Spartan Planning & Wealth Management Sells 1,365 Shares of AbbVie Inc. $ABBV

Key Points

• Spartan Planning & Wealth Management reduced its holdings in AbbVie by 45.3%, selling 1,365 shares, and now owns 1,649 shares valued at approximately $306,000.
• Insider activity included significant sales by executives, with Azita Saleki-Gerhardt selling 42,370 shares for over $8.4 million, leading to a 19.29% decrease in their ownership.
• AbbVie announced a quarterly dividend of $1.64 per share, reflecting an annualized yield of 2.9%, with the payout ratio standing at 312.38%.

Spartan Planning & Wealth Management lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 45.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,649 shares of the company's stock after selling 1,365 shares during the period. Spartan Planning & Wealth Management's holdings in AbbVie were worth $306,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Brighton Jones LLC raised its position in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after acquiring an additional 3,401 shares during the last quarter. Revolve Wealth Partners LLC raised its holdings in AbbVie by 72.7% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after purchasing an additional 3,064 shares during the last quarter. Baker Tilly Wealth Management LLC raised its holdings in AbbVie by 22.6% during the 1st quarter. Baker Tilly Wealth Management LLC now owns 4,771 shares of the company's stock worth $1,000,000 after purchasing an additional 881 shares during the last quarter. Fiduciary Alliance LLC boosted its stake in shares of AbbVie by 6.8% in the 1st quarter. Fiduciary Alliance LLC now owns 16,926 shares of the company's stock valued at $3,546,000 after purchasing an additional 1,079 shares during the last quarter. Finally, Worth Asset Management LLC increased its position in shares of AbbVie by 433.6% during the first quarter. Worth Asset Management LLC now owns 8,089 shares of the company's stock worth $1,695,000 after buying an additional 6,573 shares during the period. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was 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 owned 177,292 shares in the company, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction 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 of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $222.93 on Tuesday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $225.16. The stock's 50 day moving average is $207.00 and its 200-day moving average is $195.12. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The firm has a market capitalization of $393.82 billion, a price-to-earnings ratio of 106.16, a PEG ratio of 1.29 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter last year, the firm posted $2.65 EPS. The business's revenue for the quarter was up 6.6% compared to the same quarter last year. Sell-side analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal 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 paid 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 yield of 2.9%. AbbVie's payout ratio is 312.38%.

Analyst Ratings Changes

ABBV has been the topic of several recent analyst reports. Piper Sandler assumed coverage on shares of AbbVie in a report on Tuesday, August 12th. They issued an "overweight" rating and a $231.00 target price on the stock. JPMorgan Chase & Co. upped their target price on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a research report on Tuesday, September 16th. Wells Fargo & Company lifted their target price on AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, September 12th. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Finally, Evercore ISI raised their price objective on shares of AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a research report on Monday, September 22nd. Four equities research 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. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $223.45.

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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