WealthPLAN Partners LLC Sells 8,788 Shares of AbbVie Inc. $ABBV

by · The Cerbat Gem

WealthPLAN Partners LLC trimmed its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 27.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,893 shares of the company’s stock after selling 8,788 shares during the quarter. WealthPLAN Partners LLC’s holdings in AbbVie were worth $4,249,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Marshall & Sullivan Inc. WA bought a new position in AbbVie in the 2nd quarter worth approximately $25,000. TD Capital Management LLC raised its holdings in shares of 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 acquiring an additional 58 shares in the last quarter. Abound Financial LLC purchased a new stake in shares of AbbVie during the 1st quarter worth approximately $30,000. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie during the 1st quarter worth approximately $35,000. Finally, Bear Mountain Capital Inc. raised its holdings in shares of AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company’s stock worth $40,000 after acquiring an additional 173 shares in the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Performance

NYSE:ABBV opened at $226.31 on Thursday. The stock’s fifty day moving average is $216.72 and its 200 day moving average is $197.32. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81. The firm has a market capitalization of $399.80 billion, a PE ratio of 107.77, a PEG ratio of 1.48 and a beta of 0.51. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company had revenue of $15.42 billion for the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter in the previous year, the company posted $2.65 EPS. The business’s quarterly revenue was up 6.6% on a year-over-year basis. On average, sell-side analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be paid a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. AbbVie’s dividend payout ratio (DPR) is presently 312.38%.

Insiders Place Their Bets

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the sale, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Wall Street Zen cut AbbVie from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. UBS Group set a $251.00 price objective on AbbVie in a report on Friday, October 3rd. Guggenheim upped their price objective on AbbVie from $216.00 to $227.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Wells Fargo & Company upped their price objective on AbbVie from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, September 12th. Finally, BMO Capital Markets upped their price objective on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, September 12th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $231.90.

Read Our Latest Research Report on AbbVie

About AbbVie

(Free Report)

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.

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