AbbVie Inc. (NYSE:ABBV) Shares Sold by BBR Partners LLC

BBR Partners LLC lowered its stake in shares of AbbVie Inc. (NYSE:ABBV) by 12.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,887 shares of the company’s stock after selling 8,162 shares during the quarter. AbbVie makes up about 0.8% of BBR Partners LLC’s holdings, making the stock its 13th biggest position. BBR Partners LLC’s holdings in AbbVie were worth $9,414,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. MCF Advisors LLC boosted its stake in shares of AbbVie by 16.5% during the second quarter. MCF Advisors LLC now owns 10,309 shares of the company’s stock worth $1,768,000 after buying an additional 1,459 shares during the period. Columbia Asset Management raised its stake in AbbVie by 0.4% during the 2nd quarter. Columbia Asset Management now owns 40,537 shares of the company’s stock valued at $6,953,000 after acquiring an additional 172 shares during the last quarter. 9258 Wealth Management LLC lifted its position in AbbVie by 2.1% during the 2nd quarter. 9258 Wealth Management LLC now owns 17,536 shares of the company’s stock worth $3,008,000 after acquiring an additional 353 shares during the period. SouthState Corp lifted its position in AbbVie by 8.9% during the 2nd quarter. SouthState Corp now owns 75,861 shares of the company’s stock worth $13,012,000 after acquiring an additional 6,186 shares during the period. Finally, Chase Investment Counsel Corp grew its stake in shares of AbbVie by 10.2% in the 2nd quarter. Chase Investment Counsel Corp now owns 4,942 shares of the company’s stock valued at $915,000 after purchasing an additional 457 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

ABBV has been the subject of several recent research reports. Piper Sandler increased their price target on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research note on Wednesday, July 3rd. Wells Fargo & Company lifted their target price on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Barclays increased their price target on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, HSBC raised AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Wednesday, June 5th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $191.64.

AbbVie Stock Down 2.2 %

AbbVie stock opened at $192.71 on Friday. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. The firm has a market capitalization of $340.30 billion, a price-to-earnings ratio of 57.18, a price-to-earnings-growth ratio of 2.68 and a beta of 0.64. The stock’s fifty day moving average is $183.44 and its two-hundred day moving average is $174.50. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81.

AbbVie (NYSE:ABBV) last issued its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.91 EPS. Analysts predict that AbbVie Inc. will post 10.86 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, July 15th were given a dividend of $1.55 per share. The ex-dividend date was Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.22%. AbbVie’s dividend payout ratio is currently 183.98%.

Insider Buying and Selling

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

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.