AbbVie Inc. (NYSE:ABBV) Shares Sold by Perigon Wealth Management LLC

Perigon Wealth Management LLC cut its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 4.6% during the first quarter, Holdings Channel reports. The firm owned 106,220 shares of the company’s stock after selling 5,077 shares during the quarter. Perigon Wealth Management LLC’s holdings in AbbVie were worth $22,255,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Omnia Family Wealth LLC increased its stake in AbbVie by 15.1% during the first quarter. Omnia Family Wealth LLC now owns 4,789 shares of the company’s stock worth $1,003,000 after purchasing an additional 627 shares during the period. Alpine Bank Wealth Management purchased a new stake in AbbVie during the first quarter worth about $3,879,000. Golden State Wealth Management LLC increased its stake in AbbVie by 200.5% during the first quarter. Golden State Wealth Management LLC now owns 6,103 shares of the company’s stock worth $1,280,000 after purchasing an additional 4,072 shares during the period. Bessemer Group Inc. increased its stake in AbbVie by 147.6% during the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company’s stock worth $576,800,000 after purchasing an additional 1,641,091 shares during the period. Finally, Aurora Private Wealth Inc. increased its stake in AbbVie by 11,620.6% during the first quarter. Aurora Private Wealth Inc. now owns 290,906 shares of the company’s stock worth $60,951,000 after purchasing an additional 288,424 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of recent research reports. Citigroup boosted their price target on shares of AbbVie to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, June 11th. Erste Group Bank upgraded shares of AbbVie to a “strong-buy” rating in a research note on Monday, March 17th. The Goldman Sachs Group restated a “neutral” rating and set a $194.00 target price on shares of AbbVie in a research note on Tuesday, April 8th. Evercore ISI upped their target price on shares of AbbVie from $204.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, April 28th. Finally, Guggenheim upped their target price on shares of AbbVie from $214.00 to $216.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Eight investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $211.29.

Insider Activity

In other news, EVP Jeffrey Ryan Stewart sold 58,832 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $210.08, for a total value of $12,359,426.56. Following the completion of the sale, the executive vice president now directly owns 53,234 shares of the company’s stock, valued at approximately $11,183,398.72. This represents a 52.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

Shares of AbbVie stock opened at $185.64 on Thursday. The firm has a market capitalization of $327.91 billion, a P/E ratio of 79.00, a P/E/G ratio of 1.23 and a beta of 0.50. AbbVie Inc. has a 52 week low of $163.52 and a 52 week high of $218.66. The company has a quick ratio of 0.64, a current ratio of 0.76 and a debt-to-equity ratio of 44.14. The firm’s 50 day moving average is $185.74 and its two-hundred day moving average is $187.81.

AbbVie (NYSE:ABBV) last posted its quarterly earnings data on Friday, April 25th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.06. The business had revenue of $13.34 billion during the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a return on equity of 412.03% and a net margin of 7.31%. The company’s revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.31 earnings per share. Research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Tuesday, July 15th will be issued a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend is Tuesday, July 15th. AbbVie’s payout ratio is currently 279.15%.

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.