Wealthfront Advisers LLC Sells 268 Shares of AbbVie Inc. $ABBV

Wealthfront Advisers LLC reduced its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 160,555 shares of the company’s stock after selling 268 shares during the quarter. Wealthfront Advisers LLC’s holdings in AbbVie were worth $29,802,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. Conning Inc. boosted its holdings in shares of AbbVie by 7.1% during the 2nd quarter. Conning Inc. now owns 191,023 shares of the company’s stock valued at $35,458,000 after acquiring an additional 12,690 shares during the last quarter. Dohj LLC grew its position in AbbVie by 41.8% in the 2nd quarter. Dohj LLC now owns 4,529 shares of the company’s stock worth $802,000 after purchasing an additional 1,335 shares during the period. First Hawaiian Bank grew its position in AbbVie by 0.8% in the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company’s stock worth $1,403,000 after purchasing an additional 60 shares during the period. Narus Financial Partners LLC raised its stake in AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company’s stock valued at $417,000 after buying an additional 401 shares during the last quarter. Finally, BankPlus Trust Department lifted its holdings in shares of AbbVie by 3.3% during the 2nd quarter. BankPlus Trust Department now owns 27,113 shares of the company’s stock valued at $5,033,000 after buying an additional 855 shares during the period. 70.23% of the stock is currently owned by institutional investors.

Insider Transactions at AbbVie

In other news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated 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 sale, the executive vice president directly owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares of the company’s stock, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

ABBV opened at $228.06 on Friday. The company has a 50 day simple moving average of $220.69 and a two-hundred day simple moving average of $199.11. 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 firm has a market cap of $402.87 billion, a P/E ratio of 108.60, a PEG ratio of 1.44 and a beta of 0.51. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81.

AbbVie (NYSE:ABBV) last released 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 firm had revenue of $15.42 billion for the quarter, compared to analysts’ expectations of $14.93 billion. During the same quarter last year, the firm posted $2.65 EPS. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. Equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie’s dividend payout ratio is 312.38%.

Analyst Upgrades and Downgrades

ABBV has been the subject of a number of research reports. Raymond James Financial reiterated an “outperform” rating and set a $250.00 price objective (up previously from $236.00) on shares of AbbVie in a research report on Friday, October 17th. Bank of America boosted their price target on AbbVie from $220.00 to $251.00 and gave the company a “neutral” rating in a research note on Friday, October 3rd. Hsbc Global Res cut shares of AbbVie from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 1st. Berenberg Bank raised shares of AbbVie from a “hold” rating to a “buy” rating and raised their price objective for the stock from $170.00 to $270.00 in a report on Wednesday, September 17th. Finally, Daiwa Capital Markets upgraded shares of AbbVie from a “neutral” rating to an “outperform” rating and set a $214.00 price target on the stock in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $234.80.

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.