Prairie Wealth Advisors Inc. Trims Stake in AbbVie Inc. (NYSE:ABBV)

Prairie Wealth Advisors Inc. reduced its position in AbbVie Inc. (NYSE:ABBV) by 29.3% in the 2nd quarter, Holdings Channel reports. The firm owned 2,293 shares of the company’s stock after selling 951 shares during the period. Prairie Wealth Advisors Inc.’s holdings in AbbVie were worth $393,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vermillion & White Wealth Management Group LLC purchased a new stake in shares of AbbVie in the 4th quarter valued at about $26,000. Fairway Wealth LLC purchased a new stake in shares of AbbVie in the 2nd quarter valued at about $26,000. Ridgewood Investments LLC purchased a new stake in shares of AbbVie in the 2nd quarter valued at about $27,000. Able Wealth Management LLC purchased a new stake in shares of AbbVie in the 4th quarter valued at about $33,000. Finally, IFS Advisors LLC purchased a new stake in shares of AbbVie in the 1st quarter valued at about $36,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred 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 sale, the chairman now 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 SEC, which is available through this link. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred 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 sale, the chairman now 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 SEC, which is available through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction that occurred 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 sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on ABBV. Truist Financial restated a “buy” rating and issued a $210.00 price target (up previously from $195.00) on shares of AbbVie in a research report on Friday, July 26th. Piper Sandler boosted their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. Piper Sandler Companies restated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research report on Wednesday, July 3rd. Morgan Stanley boosted their price target on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Finally, William Blair upgraded AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, AbbVie currently has an average rating of “Buy” and an average price target of $191.64.

AbbVie Price Performance

Shares of NYSE:ABBV opened at $193.60 on Wednesday. The business’s 50 day simple moving average is $190.36 and its 200-day simple moving average is $175.96. The firm has a market capitalization of $341.87 billion, a price-to-earnings ratio of 57.45, a price-to-earnings-growth ratio of 2.66 and a beta of 0.64. The company has a debt-to-equity ratio of 8.51, a current ratio of 0.81 and a quick ratio of 0.71. AbbVie Inc. has a 12 month low of $135.85 and a 12 month high of $199.95.

AbbVie (NYSE:ABBV) last announced its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to analyst estimates 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 earned $2.91 EPS. As a group, equities analysts forecast that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is currently 183.98%.

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.