WealthPlan Investment Management LLC Trims Stake in AbbVie Inc. (NYSE:ABBV)

Key Points

• WealthPlan Investment Management LLC reduced its holdings in AbbVie Inc. by 2.1%, now owning 70,834 shares valued at approximately $14.84 million.
• Several large investors significantly increased their holdings in AbbVie, with GAMMA Investing LLC boosting its position by 25,841.6%, now owning over 10 million shares worth approximately $2.14 billion.
• AbbVie has received mixed analyst ratings, with a current average rating of "Moderate Buy" and a consensus price target of $212.81.

WealthPlan Investment Management LLC decreased its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 70,834 shares of the company's stock after selling 1,495 shares during the period. AbbVie accounts for 1.5% of WealthPlan Investment Management LLC's investment portfolio, making the stock its 12th biggest holding. WealthPlan Investment Management LLC's holdings in AbbVie were worth $14,841,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in AbbVie by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock valued at $36,439,271,000 after acquiring an additional 845,787 shares during the period. Capital Research Global Investors boosted its position in AbbVie by 2.3% during the fourth quarter. Capital Research Global Investors now owns 33,983,707 shares of the company's stock worth $6,038,898,000 after purchasing an additional 778,126 shares during the period. Northern Trust Corp increased its stake in shares of AbbVie by 11.8% in the fourth quarter. Northern Trust Corp now owns 21,824,626 shares of the company's stock worth $3,878,236,000 after purchasing an additional 2,299,645 shares in the last quarter. Capital World Investors raised its position in shares of AbbVie by 6.2% in the fourth quarter. Capital World Investors now owns 16,410,277 shares of the company's stock valued at $2,915,990,000 after purchasing an additional 959,242 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of AbbVie by 31.6% in the first 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. 70.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ABBV shares. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research note on Thursday, May 8th. Guggenheim lifted their price target on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday. Cantor Fitzgerald began coverage on AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 target price for the company. Finally, Bank of America upped their price target on AbbVie to $204.00 and gave the company a "hold" rating in a research report on Monday, June 9th. Six investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $214.43.

Insider Buying and Selling at AbbVie

In other news, 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 transaction of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.25% of the company's stock.

AbbVie Trading Down 0.4%

Shares of NYSE ABBV traded down $0.76 during mid-day trading on Friday, hitting $198.10. The stock had a trading volume of 4,101,321 shares, compared to its average volume of 5,210,216. The business has a 50 day moving average price of $189.65 and a two-hundred day moving average price of $191.06. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.74. The firm has a market cap of $349.96 billion, a P/E ratio of 94.33, a price-to-earnings-growth ratio of 1.28 and a beta of 0.50.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) 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%. AbbVie's revenue was up 6.6% on a year-over-year basis. During the same period last year, the business earned $2.65 EPS. On average, equities analysts anticipate 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, August 15th. Stockholders of record on Tuesday, July 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

AbbVie Company 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.