Park Place Capital Corp Has $2.07 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Park Place Capital Corp lessened its stake in shares of AbbVie Inc. (NYSE:ABBV) by 14.3% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 12,080 shares of the company’s stock after selling 2,022 shares during the quarter. Park Place Capital Corp’s holdings in AbbVie were worth $2,072,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vermillion & White Wealth Management Group LLC bought a new position in AbbVie during the fourth quarter worth about $26,000. Able Wealth Management LLC bought a new position in AbbVie in the 4th quarter valued at about $33,000. IFS Advisors LLC bought a new position in AbbVie in the 1st quarter valued at about $36,000. Ables Iannone Moore & Associates Inc. bought a new position in AbbVie in the 4th quarter valued at about $37,000. Finally, Redmont Wealth Advisors LLC bought a new position in AbbVie in the 1st quarter valued at about $37,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Down 0.2 %

ABBV stock traded down $0.42 during midday trading on Friday, reaching $189.29. 6,303,909 shares of the company’s stock traded hands, compared to its average volume of 5,147,175. The firm’s fifty day moving average price is $170.28 and its 200-day moving average price is $170.48. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The company has a market cap of $334.26 billion, a price-to-earnings ratio of 56.17, a P/E/G ratio of 2.49 and a beta of 0.64. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $193.91.

AbbVie (NYSE:ABBV) last issued 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 company had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.91 EPS. As a group, sell-side analysts forecast that AbbVie Inc. will post 10.87 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, July 15th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date is Monday, July 15th. AbbVie’s payout ratio is currently 183.98%.

Insider Buying and Selling at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total transaction of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

ABBV has been the topic of several recent analyst reports. BMO Capital Markets raised their target price on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Piper Sandler reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Tuesday, July 2nd. Truist Financial reaffirmed a “buy” rating and set a $210.00 price target (up from $195.00) on shares of AbbVie in a report on Friday, July 26th. Morgan Stanley lifted their price target on shares of AbbVie from $191.00 to $196.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Finally, Barclays lifted their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $188.71.

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.