Montag & Caldwell LLC Has $623,000 Stock Position in AbbVie Inc. (NYSE:ABBV)

Montag & Caldwell LLC lessened its stake in AbbVie Inc. (NYSE:ABBV) by 2.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,635 shares of the company’s stock after selling 87 shares during the quarter. Montag & Caldwell LLC’s holdings in AbbVie were worth $623,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in ABBV. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of AbbVie in the 4th quarter valued at approximately $26,000. Ridgewood Investments LLC acquired a new stake in AbbVie during the 2nd quarter valued at $27,000. Able Wealth Management LLC acquired a new stake in AbbVie during the 4th quarter valued at $33,000. IFS Advisors LLC acquired a new stake in AbbVie during the 1st quarter valued at $36,000. Finally, Quest Partners LLC lifted its holdings in AbbVie by 4,140.0% during the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock valued at $36,000 after purchasing an additional 207 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Trading Up 0.1 %

Shares of ABBV stock opened at $194.21 on Monday. The company has a market cap of $343.04 billion, a P/E ratio of 57.63, a PEG ratio of 2.66 and a beta of 0.64. The stock has a 50 day simple moving average of $186.83 and a two-hundred day simple moving average of $175.22. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.91 earnings per share. Research analysts forecast that AbbVie Inc. will post 10.86 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 15th. Investors of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a yield of 3.19%. AbbVie’s dividend payout ratio (DPR) is currently 183.98%.

Insider Buying and Selling

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. BMO Capital Markets raised their price target on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Truist Financial reiterated a “buy” rating and set a $210.00 price objective (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Barclays increased their price objective on AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Wells Fargo & Company increased their price objective on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $191.64.

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.