RMG Wealth Management LLC Takes $77,000 Position in AbbVie Inc. $ABBV

RMG Wealth Management LLC purchased a new stake in AbbVie Inc. (NYSE:ABBV) in the second quarter, according to its most recent filing with the SEC. The fund purchased 405 shares of the company’s stock, valued at approximately $77,000.

A number of other institutional investors have also made changes to their positions in ABBV. Brighton Jones LLC increased its holdings in shares of AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company’s stock valued at $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC increased its holdings in shares of AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company’s stock valued at $1,294,000 after acquiring an additional 3,064 shares during the last quarter. Patriot Financial Group Insurance Agency LLC grew its stake in AbbVie by 12.2% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 4,441 shares of the company’s stock worth $930,000 after buying an additional 484 shares during the last quarter. Priebe Wealth Holdings LLC grew its stake in AbbVie by 6.5% during the 1st quarter. Priebe Wealth Holdings LLC now owns 3,286 shares of the company’s stock worth $688,000 after buying an additional 200 shares during the last quarter. Finally, Single Point Partners LLC bought a new position in AbbVie during the 1st quarter worth $222,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Down 1.6%

Shares of ABBV stock opened at $230.28 on Tuesday. 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 1 year low of $163.81 and a 1 year high of $244.81. The stock has a fifty day moving average of $211.61 and a two-hundred day moving average of $195.93. The firm has a market capitalization of $406.80 billion, a PE ratio of 109.66, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51.

AbbVie (NYSE:ABBV) last announced 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). 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 quarter last year, the firm posted $2.65 EPS. The company’s revenue was up 6.6% compared to the same quarter last year. As a group, research analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. AbbVie’s dividend payout ratio is 312.38%.

Wall Street Analyst Weigh In

ABBV has been the subject of a number of recent research reports. Piper Sandler initiated coverage on AbbVie in a research note on Tuesday, August 12th. They set an “overweight” rating and a $231.00 price objective for the company. Wells Fargo & Company upped their price objective on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, September 12th. Berenberg Bank upgraded AbbVie from a “hold” rating to a “buy” rating and upped their price objective for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a research note on Saturday, September 27th. Finally, Cantor Fitzgerald upped their price objective on AbbVie from $215.00 to $245.00 and gave the stock an “overweight” rating in a research note on Monday, September 15th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus price target of $229.14.

Insider Buying and Selling at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction on Tuesday, August 5th. The stock was 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 owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Corporate 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.