quarter. Oarsman Capital Inc. now owns 23,288 shares of the company’s stock worth $3,609,000 after buying an additional 797 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Price Performance

Shares of AbbVie stock opened at $194.21 on Friday. The firm has a market cap of $342.95 billion, a PE ratio of 57.63, a PEG ratio of 2.66 and a beta of 0.63. The stock has a 50 day moving average of $194.08 and a 200 day moving average of $177.41. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95.

AbbVie (NYSE:ABBV) last posted its earnings results on Thursday, July 25th. The company reported $2.65 EPS 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 the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.91 EPS. On average, research analysts expect that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ABBV shares. Wells Fargo & Company lifted their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. UBS Group lifted their target price on AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research report on Wednesday. BMO Capital Markets upped their price target on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Piper Sandler lifted their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Finally, Morgan Stanley increased their target price on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $198.00.

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction on 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 sale, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other 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 value of $49,497,875.00. Following the sale, the chairman now directly 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 filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction 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 owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

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.