Simplicity Wealth LLC Has $10.26 Million Stock Holdings in AbbVie Inc. $ABBV

Simplicity Wealth LLC raised its stake in AbbVie Inc. (NYSE:ABBV) by 175.7% in the 2nd quarter, Holdings Channel.com reports. The fund owned 55,251 shares of the company’s stock after buying an additional 35,208 shares during the quarter. Simplicity Wealth LLC’s holdings in AbbVie were worth $10,256,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ABBV. Carolina Wealth Advisors LLC lifted its stake in AbbVie by 1.4% during the second quarter. Carolina Wealth Advisors LLC now owns 38,887 shares of the company’s stock worth $7,218,000 after purchasing an additional 520 shares during the last quarter. MBL Wealth LLC lifted its stake in AbbVie by 1.6% during the second quarter. MBL Wealth LLC now owns 4,126 shares of the company’s stock worth $766,000 after purchasing an additional 64 shares during the last quarter. Capital City Trust Co. FL lifted its stake in AbbVie by 0.5% during the second quarter. Capital City Trust Co. FL now owns 37,616 shares of the company’s stock worth $6,982,000 after purchasing an additional 175 shares during the last quarter. Wealthcare Capital Partners LLC lifted its stake in shares of AbbVie by 8.3% in the 2nd quarter. Wealthcare Capital Partners LLC now owns 1,359 shares of the company’s stock valued at $252,000 after acquiring an additional 104 shares during the last quarter. Finally, Wealthcare Advisory Partners LLC lifted its stake in shares of AbbVie by 4.8% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 46,005 shares of the company’s stock valued at $8,540,000 after acquiring an additional 2,103 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred on Tuesday, August 12th. The shares were 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 approximately $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 can be accessed through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ABBV. Citigroup increased their price target on AbbVie to $205.00 and gave the company a “hold” rating in a research note on Wednesday, June 11th. Wells Fargo & Company raised their target price on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, September 12th. Guggenheim raised their target price on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. Bank of America raised their target price on AbbVie from $220.00 to $251.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Daiwa Capital Markets raised AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 target price for the company in a research report on Thursday, August 7th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average target price of $228.22.

AbbVie Stock Performance

Shares of ABBV opened at $234.07 on Friday. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The stock has a 50-day moving average of $210.77 and a 200-day moving average of $195.90. The company has a market cap of $413.49 billion, a PE ratio of 111.46, a P/E/G ratio of 1.37 and a beta of 0.51. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81.

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 analysts’ consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter last year, the firm posted $2.65 EPS. On average, equities research analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. AbbVie’s dividend payout ratio (DPR) 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.