Integrated Wealth Concepts LLC Increases Position in AbbVie Inc. $ABBV

Integrated Wealth Concepts LLC raised its position in AbbVie Inc. (NYSE:ABBV) by 6.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 58,218 shares of the company’s stock after purchasing an additional 3,659 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in AbbVie were worth $12,198,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ABBV. Narus Financial Partners LLC increased its stake in AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock worth $417,000 after buying an additional 401 shares during the period. Highland Capital Management LLC increased its stake in AbbVie by 6.3% during the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock worth $9,817,000 after buying an additional 2,792 shares during the period. Weaver Capital Management LLC increased its stake in AbbVie by 3.9% during the 1st quarter. Weaver Capital Management LLC now owns 8,240 shares of the company’s stock worth $1,727,000 after buying an additional 310 shares during the period. North Star Asset Management Inc. increased its stake in AbbVie by 0.5% during the 1st quarter. North Star Asset Management Inc. now owns 161,320 shares of the company’s stock worth $33,800,000 after buying an additional 756 shares during the period. Finally, Alpine Bank Wealth Management purchased a new stake in AbbVie during the 1st quarter worth approximately $3,879,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Insider Buying and Selling at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company’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 completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’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 transaction, 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

AbbVie Trading Down 0.3%

Shares of AbbVie stock opened at $212.34 on Friday. The company has a fifty day simple moving average of $197.74 and a 200-day simple moving average of $194.15. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock has a market cap of $375.11 billion, a price-to-earnings ratio of 101.11, a PEG ratio of 1.37 and a beta of 0.53.

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

AbbVie Announces Dividend

The business 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. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.1%. AbbVie’s dividend payout ratio is presently 312.38%.

Analysts Set New Price Targets

Several brokerages recently weighed in on ABBV. Piper Sandler began coverage on shares of AbbVie in a research note on Tuesday, August 12th. They set an “overweight” rating and a $231.00 target price on the stock. Morgan Stanley upped their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Daiwa Capital Markets raised shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price on the stock in a research note on Thursday, August 7th. Bank of America increased their price objective on shares of AbbVie to $204.00 and gave the company a “hold” rating in a research report on Monday, June 9th. Finally, Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 7th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $214.95.

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.