AbbVie Inc. (NYSE:ABBV) Shares Acquired by Angeles Wealth Management LLC

Angeles Wealth Management LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV) by 29.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,560 shares of the company’s stock after acquiring an additional 2,850 shares during the period. Angeles Wealth Management LLC’s holdings in AbbVie were worth $2,154,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. MGO One Seven LLC boosted its stake in shares of AbbVie by 9.9% during the second quarter. MGO One Seven LLC now owns 28,625 shares of the company’s stock valued at $4,910,000 after acquiring an additional 2,589 shares during the last quarter. Steigerwald Gordon & Koch Inc. boosted its stake in shares of AbbVie by 4.8% during the second quarter. Steigerwald Gordon & Koch Inc. now owns 3,244 shares of the company’s stock valued at $556,000 after acquiring an additional 150 shares during the last quarter. Coldstream Capital Management Inc. boosted its stake in shares of AbbVie by 1.0% during the second quarter. Coldstream Capital Management Inc. now owns 58,666 shares of the company’s stock valued at $10,062,000 after acquiring an additional 602 shares during the last quarter. Eubel Brady & Suttman Asset Management Inc. acquired a new stake in shares of AbbVie during the second quarter valued at $294,000. Finally, Gryphon Financial Partners LLC lifted its position in AbbVie by 1.8% during the second quarter. Gryphon Financial Partners LLC now owns 85,952 shares of the company’s stock worth $14,743,000 after buying an additional 1,490 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ABBV. William Blair upgraded AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Wells Fargo & Company increased their target price on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a research report on Monday, August 5th. Morgan Stanley increased their target price on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Finally, Piper Sandler increased their target price on AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, AbbVie has a consensus rating of “Buy” and a consensus price target of $191.64.

AbbVie Stock Performance

AbbVie stock opened at $199.35 on Wednesday. The company has a market cap of $352.12 billion, a price-to-earnings ratio of 59.15, a price-to-earnings-growth ratio of 2.64 and a beta of 0.64. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95. The stock’s 50-day moving average is $185.07 and its 200-day moving average is $174.88.

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 analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. AbbVie’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.91 EPS. Equities analysts anticipate that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.11%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Insider Buying and Selling

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction on 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 completion of the sale, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction 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 completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by insiders.

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.