9258 Wealth Management LLC Acquires 353 Shares of AbbVie Inc. (NYSE:ABBV)

9258 Wealth Management LLC lifted its position in shares of AbbVie Inc. (NYSE:ABBV) by 2.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,536 shares of the company’s stock after acquiring an additional 353 shares during the quarter. 9258 Wealth Management LLC’s holdings in AbbVie were worth $3,008,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ABBV. Vermillion & White Wealth Management Group LLC bought a new stake in shares of AbbVie during the 4th quarter worth about $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie in the 2nd quarter valued at approximately $27,000. Able Wealth Management LLC acquired a new position in shares of AbbVie in the 4th quarter valued at approximately $33,000. IFS Advisors LLC acquired a new position in AbbVie during the 1st quarter worth approximately $36,000. Finally, Ables Iannone Moore & Associates Inc. acquired a new position in AbbVie during the 4th quarter worth approximately $37,000. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Down 2.2 %

ABBV traded down $4.26 during trading on Thursday, reaching $192.75. The company had a trading volume of 1,596,222 shares, compared to its average volume of 5,407,681. The stock has a market cap of $340.37 billion, a P/E ratio of 57.54, a PEG ratio of 2.68 and a beta of 0.64. The business has a 50 day simple moving average of $182.97 and a 200-day simple moving average of $174.37. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. AbbVie’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the company earned $2.91 earnings per share. On average, equities analysts anticipate that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, July 15th were paid a $1.55 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.22%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on ABBV shares. Wells Fargo & Company upped their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a report on Wednesday, July 3rd. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research report on Wednesday, June 5th. Barclays lifted their target price on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Piper Sandler lifted their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $191.64.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the completion of the transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

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.