AbbVie Inc. $ABBV Position Increased by WealthPlan Investment Management LLC

WealthPlan Investment Management LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 9.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 77,803 shares of the company’s stock after acquiring an additional 6,969 shares during the period. AbbVie comprises approximately 1.1% of WealthPlan Investment Management LLC’s portfolio, making the stock its 21st biggest holding. WealthPlan Investment Management LLC’s holdings in AbbVie were worth $14,442,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Verisail Partners LLC bought a new position in AbbVie during the second quarter valued at about $223,000. Duncker Streett & Co. Inc. raised its holdings in AbbVie by 0.7% during the second quarter. Duncker Streett & Co. Inc. now owns 60,556 shares of the company’s stock valued at $11,240,000 after buying an additional 408 shares in the last quarter. Chesapeake Wealth Management raised its holdings in AbbVie by 5.0% during the second quarter. Chesapeake Wealth Management now owns 14,413 shares of the company’s stock valued at $2,675,000 after buying an additional 680 shares in the last quarter. Prairie Sky Financial Group LLC raised its holdings in AbbVie by 15.9% during the second quarter. Prairie Sky Financial Group LLC now owns 108,379 shares of the company’s stock valued at $20,117,000 after buying an additional 14,868 shares in the last quarter. Finally, Rosenberg Matthew Hamilton raised its holdings in AbbVie by 13.1% during the second quarter. Rosenberg Matthew Hamilton now owns 3,889 shares of the company’s stock valued at $722,000 after buying an additional 450 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Down 1.2%

ABBV stock opened at $226.31 on Thursday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The company has a market cap of $399.80 billion, a PE ratio of 107.77, a price-to-earnings-growth ratio of 1.48 and a beta of 0.51. The business’s 50-day simple moving average is $216.72 and its 200 day simple moving average is $197.32. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share 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 firm had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same period last year, the business earned $2.65 earnings per share. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. AbbVie’s dividend payout ratio (DPR) is 312.38%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ABBV shares. Erste Group Bank lowered AbbVie from a “buy” rating to a “hold” rating in a report on Tuesday. BMO Capital Markets raised their target price on AbbVie from $215.00 to $240.00 and gave the company an “outperform” rating in a report on Friday, September 12th. HSBC set a $225.00 price target on AbbVie in a report on Thursday, October 2nd. Daiwa Capital Markets upgraded AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target for the company in a report on Thursday, August 7th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of AbbVie in a report on Monday, August 25th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, AbbVie has an average rating of “Moderate Buy” and a consensus price target of $231.90.

Insider Transactions at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred 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 sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

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.