AbbVie Inc. $ABBV Shares Acquired by GC Wealth Management RIA LLC

GC Wealth Management RIA LLC boosted its position in AbbVie Inc. (NYSE:ABBV) by 292.2% in the second quarter, HoldingsChannel.com reports. The firm owned 29,969 shares of the company’s stock after purchasing an additional 22,327 shares during the quarter. GC Wealth Management RIA LLC’s holdings in AbbVie were worth $5,563,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Enclave Advisors LLC raised its stake in shares of AbbVie by 7.1% in the 2nd quarter. Enclave Advisors LLC now owns 3,557 shares of the company’s stock worth $660,000 after buying an additional 235 shares in the last quarter. Generate Investment Management Ltd acquired a new position in AbbVie during the second quarter worth about $8,389,000. Albion Financial Group UT grew its holdings in AbbVie by 0.6% during the second quarter. Albion Financial Group UT now owns 45,726 shares of the company’s stock worth $8,488,000 after acquiring an additional 288 shares during the period. Sound Income Strategies LLC raised its position in AbbVie by 7.3% in the second quarter. Sound Income Strategies LLC now owns 106,368 shares of the company’s stock worth $19,744,000 after acquiring an additional 7,214 shares in the last quarter. Finally, Jackson Grant Investment Advisers Inc. lifted its holdings in AbbVie by 0.5% in the 2nd quarter. Jackson Grant Investment Advisers Inc. now owns 31,307 shares of the company’s stock valued at $5,811,000 after acquiring an additional 147 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Performance

Shares of ABBV stock opened at $220.75 on Monday. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $225.16. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a market capitalization of $389.97 billion, a price-to-earnings ratio of 105.12, a P/E/G ratio of 1.29 and a beta of 0.53. The stock’s fifty day simple moving average is $206.24 and its 200-day simple moving average is $195.04.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. During the same period in the prior year, the company posted $2.65 earnings per share. The firm’s revenue was up 6.6% on a year-over-year basis. On average, sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Insider Buying and Selling

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ABBV. Morgan Stanley lifted their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Citigroup lifted their price target on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Evercore ISI upped their price target on AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a report on Monday, September 22nd. Berenberg Bank raised AbbVie from a “hold” rating to a “buy” rating and raised their price objective for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Finally, Raymond James Financial reaffirmed an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $223.45.

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.