Schneider Downs Wealth Management Advisors LP Sells 68 Shares of AbbVie Inc. (NYSE:ABBV)

Schneider Downs Wealth Management Advisors LP reduced its stake in AbbVie Inc. (NYSE:ABBV) by 4.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,426 shares of the company’s stock after selling 68 shares during the quarter. Schneider Downs Wealth Management Advisors LP’s holdings in AbbVie were worth $299,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its stake in shares of AbbVie by 25,841.6% in the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company’s stock valued at $2,144,382,000 after acquiring an additional 10,195,284 shares during the last quarter. Nuveen LLC acquired a new stake in AbbVie in the first quarter valued at $1,819,154,000. Goldman Sachs Group Inc. raised its position in AbbVie by 31.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after purchasing an additional 3,519,187 shares during the last quarter. Northern Trust Corp raised its position in AbbVie by 11.8% during the 4th quarter. Northern Trust Corp now owns 21,824,626 shares of the company’s stock worth $3,878,236,000 after purchasing an additional 2,299,645 shares during the last quarter. Finally, Deutsche Bank AG raised its position in AbbVie by 27.4% during the 4th quarter. Deutsche Bank AG now owns 9,769,102 shares of the company’s stock worth $1,735,969,000 after purchasing an additional 2,102,273 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. BNP Paribas raised AbbVie to a “hold” rating in a research report on Thursday, May 8th. Morgan Stanley raised their target price on AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 22nd. Raymond James Financial raised their target price on AbbVie from $227.00 to $236.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Finally, Citigroup raised their target price on AbbVie to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, June 11th. Six analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $214.95.

AbbVie Stock Performance

Shares of AbbVie stock opened at $206.65 on Friday. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66. The firm has a market capitalization of $365.06 billion, a price-to-earnings ratio of 98.41, a PEG ratio of 1.32 and a beta of 0.50. The business has a 50-day simple moving average of $191.08 and a 200 day simple moving average of $192.08. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. During the same period in the previous year, the firm earned $2.65 earnings per share. The business’s quarterly revenue was up 6.6% on a year-over-year basis. On average, research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th were paid a dividend of $1.64 per share. The ex-dividend date was Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.2%. AbbVie’s payout ratio is 312.38%.

Insider Transactions at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares of the company’s stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

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.