Meeder Asset Management Inc. Has $19.32 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Meeder Asset Management Inc. increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 322.0% during the second quarter, HoldingsChannel reports. The fund owned 112,617 shares of the company’s stock after buying an additional 85,928 shares during the period. AbbVie comprises about 1.4% of Meeder Asset Management Inc.’s investment portfolio, making the stock its 19th largest position. Meeder Asset Management Inc.’s holdings in AbbVie were worth $19,316,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the stock. Vermillion & White Wealth Management Group LLC acquired a new position in AbbVie during the 4th quarter worth approximately $26,000. Ridgewood Investments LLC acquired a new position in AbbVie during the second quarter worth $27,000. Able Wealth Management LLC bought a new position in AbbVie in the fourth quarter valued at $33,000. IFS Advisors LLC acquired a new stake in AbbVie in the 1st quarter valued at $36,000. Finally, Quest Partners LLC lifted its position in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

AbbVie Trading Down 0.3 %

Shares of NYSE:ABBV opened at $194.05 on Friday. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95. The business has a 50 day moving average of $186.29 and a 200-day moving average of $175.15. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The stock has a market cap of $342.67 billion, a PE ratio of 57.58, a P/E/G ratio of 2.64 and a beta of 0.64.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. During the same period last year, the firm posted $2.91 EPS. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities research analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $1.55 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.20%. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Buying and Selling

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction dated 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 transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The transaction was disclosed in a legal filing with the SEC, which is available through 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 shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, 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. 0.25% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ABBV has been the subject of several analyst reports. Morgan Stanley raised their price objective on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 target price on shares of AbbVie in a research note on Monday, August 5th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research report on Wednesday, June 5th. Finally, Wells Fargo & Company upped their target price on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, AbbVie currently has an average rating of “Buy” and an average price target of $191.64.

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.