Joule Financial LLC Increases Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Joule Financial LLC increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 7.6% during the second quarter, HoldingsChannel.com reports. The fund owned 1,831 shares of the company’s stock after acquiring an additional 129 shares during the period. Joule Financial LLC’s holdings in AbbVie were worth $314,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vermillion & White Wealth Management Group LLC purchased a new stake in AbbVie in the fourth quarter valued at approximately $26,000. IFS Advisors LLC purchased a new position in AbbVie in the 1st quarter worth approximately $36,000. Redmont Wealth Advisors LLC bought a new position in shares of AbbVie in the 1st quarter worth $37,000. Able Wealth Management LLC bought a new stake in shares of AbbVie during the 4th quarter worth $33,000. Finally, Valued Wealth Advisors LLC grew its position in AbbVie by 111.1% in the first quarter. Valued Wealth Advisors LLC now owns 228 shares of the company’s stock worth $42,000 after acquiring an additional 120 shares in the last quarter. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction on 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 transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s 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 completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie 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 owns 513,099 shares of the company’s stock, valued at $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Trading Down 0.1 %

AbbVie stock traded down $0.16 during mid-day trading on Thursday, reaching $196.37. 3,439,441 shares of the company traded hands, compared to its average volume of 5,497,046. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $197.54. The firm has a market capitalization of $346.76 billion, a price-to-earnings ratio of 58.27, a P/E/G ratio of 2.49 and a beta of 0.64. The firm’s 50 day moving average price is $177.76 and its 200 day moving average price is $172.82.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The firm had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the previous year, the firm posted $2.91 EPS. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, analysts anticipate that AbbVie Inc. will post 10.87 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend was Monday, July 15th. AbbVie’s payout ratio is presently 183.98%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ABBV. Piper Sandler restated an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Tuesday, July 2nd. Truist Financial reaffirmed a “buy” rating and issued a $210.00 target price (up previously from $195.00) on shares of AbbVie in a research note on Friday, July 26th. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Wednesday, June 5th. Piper Sandler Companies reiterated an “overweight” rating and issued a $190.00 target price on shares of AbbVie in a research report on Wednesday, July 3rd. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $190.29.

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.