AbbVie Inc. (NYSE:ABBV) Shares Sold by Lake Street Private Wealth LLC

Lake Street Private Wealth LLC lowered its holdings in AbbVie Inc. (NYSE:ABBV) by 2.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,790 shares of the company’s stock after selling 735 shares during the period. Lake Street Private Wealth LLC’s holdings in AbbVie were worth $5,685,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in ABBV. Fairway Wealth LLC acquired a new stake in AbbVie during the 2nd quarter valued at $26,000. Ridgewood Investments LLC bought a new position in shares of AbbVie in the 2nd quarter worth about $27,000. Quest Partners LLC lifted its position in shares of AbbVie by 4,140.0% in the 2nd quarter. Quest Partners LLC now owns 212 shares of the company’s stock worth $36,000 after buying an additional 207 shares during the last quarter. Redmont Wealth Advisors LLC bought a new position in shares of AbbVie in the 1st quarter worth about $37,000. Finally, Marquette Asset Management LLC bought a new position in shares of AbbVie in the 3rd quarter worth about $39,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insiders Place Their Bets

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction 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 owns 446,599 shares in the company, valued at $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.25% of the company’s stock.

Wall Street Analyst Weigh In

ABBV has been the topic of a number of analyst reports. Bank of America increased their price objective on shares of AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Piper Sandler raised their target price on shares of AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. BMO Capital Markets raised their target price on shares of AbbVie from $214.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Sanford C. Bernstein initiated coverage on shares of AbbVie in a research note on Thursday, October 17th. They set a “market perform” rating and a $203.00 target price on the stock. Finally, TD Cowen raised their target price on shares of AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research note on Monday, October 7th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.47.

AbbVie Stock Performance

Shares of NYSE:ABBV traded down $1.05 during trading on Wednesday, reaching $187.71. The stock had a trading volume of 957,092 shares, compared to its average volume of 5,270,597. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. The firm has a market capitalization of $331.47 billion, a price-to-earnings ratio of 55.86, a P/E/G ratio of 2.66 and a beta of 0.63. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The stock has a fifty day simple moving average of $194.32 and a two-hundred day simple moving average of $178.01.

AbbVie (NYSE:ABBV) last announced its 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 for the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the previous year, the firm posted $2.91 earnings per share. AbbVie’s revenue was up 4.3% compared to the same quarter last year. As a group, analysts anticipate that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. 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 3.30%. AbbVie’s dividend payout ratio is currently 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.