Elk River Wealth Management LLC Trims Position in AbbVie Inc. $ABBV

Elk River Wealth Management LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 3.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 5,210 shares of the company’s stock after selling 185 shares during the period. Elk River Wealth Management LLC’s holdings in AbbVie were worth $967,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in ABBV. Brighton Jones LLC grew its holdings in AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after buying an additional 3,401 shares during the period. Revolve Wealth Partners LLC grew its holdings in AbbVie by 72.7% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after purchasing an additional 3,064 shares during the period. CSS LLC IL increased its position in AbbVie by 4.4% during the fourth quarter. CSS LLC IL now owns 3,340 shares of the company’s stock worth $594,000 after purchasing an additional 140 shares during the last quarter. DCM Advisors LLC increased its position in AbbVie by 3.9% during the fourth quarter. DCM Advisors LLC now owns 28,873 shares of the company’s stock worth $5,131,000 after purchasing an additional 1,078 shares during the last quarter. Finally, 49 Wealth Management LLC raised its stake in AbbVie by 6.0% during the fourth quarter. 49 Wealth Management LLC now owns 5,303 shares of the company’s stock worth $942,000 after purchasing an additional 301 shares during the period. Hedge funds and other institutional investors 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 business’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company’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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on ABBV. Piper Sandler began coverage on AbbVie in a report on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price objective for the company. Wall Street Zen lowered AbbVie from a “strong-buy” rating to a “buy” rating in a research note on Thursday, May 22nd. Guggenheim increased their target price on shares of AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. BMO Capital Markets boosted their price objective on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, September 12th. Finally, Morgan Stanley raised their target price on shares of AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $222.68.

AbbVie Price Performance

Shares of NYSE ABBV opened at $221.93 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a market capitalization of $392.05 billion, a price-to-earnings ratio of 105.68, a price-to-earnings-growth ratio of 1.32 and a beta of 0.53. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $222.07. The business has a 50 day simple moving average of $202.52 and a 200-day simple moving average of $194.91.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The business had revenue of $15.42 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.65 EPS. As a group, equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

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 paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 3.0%. AbbVie’s dividend payout ratio is 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.