Private Wealth Asset Management LLC Raises Holdings in AbbVie Inc. $ABBV

Private Wealth Asset Management LLC lifted its stake in AbbVie Inc. (NYSE:ABBV) by 1.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,598 shares of the company’s stock after buying an additional 264 shares during the quarter. Private Wealth Asset Management LLC’s holdings in AbbVie were worth $3,638,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of ABBV. TD Capital Management LLC boosted its position in AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Marshall & Sullivan Inc. WA purchased a new position in AbbVie during the second quarter worth approximately $25,000. Abound Financial LLC purchased a new position in AbbVie during the first quarter worth approximately $30,000. Cypress Capital Management LLC WY purchased a new position in AbbVie during the first quarter worth approximately $35,000. Finally, Inlight Wealth Management LLC purchased a new position in AbbVie during the first quarter worth approximately $42,000. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Performance

NYSE ABBV opened at $229.19 on Wednesday. The company has a market cap of $404.88 billion, a PE ratio of 109.14, a price-to-earnings-growth ratio of 1.47 and a beta of 0.51. The stock’s 50 day simple moving average is $216.12 and its 200-day simple moving average is $197.12. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81. 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 posted its quarterly earnings results on Thursday, July 31st. The company reported $2.97 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 period in the prior year, the business posted $2.65 EPS. AbbVie’s revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, equities research analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ABBV shares. JPMorgan Chase & Co. increased their price target on AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. HSBC set a $225.00 price target on AbbVie in a research report on Thursday, October 2nd. UBS Group set a $251.00 price target on AbbVie in a research report on Friday, October 3rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.90.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction that occurred on 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 completion of the sale, the executive vice president owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the 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 of the company’s stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

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.