Abound Wealth Management Acquires 179 Shares of AbbVie Inc. (NYSE:ABBV)

Abound Wealth Management increased its stake in AbbVie Inc. (NYSE:ABBV) by 13.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,496 shares of the company’s stock after purchasing an additional 179 shares during the quarter. Abound Wealth Management’s holdings in AbbVie were worth $257,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vermillion & White Wealth Management Group LLC bought a new stake in shares of AbbVie during the 4th quarter valued at $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie during the 2nd quarter valued at approximately $27,000. Able Wealth Management LLC bought a new stake in shares of AbbVie during the fourth quarter valued at approximately $33,000. IFS Advisors LLC bought a new position in shares of AbbVie during the first quarter worth $36,000. Finally, Quest Partners LLC grew its stake in AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after acquiring an additional 207 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ABBV has been the subject of a number of research analyst reports. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Wednesday, June 5th. BMO Capital Markets raised their target price on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Barclays upped their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, Piper Sandler lifted their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $191.64.

AbbVie Stock Performance

AbbVie stock opened at $194.21 on Monday. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The company has a market capitalization of $343.04 billion, a PE ratio of 57.63, a P/E/G ratio of 2.66 and a beta of 0.64. The company has a 50 day moving average price of $186.83 and a 200-day moving average price of $175.22. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81.

AbbVie (NYSE:ABBV) last issued its 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. The business had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.91 EPS. As a group, equities 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. Stockholders of record on Tuesday, October 15th will be issued a $1.55 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.19%. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Activity

In related news, 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 value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s 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 transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, 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. Insiders own 0.25% of the company’s stock.

About AbbVie

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.