Envestnet Portfolio Solutions Inc. Buys 7,614 Shares of AbbVie Inc. (NYSE:ABBV)

Envestnet Portfolio Solutions Inc. increased its stake in shares of AbbVie Inc. (NYSE:ABBV) by 4.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 199,183 shares of the company’s stock after acquiring an additional 7,614 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in AbbVie were worth $34,164,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. PGGM Investments grew its position in shares of AbbVie by 308.1% in the 2nd quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after buying an additional 24,756 shares during the last quarter. Sky Investment Group LLC grew its position in shares of AbbVie by 0.9% in the 2nd quarter. Sky Investment Group LLC now owns 38,984 shares of the company’s stock worth $6,686,000 after buying an additional 348 shares during the last quarter. Cascade Investment Group Inc. grew its position in shares of AbbVie by 1.7% in the 2nd quarter. Cascade Investment Group Inc. now owns 7,142 shares of the company’s stock worth $1,225,000 after buying an additional 116 shares during the last quarter. GPS Wealth Strategies Group LLC grew its position in shares of AbbVie by 0.7% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 13,719 shares of the company’s stock worth $2,353,000 after buying an additional 102 shares during the last quarter. Finally, ORG Partners LLC grew its position in shares of AbbVie by 1,452.5% in the 2nd quarter. ORG Partners LLC now owns 22,076 shares of the company’s stock worth $3,764,000 after buying an additional 20,654 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

Shares of NYSE:ABBV traded up $1.71 during midday trading on Wednesday, reaching $192.94. 4,153,375 shares of the company’s stock traded hands, compared to its average volume of 5,552,938. The company has a market cap of $340.71 billion, a price-to-earnings ratio of 57.25, a P/E/G ratio of 2.49 and a beta of 0.64. The company has a debt-to-equity ratio of 7.93, a quick ratio of 0.83 and a current ratio of 0.94. AbbVie Inc. has a one year low of $135.85 and a one year high of $193.91. The stock has a 50 day moving average of $175.07 and a 200 day moving average of $171.79.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a return on equity of 186.82% and a net margin of 9.71%. The firm had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same period in the prior year, the company posted $2.91 earnings per share. The company’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, equities research analysts anticipate that AbbVie Inc. will post 10.87 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Monday, July 15th. AbbVie’s dividend payout ratio is 183.98%.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ABBV. Truist Financial reiterated a “buy” rating and issued a $210.00 price objective (up from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Wells Fargo & Company lifted their price target on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. BMO Capital Markets lifted their price target on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Finally, Piper Sandler restated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Tuesday, July 2nd. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, AbbVie has a consensus rating of “Moderate Buy” and an average price target of $190.29.

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.