AbbVie Inc. (NYSE:ABBV) Shares Sold by ProVise Management Group LLC

ProVise Management Group LLC lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,016 shares of the company’s stock after selling 404 shares during the quarter. ProVise Management Group LLC’s holdings in AbbVie were worth $2,919,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. AXS Investments LLC lifted its position in AbbVie by 3.3% during the fourth quarter. AXS Investments LLC now owns 9,530 shares of the company’s stock worth $1,477,000 after buying an additional 307 shares in the last quarter. West Coast Financial LLC increased its stake in shares of AbbVie by 9.7% in the 1st quarter. West Coast Financial LLC now owns 1,578 shares of the company’s stock worth $287,000 after acquiring an additional 140 shares during the last quarter. FCG Investment Co purchased a new position in shares of AbbVie during the 1st quarter worth $1,413,000. Safeguard Financial LLC acquired a new position in shares of AbbVie during the 1st quarter valued at about $235,000. Finally, BluePath Capital Management LLC grew its holdings in shares of AbbVie by 0.9% in the first quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock valued at $1,331,000 after purchasing an additional 67 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated 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 transaction, the chairman now owns 446,599 shares in the company, 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 company’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 completion of 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 document filed with the SEC, which is available at this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction 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 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. 0.25% of the stock is owned by company insiders.

AbbVie Stock Up 0.4 %

Shares of NYSE:ABBV opened at $193.63 on Friday. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The firm’s 50-day moving average is $188.89 and its two-hundred day moving average is $175.71. The firm has a market capitalization of $341.93 billion, a PE ratio of 57.46, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. 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 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. The company had revenue of $14.46 billion for 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%. AbbVie’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.91 EPS. Analysts predict that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is presently 183.98%.

Analyst Ratings Changes

Several research firms have weighed in on ABBV. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research note on Wednesday, June 5th. Wells Fargo & Company upped their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, William Blair raised AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $191.64.

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.