Modern Wealth Management LLC Increases Stock Holdings in AbbVie Inc. $ABBV

Key Points

• Modern Wealth Management LLC increased its stake in AbbVie Inc. by 9.4% during the first quarter, owning 52,808 shares valued at approximately $11 million.
• AbbVie declared a quarterly dividend of $1.64 per share, payable on November 14th, representing an annualized yield of 3.0%.
• Despite reporting earnings per share of $2.97, AbbVie missed analysts' expectations by $0.27 while reporting a revenue of $15.42 billion.

Modern Wealth Management LLC increased its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 9.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,808 shares of the company's stock after buying an additional 4,544 shares during the period. Modern Wealth Management LLC's holdings in AbbVie were worth $11,064,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ABBV. Brighton Jones LLC lifted its position in shares of AbbVie by 17.4% during the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after buying an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC raised its stake in AbbVie by 72.7% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock valued at $1,294,000 after purchasing an additional 3,064 shares during the last quarter. ProShare Advisors LLC raised its stake in AbbVie by 0.8% in the 4th quarter. ProShare Advisors LLC now owns 1,262,493 shares of the company's stock valued at $224,345,000 after purchasing an additional 10,064 shares during the last quarter. Redwood Investment Management LLC raised its stake in AbbVie by 599.8% in the 4th quarter. Redwood Investment Management LLC now owns 13,633 shares of the company's stock valued at $2,423,000 after purchasing an additional 11,685 shares during the last quarter. Finally, Raiffeisen Bank International AG acquired a new position in AbbVie in the 4th quarter valued at $62,420,000. Hedge funds and other institutional investors own 70.23% of the company's stock.

Insider Activity at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business'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 value of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were 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. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

AbbVie Stock Up 4.0%

Shares of NYSE ABBV opened at $220.09 on Friday. The company has a market capitalization of $388.80 billion, a P/E ratio of 104.81, a P/E/G ratio of 1.36 and a beta of 0.53. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The company has a 50 day simple moving average of $199.67 and a 200-day simple moving average of $194.48. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $221.77.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). The business had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company's revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.65 earnings per share. On average, equities research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be given 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 3.0%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Piper Sandler assumed coverage on AbbVie in a research note on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 price objective for the company. Bank of America increased their price objective on AbbVie to $204.00 and gave the company a "hold" rating in a research note on Monday, June 9th. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a research note on Thursday, August 7th. Wall Street Zen downgraded AbbVie from a "strong-buy" rating to a "buy" rating in a research note on Thursday, May 22nd. Finally, Citigroup increased their price objective on AbbVie to $205.00 and gave the company a "hold" rating in a research note on Wednesday, June 11th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, AbbVie currently has a consensus rating of "Moderate Buy" and a consensus price target of $214.95.

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.

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