Prepared Retirement Institute LLC Has $1.16 Million Stock Position in AbbVie Inc. $ABBV

Prepared Retirement Institute LLC reduced its position in AbbVie Inc. (NYSE:ABBV) by 3.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 6,268 shares of the company’s stock after selling 194 shares during the period. AbbVie accounts for approximately 0.7% of Prepared Retirement Institute LLC’s investment portfolio, making the stock its 25th largest holding. Prepared Retirement Institute LLC’s holdings in AbbVie were worth $1,163,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Hawaiian Bank boosted its position in shares of AbbVie by 0.8% in the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock worth $1,403,000 after purchasing an additional 60 shares during the last quarter. Narus Financial Partners LLC boosted its position in shares of AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock worth $417,000 after purchasing an additional 401 shares during the last quarter. Highland Capital Management LLC boosted its position in shares of AbbVie by 6.3% in the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock worth $9,817,000 after purchasing an additional 2,792 shares during the last quarter. Weaver Capital Management LLC boosted its position in shares of AbbVie by 3.9% in the 1st quarter. Weaver Capital Management LLC now owns 8,240 shares of the company’s stock worth $1,727,000 after purchasing an additional 310 shares during the last quarter. Finally, North Star Asset Management Inc. boosted its position in shares of AbbVie by 0.5% in the 1st quarter. North Star Asset Management Inc. now owns 161,320 shares of the company’s stock worth $33,800,000 after purchasing an additional 756 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Performance

ABBV opened at $220.75 on Monday. The business’s 50-day moving average price is $206.24 and its two-hundred day moving average price is $195.04. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $225.16. The company has a market capitalization of $389.97 billion, a price-to-earnings ratio of 105.12, a P/E/G ratio of 1.29 and a beta of 0.53. 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 released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same period in the prior year, the business earned $2.65 EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. AbbVie’s dividend payout ratio (DPR) is currently 312.38%.

Wall Street Analyst Weigh In

ABBV has been the topic of several recent analyst reports. Wells Fargo & Company lifted their target price on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. Bank of America lifted their target price on AbbVie to $204.00 and gave the stock a “hold” rating in a report on Monday, June 9th. Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price on the stock in a report on Thursday, August 7th. Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Finally, Cantor Fitzgerald lifted their target price on AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday, September 15th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and an average target price of $223.45.

Insider Activity

In other AbbVie news, 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 sale, the executive vice president owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated Tuesday, August 5th. The shares were 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 represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% 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.