AbbVie Inc. $ABBV Shares Acquired by SteelPeak Wealth LLC

SteelPeak Wealth LLC grew its holdings in AbbVie Inc. (NYSE:ABBV) by 136.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,098 shares of the company’s stock after acquiring an additional 28,338 shares during the period. SteelPeak Wealth LLC’s holdings in AbbVie were worth $9,114,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of ABBV. Brighton Jones LLC grew its stake 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 acquiring an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC lifted its position in shares of AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after purchasing an additional 3,064 shares during the last quarter. Patriot Financial Group Insurance Agency LLC lifted its position in shares of AbbVie by 12.2% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 4,441 shares of the company’s stock worth $930,000 after purchasing an additional 484 shares during the last quarter. Priebe Wealth Holdings LLC lifted its position in shares of AbbVie by 6.5% during the 1st quarter. Priebe Wealth Holdings LLC now owns 3,286 shares of the company’s stock worth $688,000 after purchasing an additional 200 shares during the last quarter. Finally, Single Point Partners LLC purchased a new stake in shares of AbbVie during the 1st quarter worth $222,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several recent analyst reports. Daiwa Capital Markets raised shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective for the company in a research report on Thursday, August 7th. Guggenheim lifted their price objective on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Cantor Fitzgerald lifted their price objective on shares of AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a research report on Monday, September 15th. Citigroup lifted their price objective on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Finally, Bank of America boosted their price target on shares of AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a research report on Friday. Four research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $229.14.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $230.28 on Tuesday. The company has a 50-day simple moving average of $211.61 and a 200-day simple moving average of $195.93. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The stock has a market capitalization of $406.80 billion, a price-to-earnings ratio of 109.66, a PEG ratio of 1.37 and a beta of 0.51.

AbbVie (NYSE:ABBV) last announced its 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. During the same period in the previous year, the company posted $2.65 earnings per share. AbbVie’s quarterly revenue was up 6.6% on a year-over-year basis. On average, analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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

AbbVie Company 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.