AbbVie Inc. $ABBV Stock Position Decreased by Principle Wealth Partners LLC

Principle Wealth Partners LLC trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 1.0% during the second quarter, HoldingsChannel.com reports. The fund owned 32,803 shares of the company’s stock after selling 333 shares during the period. Principle Wealth Partners LLC’s holdings in AbbVie were worth $6,089,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC boosted its position in shares of AbbVie by 17.4% in the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after buying an additional 3,401 shares during the period. Revolve Wealth Partners LLC lifted its stake in AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after acquiring an additional 3,064 shares in the last quarter. GAMMA Investing LLC boosted its position in AbbVie by 23.8% during the 1st quarter. GAMMA Investing LLC now owns 48,848 shares of the company’s stock worth $10,235,000 after acquiring an additional 9,395 shares during the period. GHP Investment Advisors Inc. grew its stake in AbbVie by 1.3% during the 1st quarter. GHP Investment Advisors Inc. now owns 6,036 shares of the company’s stock valued at $1,265,000 after acquiring an additional 79 shares in the last quarter. Finally, Consolidated Portfolio Review Corp increased its holdings in shares of AbbVie by 7.6% in the 1st quarter. Consolidated Portfolio Review Corp now owns 2,136 shares of the company’s stock valued at $448,000 after purchasing an additional 150 shares during the period. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’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 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. Company insiders own 0.25% of the company’s stock.

AbbVie Price Performance

NYSE ABBV opened at $228.57 on Thursday. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. The stock’s 50-day moving average is $219.78 and its two-hundred day moving average is $198.28. The firm has a market cap of $403.79 billion, a P/E ratio of 108.84, a price-to-earnings-growth ratio of 1.44 and a beta of 0.51. 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 quarterly earnings results 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 company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter last year, the company posted $2.65 EPS. The business’s revenue was up 6.6% compared to the same quarter last year. On average, analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

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 paid a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

Wall Street Analyst Weigh In

Several analysts recently commented on ABBV shares. Erste Group Bank downgraded shares of AbbVie from a “buy” rating to a “hold” rating in a research report on Tuesday, October 14th. BMO Capital Markets boosted their price target on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, September 12th. Raymond James Financial reaffirmed an “outperform” rating and issued a $250.00 price target (up from $236.00) on shares of AbbVie in a research note on Friday, October 17th. Piper Sandler lifted their price objective on AbbVie from $231.00 to $284.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Finally, Daiwa America raised AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, AbbVie presently has a consensus rating of “Moderate Buy” and an average price target of $234.80.

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.