Weatherly Asset Management L. P. Has $1.52 Million Holdings in AbbVie Inc. (NYSE:ABBV)

Weatherly Asset Management L. P. lessened its stake in AbbVie Inc. (NYSE:ABBV) by 6.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,858 shares of the company’s stock after selling 567 shares during the quarter. Weatherly Asset Management L. P.’s holdings in AbbVie were worth $1,519,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Ridgewood Investments LLC acquired a new position in AbbVie during the second quarter worth $27,000. Vermillion & White Wealth Management Group LLC acquired a new position in AbbVie during the fourth quarter worth $26,000. IFS Advisors LLC acquired a new position in AbbVie during the first quarter worth $36,000. Redmont Wealth Advisors LLC bought a new stake in AbbVie during the first quarter worth $37,000. Finally, Able Wealth Management LLC bought a new stake in AbbVie during the fourth quarter worth $33,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Price Performance

Shares of ABBV traded up $1.13 during mid-day trading on Friday, reaching $196.31. The company had a trading volume of 3,820,802 shares, compared to its average volume of 4,444,877. The company’s 50 day simple moving average is $181.44 and its 200 day simple moving average is $173.93. AbbVie Inc. has a 1-year low of $135.85 and a 1-year high of $198.30. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The company has a market capitalization of $346.75 billion, a price-to-earnings ratio of 58.25, a P/E/G ratio of 2.68 and a beta of 0.64.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. During the same period last year, the company posted $2.91 EPS. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. Analysts expect that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were paid a $1.55 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.16%. AbbVie’s payout ratio is currently 183.98%.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, 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 currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ABBV has been the topic of several research analyst reports. BMO Capital Markets increased their price objective on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research report on Wednesday, June 5th. Morgan Stanley increased their price objective on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Finally, Wells Fargo & Company increased their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, AbbVie presently has an average rating of “Moderate Buy” and a consensus price target of $191.64.

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.