Montag A & Associates Inc. Has $12.22 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Montag A & Associates Inc. cut its holdings in AbbVie Inc. (NYSE:ABBV) by 0.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 71,265 shares of the company’s stock after selling 136 shares during the period. Montag A & Associates Inc.’s holdings in AbbVie were worth $12,223,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. International Assets Investment Management LLC bought a new stake in AbbVie during the fourth quarter worth about $41,416,000. Gilbert & Cook Inc. lifted its holdings in shares of AbbVie by 9.8% during the 4th quarter. Gilbert & Cook Inc. now owns 9,691 shares of the company’s stock worth $1,502,000 after acquiring an additional 861 shares during the period. Aveo Capital Partners LLC boosted its position in shares of AbbVie by 5.1% during the 4th quarter. Aveo Capital Partners LLC now owns 4,297 shares of the company’s stock worth $666,000 after acquiring an additional 210 shares in the last quarter. 9258 Wealth Management LLC increased its stake in AbbVie by 1.7% in the fourth quarter. 9258 Wealth Management LLC now owns 16,909 shares of the company’s stock valued at $2,620,000 after acquiring an additional 283 shares during the last quarter. Finally, Avalon Trust Co raised its position in AbbVie by 8.9% during the fourth quarter. Avalon Trust Co now owns 4,050 shares of the company’s stock valued at $628,000 after purchasing an additional 330 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Insider Activity

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the sale, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ABBV. Truist Financial reiterated a “buy” rating and issued a $210.00 price target (up previously from $195.00) on shares of AbbVie in a research note on Friday, July 26th. Morgan Stanley increased their price target on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Barclays lifted their price target on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. BMO Capital Markets upped their price objective on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Finally, HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a report on Wednesday, June 5th. Two research 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $191.64.

AbbVie Stock Up 0.6 %

NYSE:ABBV traded up $1.13 during trading hours on Friday, hitting $196.31. 3,820,802 shares of the company traded hands, compared to its average volume of 4,444,877. The firm’s 50-day simple moving average is $181.44 and its 200-day simple moving average is $173.93. The company has a market cap of $346.75 billion, a PE ratio of 58.25, a PEG ratio of 2.68 and a beta of 0.64. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a one year low of $135.85 and a one year high of $198.30.

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

AbbVie Dividend Announcement

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

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.