Wedgewood Investors Inc. PA Sells 270 Shares of AbbVie Inc. $ABBV

Wedgewood Investors Inc. PA decreased its position in AbbVie Inc. (NYSE:ABBV) by 12.4% during the 2nd quarter, Holdings Channel reports. The firm owned 1,902 shares of the company’s stock after selling 270 shares during the quarter. Wedgewood Investors Inc. PA’s holdings in AbbVie were worth $353,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Cullen Frost Bankers Inc. lifted its position in AbbVie by 3.1% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 396,225 shares of the company’s stock worth $73,547,000 after buying an additional 11,730 shares in the last quarter. St. Johns Investment Management Company LLC lifted its position in AbbVie by 7.8% during the 2nd quarter. St. Johns Investment Management Company LLC now owns 4,191 shares of the company’s stock worth $778,000 after buying an additional 305 shares in the last quarter. Wallace Advisory Group LLC lifted its position in AbbVie by 9.9% during the 2nd quarter. Wallace Advisory Group LLC now owns 3,103 shares of the company’s stock worth $576,000 after buying an additional 279 shares in the last quarter. Greenup Street Wealth Management LLC lifted its position in AbbVie by 7.7% during the 2nd quarter. Greenup Street Wealth Management LLC now owns 1,647 shares of the company’s stock worth $306,000 after buying an additional 118 shares in the last quarter. Finally, Jackson Thornton Wealth Management LLC lifted its position in AbbVie by 6.0% during the 2nd quarter. Jackson Thornton Wealth Management LLC now owns 1,455 shares of the company’s stock worth $276,000 after buying an additional 82 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Analyst Ratings Changes

ABBV has been the topic of several research reports. BMO Capital Markets upped their price target on shares of AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, September 12th. Morgan Stanley upped their price target on shares of AbbVie from $250.00 to $255.00 and gave the stock an “overweight” rating in a research report on Friday, August 1st. Citigroup reiterated a “neutral” rating on shares of AbbVie in a research report on Monday, October 13th. Cantor Fitzgerald set a $250.00 target price on shares of AbbVie and gave the company an “overweight” rating in a research report on Thursday, October 9th. Finally, Guggenheim upped their target price on shares of AbbVie from $227.00 to $242.00 and gave the company a “buy” rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $234.80.

Insider Transactions at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s 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 completion of the transaction, the executive vice president owned 177,292 shares of the company’s stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’s 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 transaction, the executive vice president directly owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

AbbVie Stock Performance

AbbVie stock opened at $231.48 on Wednesday. The company has a market cap of $408.93 billion, a PE ratio of 110.23, a PEG ratio of 1.45 and a beta of 0.51. The company’s 50-day moving average is $219.24 and its two-hundred day moving average is $198.07. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $244.81.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the business earned $2.65 earnings per share. The business’s revenue was up 6.6% on a year-over-year basis. Equities analysts anticipate 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. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.8%. AbbVie’s payout ratio is currently 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.