Atria Wealth Solutions Inc. Reduces Position in AbbVie Inc. $ABBV

Atria Wealth Solutions Inc. lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 60.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 55,034 shares of the company’s stock after selling 82,671 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in AbbVie were worth $10,257,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in ABBV. Brighton Jones LLC boosted its stake in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after purchasing an additional 3,401 shares during the period. Revolve Wealth Partners LLC lifted its stake in AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after acquiring an additional 3,064 shares during the period. GAMMA Investing LLC lifted its stake in AbbVie by 23.8% in the first quarter. GAMMA Investing LLC now owns 48,848 shares of the company’s stock worth $10,235,000 after acquiring an additional 9,395 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in AbbVie by 5.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 536,450 shares of the company’s stock worth $112,398,000 after acquiring an additional 25,385 shares during the period. Finally, Hennessy Advisors Inc. lifted its stake in AbbVie by 6.0% in the first quarter. Hennessy Advisors Inc. now owns 31,900 shares of the company’s stock worth $6,684,000 after acquiring an additional 1,800 shares during the period. Hedge funds and other institutional investors own 70.23% of the company’s stock.

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 completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $8,407,055.40. Following the completion of the sale, the executive vice president owned 177,292 shares of the company’s stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ABBV has been the subject of a number of research analyst reports. BMO Capital Markets raised their price target on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, September 12th. Wells Fargo & Company raised their price target on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, September 12th. Wall Street Zen lowered AbbVie from a “buy” rating to a “hold” rating in a research note on Saturday. Guggenheim raised their price target on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research note on Friday, August 1st. Finally, Cantor Fitzgerald set a $250.00 price target on AbbVie and gave the stock an “overweight” rating in a research note on Thursday. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $231.90.

AbbVie Stock Performance

Shares of AbbVie stock opened at $230.88 on Monday. The stock has a market cap of $407.86 billion, a price-to-earnings ratio of 109.94, a PEG ratio of 1.42 and a beta of 0.51. The firm’s 50-day moving average is $214.84 and its 200 day moving average is $196.71. AbbVie Inc. has a 1 year low of $163.81 and a 1 year 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 announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.65 EPS. Sell-side analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

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

About AbbVie

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.