AbbVie Inc. $ABBV Shares Sold by Palacios Wealth Management LLC

Palacios Wealth Management LLC lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 2.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,651 shares of the company’s stock after selling 227 shares during the period. AbbVie makes up 1.3% of Palacios Wealth Management LLC’s holdings, making the stock its 19th biggest position. Palacios Wealth Management LLC’s holdings in AbbVie were worth $1,606,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Matrix Trust Co boosted its holdings in AbbVie by 4.8% in the 2nd quarter. Matrix Trust Co now owns 14,594 shares of the company’s stock worth $2,709,000 after buying an additional 671 shares during the last quarter. Physician Wealth Advisors Inc. raised its holdings in AbbVie by 12.9% in the 2nd quarter. Physician Wealth Advisors Inc. now owns 576 shares of the company’s stock valued at $107,000 after buying an additional 66 shares during the period. Quad Cities Investment Group LLC increased its holdings in AbbVie by 1.8% in the 2nd quarter. Quad Cities Investment Group LLC now owns 4,133 shares of the company’s stock valued at $767,000 after purchasing an additional 73 shares during the last quarter. Vanguard Capital Wealth Advisors lifted its stake in AbbVie by 12.2% during the 2nd quarter. Vanguard Capital Wealth Advisors now owns 4,139 shares of the company’s stock worth $768,000 after acquiring an additional 449 shares in the last quarter. Finally, Petredis Investment Advisors LLC lifted its holdings in AbbVie by 1.1% during the 2nd quarter. Petredis Investment Advisors LLC now owns 22,099 shares of the company’s stock worth $4,102,000 after buying an additional 234 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at AbbVie

In other AbbVie news, 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 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. The trade was a 19.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the firm’s stock in a transaction 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 transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of AbbVie from $200.00 to $235.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price objective on the stock in a report on Thursday, August 7th. BMO Capital Markets boosted their target price on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, September 12th. Piper Sandler began coverage on AbbVie in a report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 target price on the stock. Finally, Bank of America raised their price target on AbbVie to $204.00 and gave the stock a “hold” rating in a research note on Monday, June 9th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and an average target price of $222.68.

AbbVie Stock Up 0.1%

Shares of ABBV stock opened at $222.29 on Friday. 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’s 50 day simple moving average is $203.12 and its 200 day simple moving average is $194.89. The company has a market capitalization of $392.69 billion, a price-to-earnings ratio of 105.85, a PEG ratio of 1.33 and a beta of 0.53. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $223.49.

AbbVie (NYSE:ABBV) last issued its quarterly 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 return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the firm earned $2.65 earnings per share. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. As a group, research analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio is 312.38%.

AbbVie 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.