MBL Wealth LLC Purchases 64 Shares of AbbVie Inc. $ABBV

MBL Wealth LLC boosted its position in AbbVie Inc. (NYSE:ABBV) by 1.6% during the 2nd quarter, Holdings Channel reports. The fund owned 4,126 shares of the company’s stock after buying an additional 64 shares during the period. MBL Wealth LLC’s holdings in AbbVie were worth $766,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital City Trust Co. FL raised its position in shares of AbbVie by 0.5% during the second quarter. Capital City Trust Co. FL now owns 37,616 shares of the company’s stock worth $6,982,000 after purchasing an additional 175 shares during the period. Wealthcare Capital Partners LLC increased its stake in AbbVie by 8.3% during the 2nd quarter. Wealthcare Capital Partners LLC now owns 1,359 shares of the company’s stock valued at $252,000 after purchasing an additional 104 shares in the last quarter. Wealthcare Advisory Partners LLC raised its holdings in AbbVie by 4.8% during the second quarter. Wealthcare Advisory Partners LLC now owns 46,005 shares of the company’s stock worth $8,540,000 after buying an additional 2,103 shares during the last quarter. Hill Island Financial LLC bought a new position in shares of AbbVie in the second quarter valued at $209,000. Finally, Ergawealth Advisors Inc. grew its holdings in shares of AbbVie by 2.2% during the second quarter. Ergawealth Advisors Inc. now owns 4,962 shares of the company’s stock valued at $921,000 after buying an additional 106 shares during the last quarter. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Piper Sandler began coverage on shares of AbbVie in a report on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 target price on the stock. Citigroup increased their price objective on AbbVie to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, June 11th. Weiss Ratings restated a “hold (c)” rating on shares of AbbVie in a report on Saturday, September 27th. JPMorgan Chase & Co. increased their price target on AbbVie from $200.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, September 16th. Finally, HSBC set a $225.00 price objective on AbbVie in a research note on Thursday. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $228.22.

Insider Transactions at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares of the company’s stock, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business’s stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares of the company’s stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by corporate insiders.

AbbVie Stock Down 1.1%

ABBV opened at $234.07 on Friday. The firm has a market capitalization of $413.49 billion, a P/E ratio of 111.46, a price-to-earnings-growth ratio of 1.37 and a beta of 0.51. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The company has a fifty day moving average price of $210.77 and a 200-day moving average price of $195.90. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company had revenue of $15.42 billion during the quarter, compared to analysts’ expectations of $14.93 billion. During the same period in the prior year, the business earned $2.65 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities research analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie’s dividend payout ratio is presently 312.38%.

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.