Wallace Capital Management Inc. Makes New $208,000 Investment in AbbVie Inc. (NYSE:ABBV)

Wallace Capital Management Inc. acquired a new stake in AbbVie Inc. (NYSE:ABBV) in the second quarter, HoldingsChannel reports. The firm acquired 1,213 shares of the company’s stock, valued at approximately $208,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Regal Investment Advisors LLC lifted its holdings in shares of AbbVie by 2.8% during the 2nd quarter. Regal Investment Advisors LLC now owns 109,031 shares of the company’s stock worth $18,701,000 after acquiring an additional 3,008 shares during the period. Invst LLC increased its position in AbbVie by 23.0% during the second quarter. Invst LLC now owns 4,133 shares of the company’s stock worth $704,000 after purchasing an additional 774 shares during the last quarter. William B. Walkup & Associates Inc. acquired a new position in AbbVie during the second quarter worth approximately $4,336,000. Sunbelt Securities Inc. raised its stake in AbbVie by 3.5% during the second quarter. Sunbelt Securities Inc. now owns 48,020 shares of the company’s stock worth $8,236,000 after purchasing an additional 1,622 shares during the period. Finally, Front Row Advisors LLC boosted its holdings in shares of AbbVie by 1.0% in the 2nd quarter. Front Row Advisors LLC now owns 27,346 shares of the company’s stock valued at $4,690,000 after purchasing an additional 265 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company’s stock.

AbbVie Stock Up 1.5 %

Shares of NYSE ABBV opened at $194.79 on Monday. 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 1 year low of $135.85 and a 1 year high of $199.95. The stock’s 50-day simple moving average is $191.54 and its 200-day simple moving average is $176.22. The firm has a market cap of $343.97 billion, a price-to-earnings ratio of 57.80, a PEG ratio of 2.65 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its quarterly 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. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the previous year, the firm earned $2.91 earnings per share. The business’s revenue was up 4.3% compared to the same quarter last year. As a group, equities analysts anticipate that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.18%. AbbVie’s dividend payout ratio (DPR) is 183.98%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ABBV. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Wednesday, June 5th. Barclays lifted their price objective on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Piper Sandler Companies reissued an “overweight” rating and set a $190.00 target price on shares of AbbVie in a research report on Wednesday, July 3rd. Wells Fargo & Company lifted their price target on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, AbbVie currently has a consensus rating of “Buy” and a consensus price target of $191.64.

Insider Activity at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’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 completion of the sale, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction dated 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 sale, the chairman now directly owns 513,099 shares in the company, valued at approximately $89,792,325. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated 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 transaction, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

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.