RKL Wealth Management LLC Has $3.02 Million Stake in AbbVie Inc. $ABBV

RKL Wealth Management LLC raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,243 shares of the company’s stock after buying an additional 252 shares during the period. RKL Wealth Management LLC’s holdings in AbbVie were worth $3,015,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. First Hawaiian Bank increased its holdings in shares of AbbVie by 0.8% during the second quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock worth $1,403,000 after buying an additional 60 shares in the last quarter. Narus Financial Partners LLC increased its holdings in shares of AbbVie by 25.3% during the first quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock worth $417,000 after buying an additional 401 shares in the last quarter. Highland Capital Management LLC increased its holdings in shares of AbbVie by 6.3% during the first quarter. Highland Capital Management LLC now owns 46,853 shares of the company’s stock worth $9,817,000 after buying an additional 2,792 shares in the last quarter. Weaver Capital Management LLC increased its holdings in shares of AbbVie by 3.9% in the first quarter. Weaver Capital Management LLC now owns 8,240 shares of the company’s stock valued at $1,727,000 after purchasing an additional 310 shares in the last quarter. Finally, North Star Asset Management Inc. increased its holdings in shares of AbbVie by 0.5% in the first quarter. North Star Asset Management Inc. now owns 161,320 shares of the company’s stock valued at $33,800,000 after purchasing an additional 756 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on ABBV shares. Berenberg Bank raised shares of AbbVie from a “hold” rating to a “buy” rating and raised their price target for the company from $170.00 to $270.00 in a report on Wednesday, September 17th. BMO Capital Markets raised their price target on shares of AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, September 12th. Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Daiwa America raised shares of AbbVie from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Finally, Cantor Fitzgerald raised their price target on shares of AbbVie from $215.00 to $245.00 and gave the company an “overweight” rating in a report on Monday, September 15th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $223.45.

Insiders Place Their Bets

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

AbbVie Price Performance

ABBV opened at $244.77 on Thursday. The company has a fifty day moving average price of $208.97 and a two-hundred day moving average price of $195.71. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. AbbVie Inc. has a 52 week low of $163.81 and a 52 week high of $244.81. The firm has a market capitalization of $432.40 billion, a PE ratio of 116.56, a P/E/G ratio of 1.35 and a beta of 0.51.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period in the prior year, the firm posted $2.65 EPS. AbbVie’s revenue was up 6.6% on a year-over-year basis. As a group, analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s payout ratio is currently 312.38%.

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.