Wealth Management Solutions LLC Decreases Stake in AbbVie Inc. (NYSE:ABBV)

Wealth Management Solutions LLC trimmed its position in shares of AbbVie Inc. (NYSE:ABBVGet Rating) by 3.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,814 shares of the company’s stock after selling 220 shares during the quarter. AbbVie makes up 0.5% of Wealth Management Solutions LLC’s portfolio, making the stock its 26th biggest holding. Wealth Management Solutions LLC’s holdings in AbbVie were worth $780,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Legal & General Group Plc boosted its position in shares of AbbVie by 4.0% in the second quarter. Legal & General Group Plc now owns 12,530,360 shares of the company’s stock worth $1,919,162,000 after buying an additional 476,257 shares during the period. UBS Asset Management Americas Inc. raised its position in shares of AbbVie by 9.3% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 11,011,386 shares of the company’s stock worth $1,686,504,000 after purchasing an additional 938,091 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of AbbVie by 2.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 8,904,988 shares of the company’s stock worth $1,443,588,000 after purchasing an additional 176,026 shares during the period. Deutsche Bank AG raised its position in shares of AbbVie by 22.1% during the 2nd quarter. Deutsche Bank AG now owns 6,616,442 shares of the company’s stock worth $1,013,377,000 after purchasing an additional 1,198,823 shares during the period. Finally, California Public Employees Retirement System raised its position in shares of AbbVie by 5.4% during the 2nd quarter. California Public Employees Retirement System now owns 5,709,390 shares of the company’s stock worth $874,450,000 after purchasing an additional 294,441 shares during the period. 67.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Timothy J. Richmond sold 42,370 shares of the firm’s stock in a transaction dated Monday, December 12th. The stock was sold at an average price of $163.44, for a total transaction of $6,924,952.80. Following the transaction, the executive vice president now directly owns 13,837 shares in the company, valued at $2,261,519.28. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.08% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $147.88 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.83 and a debt-to-equity ratio of 3.77. AbbVie Inc. has a 1 year low of $132.83 and a 1 year high of $175.91. The business has a fifty day simple moving average of $159.47 and a 200 day simple moving average of $149.22. The firm has a market cap of $261.52 billion, a price-to-earnings ratio of 19.72, a P/E/G ratio of 3.18 and a beta of 0.69.

AbbVie (NYSE:ABBVGet Rating) last announced its quarterly earnings data on Friday, October 28th. The company reported $3.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.56 by $0.10. AbbVie had a return on equity of 155.88% and a net margin of 23.19%. The business had revenue of $14.81 billion during the quarter, compared to analyst estimates of $14.95 billion. During the same period last year, the company earned $3.33 earnings per share. AbbVie’s quarterly revenue was up 3.3% compared to the same quarter last year. As a group, sell-side analysts predict that AbbVie Inc. will post 13.89 earnings per share for the current fiscal year.

AbbVie Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Shareholders of record on Friday, January 13th will be issued a dividend of $1.48 per share. This is a positive change from AbbVie’s previous quarterly dividend of $1.41. This represents a $5.92 annualized dividend and a yield of 4.00%. The ex-dividend date is Thursday, January 12th. AbbVie’s dividend payout ratio (DPR) is 79.04%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Morgan Stanley increased their price target on AbbVie from $178.00 to $182.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 6th. Societe Generale cut AbbVie from a “buy” rating to a “hold” rating and lowered their target price for the company from $155.00 to $140.00 in a research report on Tuesday, November 8th. Credit Suisse Group began coverage on AbbVie in a research report on Thursday, November 17th. They issued an “outperform” rating and a $170.00 target price on the stock. Barclays lowered their price target on AbbVie from $160.00 to $155.00 and set an “equal weight” rating on the stock in a research report on Monday, October 31st. Finally, Truist Financial lifted their price target on AbbVie from $160.00 to $180.00 in a research report on Thursday, January 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $160.56.

About AbbVie

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AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology, oncology, including blood cancers, virology, hepatitis C virus (HCV) and human immunodeficiency virus (HIV), neurological disorders, such as Parkinson’s, metabolic, comprising thyroid disease and complications associated with cystic fibrosis, pain associated with endometriosis, and other serious health conditions.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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