Legacy Financial Advisors Inc. Has $1.50 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Legacy Financial Advisors Inc. decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 1.0% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,736 shares of the company’s stock after selling 84 shares during the quarter. Legacy Financial Advisors Inc.’s holdings in AbbVie were worth $1,498,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Gilbert & Cook Inc. increased its position in shares of AbbVie by 9.8% during the 4th quarter. Gilbert & Cook Inc. now owns 9,691 shares of the company’s stock worth $1,502,000 after purchasing an additional 861 shares in the last quarter. Aveo Capital Partners LLC increased its holdings in shares of AbbVie by 5.1% during the fourth quarter. Aveo Capital Partners LLC now owns 4,297 shares of the company’s stock worth $666,000 after buying an additional 210 shares in the last quarter. 9258 Wealth Management LLC raised its stake in shares of AbbVie by 1.7% in the fourth quarter. 9258 Wealth Management LLC now owns 16,909 shares of the company’s stock valued at $2,620,000 after acquiring an additional 283 shares during the last quarter. Gryphon Financial Partners LLC boosted its holdings in shares of AbbVie by 1.9% in the 4th quarter. Gryphon Financial Partners LLC now owns 84,249 shares of the company’s stock worth $12,972,000 after acquiring an additional 1,531 shares in the last quarter. Finally, SageView Advisory Group LLC grew its position in AbbVie by 73.7% during the 4th quarter. SageView Advisory Group LLC now owns 22,298 shares of the company’s stock worth $3,677,000 after acquiring an additional 9,460 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

ABBV opened at $193.46 on Friday. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The company has a market capitalization of $341.62 billion, a PE ratio of 57.41, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. The business has a fifty day simple moving average of $189.35 and a 200 day simple moving average of $175.82. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71.

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

AbbVie Dividend Announcement

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

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s 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 of the company’s stock, valued at approximately $83,299,645.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s 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 owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction, 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. 0.25% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on ABBV. Truist Financial reissued a “buy” rating and issued a $210.00 price objective (up previously 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 research report on Friday, August 30th. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Morgan Stanley raised their price target on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Finally, 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. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price 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.