1900 Wealth Management LLC Has $623,000 Stake in AbbVie Inc. $ABBV

1900 Wealth Management LLC decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 10.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,354 shares of the company’s stock after selling 385 shares during the quarter. 1900 Wealth Management LLC’s holdings in AbbVie were worth $623,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ABBV. Marshall & Sullivan Inc. WA acquired a new position in AbbVie during the second quarter worth $25,000. TD Capital Management LLC lifted its stake in AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company’s stock valued at $27,000 after acquiring an additional 58 shares during the last quarter. Abound Financial LLC acquired a new stake in AbbVie in the first quarter valued at $30,000. Cypress Capital Management LLC WY acquired a new stake in AbbVie in the first quarter valued at $35,000. Finally, Inlight Wealth Management LLC acquired a new stake in AbbVie in the first quarter valued at $42,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Transactions at AbbVie

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

Analysts Set New Price Targets

A number of brokerages have commented on ABBV. Berenberg Bank upgraded shares of AbbVie from a “hold” rating to a “buy” rating and increased their price target for the company from $170.00 to $270.00 in a research note on Wednesday, September 17th. BMO Capital Markets increased their price target on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a research note on Friday, September 12th. Piper Sandler began coverage on shares of AbbVie in a research note on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price target for the company. Evercore ISI increased their price target on shares of AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. Finally, Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a research note on Monday, August 25th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $223.52.

AbbVie Price Performance

Shares of ABBV opened at $236.98 on Friday. The firm has a market capitalization of $418.63 billion, a PE ratio of 112.85, a PEG ratio of 1.43 and a beta of 0.51. The company’s 50-day moving average is $209.90 and its 200-day moving average is $195.87. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. 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 quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share 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 the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.65 earnings per share. Equities analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

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.