Integrated Wealth Concepts LLC Raises Position in AbbVie Inc. $ABBV

Key Points

• Integrated Wealth Concepts LLC increased its position in AbbVie Inc. by 6.7% during the first quarter, now holding 58,218 shares valued at approximately $12.2 million.
• Several institutional investors, including Narus Financial and Highland Capital Management, also boosted their stake in AbbVie, reflecting strong sector interest as hedge funds own over 70% of the company's stock.
• AbbVie recently reported lower-than-expected earnings of $2.97 per share, falling short of the consensus estimate, along with a quarterly dividend announcement of $1.64 per share set for November 14.

Integrated Wealth Concepts LLC boosted its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 6.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 58,218 shares of the company's stock after acquiring an additional 3,659 shares during the quarter. Integrated Wealth Concepts LLC's holdings in AbbVie were worth $12,198,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of ABBV. Private Management Group Inc. increased its stake in shares of AbbVie by 1.9% in the first quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock worth $616,000 after buying an additional 54 shares during the period. Connecticut Wealth Management LLC grew its holdings in AbbVie by 1.6% in the 4th quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock worth $660,000 after acquiring an additional 57 shares during the last quarter. Castle Wealth Management LLC grew its holdings in AbbVie by 3.4% in the 1st quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock worth $361,000 after acquiring an additional 57 shares during the last quarter. High Falls Advisors Inc increased its position in shares of AbbVie by 3.2% in the first quarter. High Falls Advisors Inc now owns 1,863 shares of the company's stock valued at $390,000 after acquiring an additional 57 shares during the period. Finally, Northstar Group Inc. raised its stake in shares of AbbVie by 0.7% during the first quarter. Northstar Group Inc. now owns 8,512 shares of the company's stock valued at $1,783,000 after acquiring an additional 58 shares during the last quarter. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, 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 transaction of $8,407,055.40. Following the completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business'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 completion of the sale, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

AbbVie Stock Up 0.3%

ABBV stock traded up $0.67 during midday trading on Tuesday, hitting $210.46. The stock had a trading volume of 3,088,324 shares, compared to its average volume of 6,522,981. The firm has a market cap of $371.79 billion, a price-to-earnings ratio of 100.22, a price-to-earnings-growth ratio of 1.37 and a beta of 0.53. The business has a 50-day moving average of $198.22 and a two-hundred day moving average of $194.14. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $14.93 billion. During the same period in the prior year, the business posted $2.65 EPS. The business's quarterly revenue was up 6.6% compared to the same quarter last year. As a group, equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.

Analysts Set New Price Targets

ABBV has been the topic of several recent analyst reports. Morgan Stanley raised their target price on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Raymond James Financial reaffirmed an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Bank of America lifted their price objective on AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Citigroup boosted their target price on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Finally, Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target for the company in a research note on Thursday, August 7th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, AbbVie has a consensus rating of "Moderate Buy" and a consensus price target of $214.95.

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.