Sensible Money LLC Reduces Holdings in AbbVie Inc. (NYSE:ABBV)

Sensible Money LLC lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 8.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,328 shares of the company’s stock after selling 130 shares during the period. Sensible Money LLC’s holdings in AbbVie were worth $228,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC purchased a new position in AbbVie during the fourth quarter worth $26,000. Fairway Wealth LLC acquired a new stake in shares of AbbVie during the second quarter valued at $26,000. Ridgewood Investments LLC acquired a new stake in shares of AbbVie during the second quarter valued at $27,000. Able Wealth Management LLC purchased a new stake in AbbVie during the 4th quarter worth about $33,000. Finally, IFS Advisors LLC purchased a new position in AbbVie in the 1st quarter valued at about $36,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Down 0.3 %

ABBV stock opened at $196.91 on Wednesday. The firm has a market cap of $347.72 billion, a price-to-earnings ratio of 58.43, a PEG ratio of 2.65 and a beta of 0.64. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $199.95. The firm has a fifty day moving average price of $192.49 and a two-hundred day moving average price of $176.47. 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 posted its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same period in the prior year, the company earned $2.91 earnings per share. The business’s revenue was up 4.3% compared to the same quarter last year. Research analysts predict that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Announces Dividend

The company 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. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.15%. AbbVie’s payout ratio is currently 183.98%.

Analysts Set New Price Targets

ABBV has been the topic of a number of analyst reports. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Truist Financial restated a “buy” rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. BMO Capital Markets lifted their price objective on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Piper Sandler increased their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Two investment 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. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $191.64.

Insider Activity

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 stock was 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 owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $89,792,325. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

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.