ORG Wealth Partners LLC Sells 3,449 Shares of AbbVie Inc. $ABBV

Key Points

• ORG Wealth Partners LLC reduced its stake in AbbVie Inc. by 15.1%, now holding 19,374 shares valued at approximately $3.69 million after selling 3,449 shares.
• Wall Street analysts are optimistic about AbbVie, with several increasing their target prices significantly, including JPMorgan Chase raising it to $235.00 and Berenberg Bank to $270.00.
• AbbVie has announced a quarterly dividend of $1.64 per share, set to be paid on November 14, 2023, with a yield of 3.0% based on the recent stock price.

ORG Wealth Partners LLC decreased its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 15.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,374 shares of the company's stock after selling 3,449 shares during the quarter. AbbVie makes up 1.0% of ORG Wealth Partners LLC's portfolio, making the stock its 14th largest position. ORG Wealth Partners LLC's holdings in AbbVie were worth $3,686,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in AbbVie by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock valued at $36,439,271,000 after buying an additional 845,787 shares in the last quarter. Northern Trust Corp increased its position in AbbVie by 0.9% during the 1st quarter. Northern Trust Corp now owns 22,013,920 shares of the company's stock valued at $4,612,357,000 after purchasing an additional 189,294 shares during the period. Goldman Sachs Group Inc. increased its position in AbbVie by 31.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock valued at $3,068,820,000 after purchasing an additional 3,519,187 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in AbbVie by 5.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company's stock valued at $2,675,959,000 after purchasing an additional 713,148 shares during the period. Finally, GAMMA Investing LLC increased its position in AbbVie by 25,841.6% during the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock valued at $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. Institutional investors own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. JPMorgan Chase & Co. raised their target price on shares of AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, September 16th. Berenberg Bank raised shares of AbbVie from a "hold" rating to a "buy" rating and raised their target price for the company from $170.00 to $270.00 in a research report on Wednesday, September 17th. BMO Capital Markets raised their target price on shares of AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a research report on Friday, September 12th. Raymond James Financial reissued an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Finally, Wells Fargo & Company raised their target price on shares of AbbVie from $240.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, September 12th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $223.45.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction dated 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 transaction, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, 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 transaction, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

AbbVie Stock Up 1.0%

Shares of AbbVie stock opened at $220.75 on Friday. The firm's 50 day moving average price is $206.24 and its 200-day moving average price is $195.27. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $225.16. The company has a market cap of $389.97 billion, a P/E ratio of 105.12, a PEG ratio of 1.28 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm's revenue for the quarter was up 6.6% on a year-over-year basis. During the same quarter last year, the business earned $2.65 earnings per share. On average, sell-side analysts predict that AbbVie Inc. will post 12.31 EPS 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 paid a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.0%. The ex-dividend date is Wednesday, October 15th. AbbVie's payout ratio is presently 312.38%.

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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