Wealth Dimensions Group Ltd. Grows Position in AbbVie Inc. (NYSE:ABBV)

Wealth Dimensions Group Ltd. grew its stake in AbbVie Inc. (NYSE:ABBV) by 2.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,645 shares of the company’s stock after buying an additional 120 shares during the period. Wealth Dimensions Group Ltd.’s holdings in AbbVie were worth $797,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in ABBV. Ridgewood Investments LLC acquired a new position in shares of AbbVie during the second quarter valued at approximately $27,000. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of AbbVie during the fourth quarter worth approximately $26,000. IFS Advisors LLC acquired a new position in AbbVie in the 1st quarter valued at $36,000. Redmont Wealth Advisors LLC purchased a new position in AbbVie in the 1st quarter valued at $37,000. Finally, Quest Partners LLC grew its holdings in shares of AbbVie by 4,140.0% during the second quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. BMO Capital Markets increased 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. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a report on Monday, August 5th. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Wednesday, June 5th. Morgan Stanley increased their price objective on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Finally, Piper Sandler lifted their price objective on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $191.64.

Insider Buying and Selling

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

AbbVie Stock Performance

Shares of ABBV opened at $194.21 on Monday. The stock has a market capitalization of $343.04 billion, a P/E ratio of 57.63, a P/E/G ratio of 2.66 and a beta of 0.64. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The company’s fifty day moving average is $186.83 and its two-hundred day moving average is $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 (NYSE:ABBV) last issued its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same period in the prior year, the business posted $2.91 earnings per share. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, sell-side analysts predict that AbbVie Inc. will post 10.86 earnings per share for the current year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

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.