AbbVie Inc. (NYSE:ABBV) Shares Sold by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. cut its holdings in AbbVie Inc. (NYSE:ABBV) by 23.6% in the second quarter, Holdings Channel reports. The institutional investor owned 111,069 shares of the company’s stock after selling 34,343 shares during the quarter. AbbVie accounts for 0.5% of B. Riley Wealth Advisors Inc.’s holdings, making the stock its 27th largest holding. B. Riley Wealth Advisors Inc.’s holdings in AbbVie were worth $19,051,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in ABBV. Gateway Wealth Partners LLC increased its stake in AbbVie by 10.2% during the 2nd quarter. Gateway Wealth Partners LLC now owns 2,703 shares of the company’s stock worth $464,000 after buying an additional 250 shares in the last quarter. Wallace Capital Management Inc. acquired a new stake in shares of AbbVie in the second quarter worth approximately $208,000. Regal Investment Advisors LLC increased its position in shares of AbbVie by 2.8% during the second quarter. Regal Investment Advisors LLC now owns 109,031 shares of the company’s stock worth $18,701,000 after purchasing an additional 3,008 shares in the last quarter. Invst LLC raised its stake in AbbVie by 23.0% in the 2nd quarter. Invst LLC now owns 4,133 shares of the company’s stock valued at $704,000 after purchasing an additional 774 shares during the last quarter. Finally, William B. Walkup & Associates Inc. purchased a new position in AbbVie in the 2nd quarter valued at $4,336,000. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Up 1.5 %

Shares of NYSE:ABBV opened at $194.79 on Monday. The business has a 50-day moving average price of $191.54 and a 200 day moving average price of $176.22. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The company has a market capitalization 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 released its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The business had revenue of $14.46 billion for the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 203.66%. The business’s revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.91 EPS. Sell-side analysts expect that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Announces Dividend

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

Wall Street Analysts Forecast Growth

ABBV has been the subject of a number of research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of AbbVie in a report on Monday, August 5th. Wells Fargo & Company increased their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Morgan Stanley raised their target price on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. BMO Capital Markets upped their price target on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $210.00 price target (up previously from $195.00) on shares of AbbVie in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, AbbVie has an average rating of “Buy” and an average target price of $191.64.

Insider Activity

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 shares were sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction on 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 directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. The transaction 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 company’s stock in a transaction dated 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 sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

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.