Worth Asset Management LLC Acquires 77 Shares of AbbVie Inc. (NYSE:ABBV)

Worth Asset Management LLC grew its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 4.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,818 shares of the company’s stock after buying an additional 77 shares during the quarter. Worth Asset Management LLC’s holdings in AbbVie were worth $245,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC raised its holdings in shares of AbbVie by 89,097.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 29,203,106 shares of the company’s stock valued at $4,719,514,000 after purchasing an additional 29,170,366 shares during the period. Norges Bank bought a new stake in shares of AbbVie in the 4th quarter valued at about $3,033,348,000. Charles Schwab Investment Management Inc. raised its holdings in shares of AbbVie by 138.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 21,536,656 shares of the company’s stock valued at $3,432,297,000 after purchasing an additional 12,515,744 shares during the period. Morgan Stanley raised its holdings in shares of AbbVie by 17.9% in the 4th quarter. Morgan Stanley now owns 31,571,750 shares of the company’s stock valued at $5,102,311,000 after purchasing an additional 4,785,277 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of AbbVie by 426.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,652,122 shares of the company’s stock valued at $754,155,000 after purchasing an additional 3,768,579 shares during the period. 67.86% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Richard A. Gonzalez sold 18,500 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the sale, the chief executive officer now owns 625,294 shares in the company, valued at approximately $93,262,600.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.26% of the stock is currently owned by company insiders.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $153.93 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 0.89 and a debt-to-equity ratio of 4.33. The firm has a market cap of $271.69 billion, a PE ratio of 31.67, a PEG ratio of 2.79 and a beta of 0.58. The company’s 50 day moving average price is $146.42 and its two-hundred day moving average price is $147.44. AbbVie Inc. has a 12-month low of $130.96 and a 12-month high of $168.11.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 27th. The company reported $2.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.79 by $0.12. The business had revenue of $13.87 billion for the quarter, compared to analyst estimates of $13.52 billion. AbbVie had a net margin of 15.50% and a return on equity of 151.29%. Equities research analysts predict that AbbVie Inc. will post 11.03 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a dividend of $1.48 per share. The ex-dividend date is Thursday, October 12th. This represents a $5.92 annualized dividend and a dividend yield of 3.85%. AbbVie’s dividend payout ratio is 121.81%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Credit Suisse Group dropped their target price on shares of AbbVie from $170.00 to $160.00 in a report on Wednesday, July 12th. William Blair initiated coverage on shares of AbbVie in a report on Tuesday, July 25th. They issued a “market perform” rating on the stock. Piper Jaffray Companies increased their price target on shares of AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, July 28th. HSBC initiated coverage on shares of AbbVie in a report on Friday, July 14th. They issued a “buy” rating and a $167.00 price target on the stock. Finally, TheStreet raised shares of AbbVie from a “c+” rating to a “b” rating in a report on Monday, August 28th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $165.79.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.