AbbVie Inc. (NYSE:ABBV) Position Trimmed by Chesapeake Wealth Management

Chesapeake Wealth Management reduced its holdings in AbbVie Inc. (NYSE:ABBV) by 1.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 14,582 shares of the company’s stock after selling 227 shares during the quarter. Chesapeake Wealth Management’s holdings in AbbVie were worth $2,501,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fairway Wealth LLC bought a new stake in AbbVie in the second quarter valued at $26,000. Ridgewood Investments LLC acquired a new position in AbbVie during the 2nd quarter valued at about $27,000. Vermillion & White Wealth Management Group LLC bought a new position in AbbVie in the 4th quarter worth about $26,000. IFS Advisors LLC bought a new position in AbbVie in the 1st quarter worth about $36,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in shares of AbbVie in the first quarter valued at approximately $37,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $193.46 on Friday. The stock’s fifty day simple moving average is $189.35 and its 200 day simple moving average is $175.82. The stock has a market capitalization of $341.62 billion, a price-to-earnings ratio of 57.41, a PEG ratio of 2.66 and a beta of 0.64. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter last year, the business posted $2.91 EPS. AbbVie’s revenue was up 4.3% on a year-over-year basis. As a group, sell-side analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is 183.98%.

Insiders Place Their Bets

In other 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 value of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other 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 completion of the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction that occurred 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 transaction, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ABBV shares. HSBC upgraded 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. Morgan Stanley increased their price target on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Truist Financial restated a “buy” rating and set a $210.00 price objective (up from $195.00) on shares of AbbVie in a research note on Friday, July 26th. William Blair raised shares of AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Finally, Wells Fargo & Company raised their target price on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, AbbVie presently has a consensus rating of “Buy” and a consensus price target of $191.64.

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.