Priebe Wealth Holdings LLC Sells 363 Shares of AbbVie Inc. $ABBV

Priebe Wealth Holdings LLC decreased its position in AbbVie Inc. (NYSE:ABBV) by 11.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,923 shares of the company’s stock after selling 363 shares during the period. Priebe Wealth Holdings LLC’s holdings in AbbVie were worth $543,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ABBV. Marshall & Sullivan Inc. WA bought a new position in AbbVie in the second quarter valued at about $25,000. TD Capital Management LLC boosted its holdings in AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the last quarter. Abound Financial LLC bought a new position in AbbVie in the first quarter valued at about $30,000. Cypress Capital Management LLC WY bought a new position in AbbVie in the first quarter valued at about $35,000. Finally, Bear Mountain Capital Inc. lifted its stake in AbbVie by 480.6% in the second quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock valued at $40,000 after buying an additional 173 shares during the period. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Up 0.1%

NYSE ABBV opened at $230.88 on Monday. The firm has a market cap of $407.86 billion, a P/E ratio of 109.94, a P/E/G ratio of 1.42 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. The stock’s 50-day moving average is $214.84 and its 200-day moving average is $196.71. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81.

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

AbbVie Dividend Announcement

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

Insider Activity at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred on Tuesday, August 5th. The shares were 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 in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ABBV shares. Wells Fargo & Company increased their target price on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. UBS Group set a $251.00 target price on AbbVie in a research note on Friday, October 3rd. Wall Street Zen lowered AbbVie from a “buy” rating to a “hold” rating in a research note on Saturday. Bank of America increased their target price on AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Finally, Piper Sandler increased their target price on AbbVie from $231.00 to $284.00 and gave the company an “overweight” rating in a research note on Friday. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $231.90.

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.