AbbVie Inc. (NYSE:ABBV) Stock Holdings Lowered by Lakeridge Wealth Management LLC

Lakeridge Wealth Management LLC reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 3.2% during the third quarter, Holdings Channel.com reports. The firm owned 3,029 shares of the company’s stock after selling 100 shares during the period. Lakeridge Wealth Management LLC’s holdings in AbbVie were worth $598,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Ossiam lifted its holdings in shares of AbbVie by 11.8% during the fourth quarter. Ossiam now owns 59,204 shares of the company’s stock valued at $9,175,000 after purchasing an additional 6,243 shares during the last quarter. Connectus Wealth LLC boosted its stake in AbbVie by 5.7% in the 4th quarter. Connectus Wealth LLC now owns 73,500 shares of the company’s stock worth $11,415,000 after purchasing an additional 3,970 shares during the period. Sei Investments Co. boosted its position in shares of AbbVie by 5.7% in the fourth quarter. Sei Investments Co. now owns 465,038 shares of the company’s stock worth $72,055,000 after buying an additional 25,042 shares during the period. Intrepid Capital Management Inc. grew its holdings in shares of AbbVie by 11.3% during the fourth quarter. Intrepid Capital Management Inc. now owns 949 shares of the company’s stock valued at $147,000 after buying an additional 96 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co raised its position in AbbVie by 4.4% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 154,099 shares of the company’s stock valued at $23,881,000 after buying an additional 6,435 shares during the period. Institutional investors and hedge funds own 70.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ABBV. William Blair upgraded AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Truist Financial restated a “buy” rating and set a $210.00 price target (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Wells Fargo & Company upped their price objective on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of AbbVie in a research report on Monday, August 5th. Finally, Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $191.64.

Insider Activity at AbbVie

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction dated Wednesday, July 17th. The stock was 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction dated 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 transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. This trade represents 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 insiders.

AbbVie Price Performance

ABBV stock remained flat at $194.29 during trading on Monday. 778,652 shares of the company traded hands, compared to its average volume of 5,312,931. The company has a 50 day simple moving average of $193.35 and a 200-day simple moving average of $176.84. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. 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 company has a market cap of $343.09 billion, a PE ratio of 57.86, a price-to-earnings-growth ratio of 2.65 and a beta of 0.63.

AbbVie (NYSE:ABBV) last posted its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share 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 the consensus estimate of $14.02 billion. During the same period in the previous year, the firm posted $2.91 earnings per share. AbbVie’s revenue for the quarter was up 4.3% compared to the same quarter last year. Equities analysts expect that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be given 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 of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio is 183.98%.

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.