Beaird Harris Wealth Management LLC Sells 56 Shares of AbbVie Inc. (NYSE:ABBV)

Beaird Harris Wealth Management LLC reduced its stake in AbbVie Inc. (NYSE:ABBV) by 2.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,057 shares of the company’s stock after selling 56 shares during the quarter. Beaird Harris Wealth Management LLC’s holdings in AbbVie were worth $353,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Security National Bank of SO Dak lifted its holdings in AbbVie by 1.5% in the second quarter. Security National Bank of SO Dak now owns 16,247 shares of the company’s stock valued at $2,787,000 after buying an additional 240 shares during the period. Legal & General Group Plc grew its holdings in AbbVie by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock worth $2,620,382,000 after acquiring an additional 134,239 shares during the period. Mackenzie Financial Corp raised its position in shares of AbbVie by 11.0% in the 2nd quarter. Mackenzie Financial Corp now owns 2,307,363 shares of the company’s stock worth $395,759,000 after acquiring an additional 227,957 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of AbbVie by 17.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,299,164 shares of the company’s stock valued at $394,353,000 after purchasing an additional 334,184 shares during the period. Finally, Marathon Capital Management boosted its position in shares of AbbVie by 3.3% during the 2nd quarter. Marathon Capital Management now owns 6,422 shares of the company’s stock valued at $1,102,000 after purchasing an additional 205 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred 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 transaction, 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 filing with the SEC, which is accessible through this hyperlink. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction dated 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 sale, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Stock Up 1.5 %

Shares of NYSE:ABBV opened at $194.78 on Friday. The stock has a market cap of $343.96 billion, a price-to-earnings ratio of 57.80, a PEG ratio of 2.65 and a beta of 0.64. The business’s 50 day moving average is $191.09 and its 200 day moving average is $176.18. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95. 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 (NYSE:ABBV) last posted its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.91 EPS. On average, 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. Shareholders 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 yield of 3.18%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Analysts Set New Price Targets

A number of brokerages have weighed in on ABBV. Morgan Stanley lifted their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Barclays lifted their price objective on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Piper Sandler boosted their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Wells Fargo & Company raised their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research note on Wednesday, June 5th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target 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.