Diversify Wealth Management LLC Takes Position in AbbVie Inc. (NYSE:ABBV)

Diversify Wealth Management LLC purchased a new position in AbbVie Inc. (NYSE:ABBV) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,467 shares of the company’s stock, valued at approximately $2,483,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Vista Capital Partners Inc. grew its holdings in shares of AbbVie by 10.5% in the second quarter. Vista Capital Partners Inc. now owns 1,214 shares of the company’s stock worth $208,000 after purchasing an additional 115 shares during the last quarter. Williams Financial LLC bought a new position in shares of AbbVie in the second quarter worth about $849,000. Lyell Wealth Management LP grew its holdings in shares of AbbVie by 4.0% in the second quarter. Lyell Wealth Management LP now owns 1,671 shares of the company’s stock worth $287,000 after purchasing an additional 64 shares during the last quarter. Guardian Wealth Management Inc. grew its holdings in shares of AbbVie by 1.2% in the second quarter. Guardian Wealth Management Inc. now owns 27,510 shares of the company’s stock worth $4,719,000 after purchasing an additional 335 shares during the last quarter. Finally, J.W. Cole Advisors Inc. grew its holdings in shares of AbbVie by 3.5% in the second quarter. J.W. Cole Advisors Inc. now owns 36,865 shares of the company’s stock worth $6,323,000 after purchasing an additional 1,254 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Up 0.1 %

ABBV stock opened at $194.21 on Friday. The firm has a 50 day moving average of $186.83 and a 200 day moving average of $175.24. The stock has a market capitalization of $343.04 billion, a PE ratio of 57.63, a price-to-earnings-growth ratio of 2.66 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 released its earnings results on Thursday, July 25th. The company reported $2.65 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 analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. AbbVie’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the business earned $2.91 EPS. Sell-side analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently announced 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. This represents a $6.20 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Buying and Selling

In related 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 approximately $83,299,645.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other AbbVie 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 transaction of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the sale, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

AbbVie Company 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.