Perpetual Ltd Trims Stock Position in AbbVie Inc. (NYSE:ABBV)

Perpetual Ltd decreased its holdings in AbbVie Inc. (NYSE:ABBV) by 1.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,506 shares of the company’s stock after selling 218 shares during the quarter. Perpetual Ltd’s holdings in AbbVie were worth $3,852,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ABBV. Fairway Wealth LLC acquired a new position in AbbVie during the second quarter valued at approximately $26,000. Ridgewood Investments LLC purchased a new stake in AbbVie during the 2nd quarter worth $27,000. IFS Advisors LLC acquired a new stake in AbbVie in the 1st quarter valued at $36,000. Marquette Asset Management LLC purchased a new position in AbbVie in the third quarter valued at about $39,000. Finally, Redmont Wealth Advisors LLC acquired a new position in shares of AbbVie during the first quarter worth about $37,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

AbbVie Stock Down 0.2 %

Shares of NYSE:ABBV opened at $194.31 on Friday. 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 $193.89 and its two-hundred day moving average is $177.18. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock has a market capitalization of $343.13 billion, a price-to-earnings ratio of 57.66, a price-to-earnings-growth ratio of 2.65 and a beta of 0.63.

AbbVie (NYSE:ABBV) last issued its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. AbbVie’s revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company posted $2.91 earnings per share. Equities analysts anticipate that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 3.19%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is presently 183.98%.

Analysts Set New Price Targets

ABBV has been the subject of a number of recent research reports. Barclays increased their target price on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research note on Monday. Truist Financial increased their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Thursday. Morgan Stanley boosted their target price on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. William Blair upgraded shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Piper Sandler boosted their price objective on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, AbbVie has a consensus rating of “Moderate Buy” and a consensus target price of $198.00.

Insider Buying and Selling at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction dated 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 sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated 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 owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

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.