Riverpoint Wealth Management Holdings LLC Raises Stock Position in AbbVie Inc. $ABBV

Riverpoint Wealth Management Holdings LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 0.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,577 shares of the company’s stock after buying an additional 78 shares during the period. AbbVie comprises about 0.4% of Riverpoint Wealth Management Holdings LLC’s portfolio, making the stock its 23rd biggest position. Riverpoint Wealth Management Holdings LLC’s holdings in AbbVie were worth $1,592,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ABBV. Brighton Jones LLC increased its stake in shares of AbbVie by 17.4% during 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 increased its stake in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after buying an additional 3,064 shares during the period. GAMMA Investing LLC increased its stake in shares of AbbVie by 23.8% during the first quarter. GAMMA Investing LLC now owns 48,848 shares of the company’s stock worth $10,235,000 after buying an additional 9,395 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in AbbVie by 5.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 536,450 shares of the company’s stock valued at $112,398,000 after purchasing an additional 25,385 shares during the last quarter. Finally, Hennessy Advisors Inc. increased its stake in AbbVie by 6.0% in the first quarter. Hennessy Advisors Inc. now owns 31,900 shares of the company’s stock valued at $6,684,000 after purchasing an additional 1,800 shares during the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ABBV. Wall Street Zen downgraded AbbVie from a “buy” rating to a “hold” rating in a report on Saturday. Evercore ISI raised their price target on AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research report on Monday, September 22nd. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a research report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Finally, Bank of America raised their price target on AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a research report on Friday, October 3rd. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $231.90.

AbbVie Stock Up 0.1%

Shares of NYSE ABBV opened at $230.88 on Monday. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81. The firm’s 50 day moving average price is $214.84 and its 200 day moving average price is $196.71. The firm has a market cap of $407.86 billion, a P/E ratio of 109.94, a price-to-earnings-growth ratio of 1.42 and a beta of 0.51. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

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

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio is presently 312.38%.

Insiders Place Their Bets

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction 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 directly owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.