AbbVie Inc. $ABBV Stock Position Lessened by Thrive Wealth Management LLC

Thrive Wealth Management LLC decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 6.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,567 shares of the company’s stock after selling 413 shares during the quarter. Thrive Wealth Management LLC’s holdings in AbbVie were worth $1,033,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. TD Capital Management LLC lifted its holdings in shares of AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after buying an additional 58 shares during the period. Abound Financial LLC acquired a new stake in shares of AbbVie in the first quarter valued at $30,000. Siemens Fonds Invest GmbH lifted its holdings in shares of AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock valued at $32,000 after buying an additional 119,141 shares during the period. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie in the first quarter valued at $35,000. Finally, Pinney & Scofield Inc. acquired a new stake in shares of AbbVie in the fourth quarter valued at $36,000. Institutional investors own 70.23% of the company’s stock.

AbbVie Trading Down 0.6%

Shares of NYSE ABBV opened at $216.27 on Wednesday. The business has a fifty day simple moving average of $201.39 and a 200-day simple moving average of $194.66. The company has a market cap of $382.05 billion, a price-to-earnings ratio of 102.99, a P/E/G ratio of 1.40 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $221.76.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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). The business had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm’s revenue was up 6.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.65 earnings per share. Sell-side analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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

Insider Activity

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction dated Tuesday, August 12th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction dated 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 directly owned 58,247 shares of the company’s stock, valued at approximately $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. 0.08% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ABBV has been the subject of several research analyst reports. Citigroup upped their price objective on AbbVie to $205.00 and gave the company a “hold” rating in a report on Wednesday, June 11th. Wells Fargo & Company upped their price objective on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, September 12th. BMO Capital Markets upped their target price on AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, September 12th. Raymond James Financial reaffirmed an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Finally, Bank of America upped their target price on AbbVie to $204.00 and gave the company a “hold” rating in a report on Monday, June 9th. Four analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $220.43.

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.