AbbVie Inc. $ABBV Shares Sold by Principle Wealth Partners LLC

Principle Wealth Partners LLC trimmed its position in AbbVie Inc. (NYSE:ABBV) by 1.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,803 shares of the company’s stock after selling 333 shares during the quarter. Principle Wealth Partners LLC’s holdings in AbbVie were worth $6,089,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. FF Advisors LLC increased its stake in AbbVie by 3.6% during the second quarter. FF Advisors LLC now owns 1,539 shares of the company’s stock valued at $286,000 after purchasing an additional 53 shares during the last quarter. Private Management Group Inc. boosted its holdings in shares of AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company’s stock valued at $616,000 after buying an additional 54 shares during the period. LifeSteps Financial Inc. boosted its holdings in shares of AbbVie by 0.7% in the 2nd quarter. LifeSteps Financial Inc. now owns 7,358 shares of the company’s stock valued at $1,366,000 after buying an additional 54 shares during the period. Silicon Valley Capital Partners grew its position in shares of AbbVie by 10.8% during the 1st quarter. Silicon Valley Capital Partners now owns 573 shares of the company’s stock valued at $118,000 after buying an additional 56 shares during the last quarter. Finally, Seneca House Advisors raised its stake in AbbVie by 2.7% during the second quarter. Seneca House Advisors now owns 2,093 shares of the company’s stock worth $388,000 after acquiring an additional 56 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Activity at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction on 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 owned 58,247 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through this link. 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 transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $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. 0.25% of the stock is owned by insiders.

AbbVie Stock Down 1.2%

Shares of AbbVie stock opened at $228.57 on Thursday. The company has a market capitalization of $403.79 billion, a P/E ratio of 108.84, a PEG ratio of 1.44 and a beta of 0.51. 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 Inc. has a 1-year low of $163.81 and a 1-year high of $244.81. The business’s fifty day moving average price is $219.78 and its two-hundred day moving average price is $198.28.

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 analysts’ consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion for 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 quarter in the prior year, the firm earned $2.65 earnings per share. As a group, research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Piper Sandler lifted their target price on AbbVie from $231.00 to $284.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of AbbVie in a research report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price objective on AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Berenberg Bank upgraded AbbVie from a “hold” rating to a “buy” rating and upped their price objective for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Finally, Morgan Stanley raised their target price on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $234.80.

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.