AbbVie Inc. $ABBV Shares Sold by Institute for Wealth Management LLC.

Institute for Wealth Management LLC. decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 0.8% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 19,095 shares of the company’s stock after selling 160 shares during the quarter. Institute for Wealth Management LLC.’s holdings in AbbVie were worth $3,544,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of ABBV. Brighton Jones LLC grew its stake in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock worth $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC grew its stake in shares of AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock worth $1,294,000 after purchasing an additional 3,064 shares in the last quarter. Marquette Asset Management LLC grew its stake in shares of AbbVie by 122.0% during the first quarter. Marquette Asset Management LLC now owns 444 shares of the company’s stock worth $93,000 after purchasing an additional 244 shares in the last quarter. Merit Financial Group LLC grew its stake in shares of AbbVie by 19.9% during the first quarter. Merit Financial Group LLC now owns 59,033 shares of the company’s stock worth $12,369,000 after purchasing an additional 9,807 shares in the last quarter. Finally, Capital Asset Advisory Services LLC grew its stake in shares of AbbVie by 7.5% during the first quarter. Capital Asset Advisory Services LLC now owns 19,828 shares of the company’s stock worth $4,068,000 after purchasing an additional 1,380 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business’s stock in a transaction dated 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 in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, 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 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 owned 58,247 shares in the company, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company’s stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $231.47 on Wednesday. The company has a 50-day simple moving average of $207.89 and a 200-day simple moving average of $195.37. AbbVie Inc. has a one year low of $163.81 and a one year high of $232.35. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The stock has a market capitalization of $408.91 billion, a price-to-earnings ratio of 110.22, a PEG ratio of 1.31 and a beta of 0.53.

AbbVie (NYSE:ABBV) last announced 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 net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. During the same period in the previous year, the company posted $2.65 earnings per share. AbbVie’s quarterly revenue was up 6.6% on a year-over-year basis. On average, analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

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 issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio is presently 312.38%.

Analysts Set New Price Targets

ABBV has been the subject of a number of research reports. Piper Sandler initiated coverage on shares of AbbVie in a research report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price target for the company. Raymond James Financial reissued an “outperform” rating on shares of AbbVie in a research report on Monday, August 25th. Guggenheim boosted their price target on shares of AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Evercore ISI boosted their price target on shares of AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research report on Monday, September 22nd. Finally, Citigroup boosted their price target on shares of AbbVie to $205.00 and gave the company a “hold” rating in a research report on Wednesday, June 11th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, AbbVie has an average rating of “Moderate Buy” and an average target price of $223.45.

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.