Argonautica Private Wealth Management Inc. Has $3 Million Holdings in AbbVie Inc. $ABBV

Argonautica Private Wealth Management Inc. cut its stake in shares of AbbVie Inc. (NYSE:ABBV) by 2.4% in the second quarter, Holdings Channel reports. The firm owned 16,182 shares of the company’s stock after selling 405 shares during the quarter. Argonautica Private Wealth Management Inc.’s holdings in AbbVie were worth $3,004,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ABBV. Nuveen LLC acquired a new position in AbbVie in the first quarter valued at about $1,819,154,000. Assenagon Asset Management S.A. grew its stake in AbbVie by 550.9% in the second quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company’s stock valued at $804,116,000 after acquiring an additional 3,666,521 shares during the period. Goldman Sachs Group Inc. grew its stake in AbbVie by 31.6% in the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock valued at $3,068,820,000 after acquiring an additional 3,519,187 shares during the period. Kingstone Capital Partners Texas LLC acquired a new position in AbbVie in the second quarter valued at about $581,817,000. Finally, Bessemer Group Inc. grew its stake in AbbVie by 147.6% in the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company’s stock valued at $576,800,000 after acquiring an additional 1,641,091 shares during the period. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on ABBV shares. Cantor Fitzgerald set a $250.00 target price on AbbVie and gave the company an “overweight” rating in a research note on Thursday, October 9th. Morgan Stanley boosted their target price on AbbVie from $250.00 to $255.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Wells Fargo & Company boosted their target price on AbbVie from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, September 12th. Erste Group Bank cut AbbVie from a “buy” rating to a “hold” rating in a research report on Tuesday, October 14th. Finally, Piper Sandler increased their price objective on AbbVie from $231.00 to $284.00 and gave the stock an “overweight” rating in a report on Friday, October 10th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $234.80.

AbbVie Stock Down 0.2%

Shares of AbbVie stock opened at $231.48 on Wednesday. The business’s 50 day simple moving average is $219.24 and its 200 day simple moving average is $198.07. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The firm has a market cap of $408.93 billion, a PE ratio of 110.23, a P/E/G ratio of 1.45 and a beta of 0.51. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same period in the prior year, the business posted $2.65 EPS. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a dividend of $1.64 per share. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. AbbVie’s dividend payout ratio is currently 312.38%.

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.