AbbVie Inc. $ABBV Stock Holdings Decreased by Wedgewood Investors Inc. PA

Wedgewood Investors Inc. PA cut its holdings in AbbVie Inc. (NYSE:ABBV) by 12.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,902 shares of the company’s stock after selling 270 shares during the quarter. Wedgewood Investors Inc. PA’s holdings in AbbVie were worth $353,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in ABBV. Brighton Jones LLC lifted its stake in AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC lifted its stake in AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after acquiring an additional 3,064 shares during the last quarter. GAMMA Investing LLC lifted its stake in AbbVie by 23.8% in the first quarter. GAMMA Investing LLC now owns 48,848 shares of the company’s stock valued at $10,235,000 after acquiring an additional 9,395 shares during the last quarter. Valmark Advisers Inc. lifted its stake in AbbVie by 14.5% in the first quarter. Valmark Advisers Inc. now owns 9,763 shares of the company’s stock valued at $2,046,000 after acquiring an additional 1,236 shares during the last quarter. Finally, Walkner Condon Financial Advisors LLC lifted its stake in AbbVie by 7.8% in the first quarter. Walkner Condon Financial Advisors LLC now owns 2,212 shares of the company’s stock valued at $464,000 after acquiring an additional 160 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Hsbc Global Res cut shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. HSBC set a $225.00 price objective on shares of AbbVie in a research note on Thursday, October 2nd. BMO Capital Markets boosted their price objective on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, September 12th. Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective for the company in a research note on Thursday, August 7th. Finally, Berenberg Bank upgraded shares of AbbVie from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $234.80.

AbbVie Price Performance

NYSE:ABBV opened at $231.48 on Wednesday. The stock has a market cap of $408.93 billion, a P/E ratio of 110.23, a PEG ratio of 1.45 and a beta of 0.51. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81. The company has a fifty day moving average price of $219.24 and a 200 day moving average price of $198.07. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The company had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.65 earnings per share. Analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is 312.38%.

Insider Buying and Selling at AbbVie

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