Icon Wealth Advisors LLC Has $6.48 Million Stock Holdings in AbbVie Inc. (NYSE:ABBV)

Icon Wealth Advisors LLC reduced its stake in shares of AbbVie Inc. (NYSE:ABBV) by 0.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 35,608 shares of the company’s stock after selling 118 shares during the period. Icon Wealth Advisors LLC’s holdings in AbbVie were worth $6,484,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of ABBV. Meridian Financial Partners LLC acquired a new position in AbbVie during the 4th quarter worth approximately $281,000. B.O.S.S. Retirement Advisors LLC increased its stake in AbbVie by 1.4% in the 4th quarter. B.O.S.S. Retirement Advisors LLC now owns 17,720 shares of the company’s stock valued at $2,746,000 after buying an additional 241 shares during the last quarter. Summit Financial Wealth Advisors LLC increased its stake in AbbVie by 5.5% in the 4th quarter. Summit Financial Wealth Advisors LLC now owns 5,537 shares of the company’s stock valued at $858,000 after buying an additional 290 shares during the last quarter. Abacus Planning Group Inc. acquired a new position in shares of AbbVie during the 4th quarter worth about $292,000. Finally, West Branch Capital LLC grew its holdings in shares of AbbVie by 0.4% in the 4th quarter. West Branch Capital LLC now owns 29,244 shares of the company’s stock valued at $4,532,000 after acquiring an additional 113 shares in the last quarter. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Morgan Stanley increased their price objective on AbbVie from $191.00 to $196.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Barclays increased their price target on shares of AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Wednesday, June 5th. Truist Financial reiterated a “buy” rating and issued a $210.00 target price (up from $195.00) on shares of AbbVie in a research note on Friday. Finally, Piper Sandler reissued an “overweight” rating and set a $190.00 price target on shares of AbbVie in a research report on Tuesday, July 2nd. Two 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 company presently has an average rating of “Moderate Buy” and an average target price of $188.71.

AbbVie Trading Up 2.6 %

AbbVie stock traded up $4.76 during trading hours on Tuesday, hitting $186.70. The stock had a trading volume of 6,031,780 shares, compared to its average volume of 5,574,535. The stock has a market cap of $329.69 billion, a price-to-earnings ratio of 55.40, a P/E/G ratio of 2.35 and a beta of 0.64. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 7.93. The business’s 50 day simple moving average is $168.50 and its 200-day simple moving average is $169.93. AbbVie Inc. has a one year low of $135.85 and a one year high of $187.71.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. AbbVie’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.91 earnings per share. On average, equities analysts predict that AbbVie Inc. will post 10.79 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, July 15th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.20 annualized dividend and a yield of 3.32%. AbbVie’s payout ratio is 183.98%.

Insider Buying and Selling at AbbVie

In related news, Chairman Richard A. Gonzalez sold 282,845 shares of the firm’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 transaction of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares of the company’s stock, valued at $89,792,325. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.