Wedmont Private Capital Has $7.62 Million Stock Position in AbbVie Inc. $ABBV

Key Points

• Wedmont Private Capital increased its position in AbbVie Inc. by 7.4%, holding nearly $7.62 million worth of stock after acquiring additional shares during the second quarter.
• Several institutional investors, including Brighton Jones LLC and Revolve Wealth Partners LLC, have also made significant changes to their holdings in AbbVie, with 70.23% of the company's stock currently owned by institutional investors.
• AbbVie has recently announced a quarterly dividend of $1.64 per share, resulting in an annualized dividend payout of $6.56 and a dividend yield of 3.0%.

Wedmont Private Capital lifted its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 7.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,996 shares of the company's stock after buying an additional 2,751 shares during the period. Wedmont Private Capital's holdings in AbbVie were worth $7,624,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. TD Capital Management LLC increased its holdings in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Abound Financial LLC bought a new position in AbbVie during the 1st quarter worth about $30,000. Siemens Fonds Invest GmbH increased its holdings in AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after purchasing an additional 119,141 shares in the last quarter. Cypress Capital Management LLC WY bought a new position in AbbVie during the 1st quarter worth about $35,000. Finally, Pinney & Scofield Inc. bought a new position in AbbVie during the 4th quarter worth about $36,000. Institutional investors own 70.23% of the company's stock.

Insiders Place Their Bets

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction 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 trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 sale, the executive vice president owned 177,292 shares of the company's stock, valued at approximately $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ABBV has been the subject of several analyst reports. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a report on Thursday, August 7th. Morgan Stanley lifted their price target on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Guggenheim raised their price objective on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Wells Fargo & Company lifted their price target 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. Finally, Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Four analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $222.68.

AbbVie Stock Performance

AbbVie stock traded up $0.30 during midday trading on Friday, reaching $222.29. 14,371,957 shares of the company traded hands, compared to its average volume of 4,244,925. The firm has a market capitalization of $392.69 billion, a price-to-earnings ratio of 105.85, a price-to-earnings-growth ratio of 1.32 and a beta of 0.53. The business has a 50 day moving average of $203.12 and a two-hundred day moving average of $195.01. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $223.49. 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same period last year, the company earned $2.65 earnings per share. The business's revenue for the quarter was up 6.6% on a year-over-year basis. As a group, research analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

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 3.0%. AbbVie's dividend 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.