Bartlett & CO. Wealth Management LLC Trims Position in AbbVie Inc. $ABBV

Bartlett & CO. Wealth Management LLC trimmed its stake in AbbVie Inc. (NYSE:ABBV) by 0.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 118,957 shares of the company’s stock after selling 1,034 shares during the period. Bartlett & CO. Wealth Management LLC’s holdings in AbbVie were worth $22,081,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ABBV. First Hawaiian Bank grew its position in shares of AbbVie by 0.8% during the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock worth $1,403,000 after buying an additional 60 shares in the last quarter. Narus Financial Partners LLC lifted its holdings in AbbVie by 25.3% during the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock worth $417,000 after buying an additional 401 shares during the period. Highland Capital Management LLC lifted its stake in shares of AbbVie by 6.3% during the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock worth $9,817,000 after purchasing an additional 2,792 shares during the last quarter. Weaver Capital Management LLC grew its stake in AbbVie by 3.9% in the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company’s stock valued at $1,727,000 after purchasing an additional 310 shares during the last quarter. Finally, North Star Asset Management Inc. boosted its holdings in shares of AbbVie by 0.5% in the 1st quarter. North Star Asset Management Inc. now owns 161,320 shares of the company’s stock valued at $33,800,000 after buying an additional 756 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Daiwa America upgraded AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Cantor Fitzgerald boosted their price objective on shares of AbbVie from $215.00 to $245.00 and gave the company an “overweight” rating in a report on Monday, September 15th. Guggenheim lifted their price target on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price on the stock in a research report on Thursday, August 7th. Finally, Piper Sandler started coverage on shares of AbbVie in a research note on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price objective for the company. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $223.45.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares of the company’s stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

AbbVie Stock Up 3.7%

Shares of ABBV opened at $231.47 on Wednesday. The firm has a market cap of $408.91 billion, a P/E ratio of 110.22, a PEG ratio of 1.31 and a beta of 0.53. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $232.35. The stock’s 50 day moving average is $207.89 and its two-hundred day moving average is $195.37. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The company had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.AbbVie’s revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.65 EPS. Analysts predict 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 will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

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.