AbbVie Inc. (NYSE:ABBV) is Resources Management Corp CT ADV’s 10th Largest Position

Resources Management Corp CT ADV boosted its position in AbbVie Inc. (NYSE:ABBV) by 0.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,355 shares of the company’s stock after buying an additional 383 shares during the period. AbbVie makes up about 2.0% of Resources Management Corp CT ADV’s holdings, making the stock its 10th biggest position. Resources Management Corp CT ADV’s holdings in AbbVie were worth $13,954,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ABBV. Vanguard Group Inc. boosted its stake in shares of AbbVie by 6.2% in the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after buying an additional 9,978,415 shares in the last quarter. Capital International Investors lifted its holdings in AbbVie by 6.9% in the first quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock valued at $8,758,789,000 after acquiring an additional 3,110,601 shares during the period. Capital Research Global Investors grew its stake in shares of AbbVie by 3.3% during the 1st quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock worth $5,698,847,000 after purchasing an additional 992,496 shares during the period. Janus Henderson Group PLC increased its holdings in shares of AbbVie by 12.8% in the 1st quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock valued at $1,984,490,000 after purchasing an additional 1,240,434 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of AbbVie by 13.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,744,190 shares of the company’s stock valued at $1,956,518,000 after purchasing an additional 1,291,201 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

AbbVie Stock Performance

NYSE ABBV opened at $193.82 on Tuesday. The business’s 50-day moving average price is $189.87 and its 200 day moving average price is $175.86. 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 twelve month low of $135.85 and a twelve month high of $199.95. The company has a market capitalization of $342.26 billion, a PE ratio of 57.51, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $14.02 billion. During the same period in the prior year, the firm posted $2.91 EPS. The company’s revenue was up 4.3% on a year-over-year basis. On average, research analysts predict that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

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

Analyst Ratings Changes

Several research analysts have weighed in on ABBV shares. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Wells Fargo & Company raised their price objective on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research report on Wednesday, July 3rd. Morgan Stanley raised their price target on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Finally, HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research report on Wednesday, June 5th. Two research 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 stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus 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.