Cliftonlarsonallen Wealth Advisors LLC grew its holdings in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 14.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,562 shares of the company’s stock after buying an additional 3,053 shares during the quarter. Cliftonlarsonallen Wealth Advisors LLC’s holdings in AbbVie were worth $4,559,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. EWA LLC increased its stake in AbbVie by 13.4% during the second quarter. EWA LLC now owns 2,565 shares of the company’s stock worth $476,000 after acquiring an additional 303 shares during the last quarter. Access Financial Services Inc. boosted its holdings in shares of AbbVie by 3.9% in the 2nd quarter. Access Financial Services Inc. now owns 7,704 shares of the company’s stock worth $1,430,000 after purchasing an additional 290 shares during the period. Viewpoint Investment Partners Corp increased its position in shares of AbbVie by 178.6% during the 2nd quarter. Viewpoint Investment Partners Corp now owns 17,393 shares of the company’s stock valued at $3,228,000 after purchasing an additional 11,150 shares during the last quarter. Tanager Wealth Management LLP increased its position in shares of AbbVie by 6.7% during the 2nd quarter. Tanager Wealth Management LLP now owns 4,338 shares of the company’s stock valued at $805,000 after purchasing an additional 273 shares during the last quarter. Finally, Vicus Capital raised its holdings in AbbVie by 24.9% during the 2nd quarter. Vicus Capital now owns 3,909 shares of the company’s stock valued at $726,000 after buying an additional 779 shares during the period. Institutional investors own 70.23% of the company’s stock.
AbbVie Stock Performance
Shares of NYSE:ABBV opened at $244.77 on Thursday. The firm has a 50 day moving average of $208.97 and a 200 day moving average of $195.71. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The company has a market capitalization of $432.40 billion, a price-to-earnings ratio of 116.56, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81.
AbbVie Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio is presently 312.38%.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on the stock. Citigroup boosted their price objective on shares of AbbVie to $205.00 and gave the company a “hold” rating in a research report on Wednesday, June 11th. HSBC downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a report on Wednesday. JPMorgan Chase & Co. raised their price objective on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 16th. Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price for the company in a research report on Thursday, August 7th. Finally, BMO Capital Markets increased their price target on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, September 12th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $223.45.
Check Out Our Latest Analysis on AbbVie
Insider Transactions at AbbVie
In other news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the sale, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated 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 of the company’s stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. 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.
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