Atwood & Palmer Inc. Sells 720 Shares of AbbVie Inc. (NYSE:ABBV)

Atwood & Palmer Inc. lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 193,526 shares of the company’s stock after selling 720 shares during the quarter. AbbVie makes up approximately 2.6% of Atwood & Palmer Inc.’s portfolio, making the stock its 11th largest holding. Atwood & Palmer Inc.’s holdings in AbbVie were worth $38,218,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Fairway Wealth LLC bought a new stake in shares of AbbVie in the second quarter valued at $26,000. Ridgewood Investments LLC bought a new stake in AbbVie in the 2nd quarter valued at about $27,000. IFS Advisors LLC purchased a new stake in AbbVie during the first quarter valued at about $36,000. Redmont Wealth Advisors LLC purchased a new position in shares of AbbVie in the first quarter worth about $37,000. Finally, Quest Partners LLC raised its position in shares of AbbVie by 4,140.0% in the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

AbbVie stock opened at $193.57 on Tuesday. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock has a market cap of $341.82 billion, a P/E ratio of 57.44, a price-to-earnings-growth ratio of 2.65 and a beta of 0.63. The firm’s fifty day moving average price is $193.35 and its 200-day moving average price is $176.84.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating 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 business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter last year, the business posted $2.91 earnings per share. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts expect that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

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

Insider Buying and Selling at AbbVie

In other 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 value of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’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 transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 completion of the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

ABBV has been the topic of several recent research reports. BMO Capital Markets increased their target price on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Wells Fargo & Company lifted their target price on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Truist Financial reissued a “buy” rating and issued a $210.00 price target (up from $195.00) on shares of AbbVie in a report on Friday, July 26th. Finally, William Blair raised shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $194.67.

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.