Patron Partners LLC Decreases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Patron Partners LLC lessened its holdings in AbbVie Inc. (NYSE:ABBV) by 14.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,642 shares of the company’s stock after selling 1,081 shares during the quarter. Patron Partners LLC’s holdings in AbbVie were worth $1,139,000 at the end of the most recent quarter.

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

Insider Activity

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ABBV shares. Truist Financial reaffirmed a “buy” rating and issued a $210.00 target price (up from $195.00) on shares of AbbVie in a report on Friday, July 26th. Barclays upped their target price on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Piper Sandler Companies reiterated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. Wells Fargo & Company boosted their price target on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $191.64.

AbbVie Trading Up 0.3 %

ABBV stock opened at $193.40 on Friday. The business has a fifty day simple moving average of $183.88 and a 200-day simple moving average of $174.61. The company has a market cap of $341.52 billion, a price-to-earnings ratio of 57.42, a PEG ratio of 2.68 and a beta of 0.64. 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 Inc. has a 52 week low of $135.85 and a 52 week high of $199.95.

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

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.21%. AbbVie’s payout ratio is currently 183.98%.

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.