Chung Wu Investment Group LLC Sells 2,360 Shares of AbbVie Inc. $ABBV

Chung Wu Investment Group LLC lessened its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 25.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,865 shares of the company's stock after selling 2,360 shares during the quarter. AbbVie comprises 1.3% of Chung Wu Investment Group LLC's portfolio, making the stock its 16th largest holding. Chung Wu Investment Group LLC's holdings in AbbVie were worth $1,274,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Valeo Financial Advisors LLC boosted its position in shares of AbbVie by 3.2% in the second quarter. Valeo Financial Advisors LLC now owns 85,910 shares of the company's stock valued at $15,947,000 after acquiring an additional 2,636 shares during the period. DAVENPORT & Co LLC lifted its stake in AbbVie by 2.7% in the 2nd quarter. DAVENPORT & Co LLC now owns 191,289 shares of the company's stock worth $35,504,000 after purchasing an additional 4,968 shares in the last quarter. Grimes & Company Inc. boosted its holdings in AbbVie by 2.1% in the 2nd quarter. Grimes & Company Inc. now owns 105,278 shares of the company's stock valued at $19,542,000 after purchasing an additional 2,172 shares during the period. Three Bridge Wealth Advisors LLC bought a new position in AbbVie in the 2nd quarter valued at $495,000. Finally, Merit Financial Group LLC grew its position in shares of AbbVie by 34.8% during the 2nd quarter. Merit Financial Group LLC now owns 79,581 shares of the company's stock valued at $14,772,000 after purchasing an additional 20,548 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Price Performance

ABBV opened at $234.07 on Monday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The stock has a market capitalization of $413.49 billion, a P/E ratio of 111.46, a PEG ratio of 1.37 and a beta of 0.51. The stock has a 50-day moving average price of $210.77 and a 200-day moving average price of $195.79. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) 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). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business's quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.65 EPS. Equities analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated 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 completion of the transaction, 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. 0.08% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of AbbVie in a research report on Saturday, September 27th. Piper Sandler began coverage on AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price on the stock. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a report on Thursday, August 7th. UBS Group set a $251.00 price objective on AbbVie in a report on Friday. Finally, Berenberg Bank upgraded shares of AbbVie from a "hold" rating to a "buy" rating and upped their price objective for the stock from $170.00 to $270.00 in a research report on Wednesday, September 17th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, AbbVie presently has an average rating of "Moderate Buy" and an average price target of $228.22.

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.

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