Gentry Private Wealth LLC Invests $384,000 in AbbVie Inc. (NYSE:ABBV)

Gentry Private Wealth LLC bought a new position in shares of AbbVie Inc. (NYSE:ABBV) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 2,239 shares of the company’s stock, valued at approximately $384,000.

Several other institutional investors also recently modified their holdings of the stock. Commonwealth Retirement Investments LLC grew its position in shares of AbbVie by 4.8% during the 2nd quarter. Commonwealth Retirement Investments LLC now owns 47,033 shares of the company’s stock worth $8,067,000 after buying an additional 2,150 shares during the period. Sivia Capital Partners LLC lifted its holdings in shares of AbbVie by 4.2% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,395 shares of the company’s stock valued at $754,000 after purchasing an additional 177 shares in the last quarter. Advisor OS LLC lifted its holdings in shares of AbbVie by 1.5% during the 2nd quarter. Advisor OS LLC now owns 14,417 shares of the company’s stock valued at $2,473,000 after purchasing an additional 215 shares in the last quarter. Savant Capital LLC lifted its holdings in shares of AbbVie by 2.3% during the 2nd quarter. Savant Capital LLC now owns 141,033 shares of the company’s stock valued at $24,190,000 after purchasing an additional 3,220 shares in the last quarter. Finally, Sustainable Insight Capital Management LLC bought a new position in shares of AbbVie during the 2nd quarter valued at about $205,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Trading Up 0.3 %

Shares of AbbVie stock opened at $193.40 on Friday. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95. The stock has a market cap of $341.52 billion, a P/E ratio of 57.42, a P/E/G ratio of 2.68 and a beta of 0.64. 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 business’s 50 day moving average is $183.88 and its 200-day moving average is $174.61.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data 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 return on equity of 203.66% and a net margin of 9.71%. The company had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same quarter in the prior year, the business posted $2.91 EPS. The business’s revenue was up 4.3% compared to the same quarter last year. Equities research analysts predict that AbbVie Inc. will post 10.86 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date is Tuesday, October 15th. AbbVie’s dividend payout ratio is currently 183.98%.

Analysts Set New Price Targets

Several research firms have recently weighed in on ABBV. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a report on Wednesday, June 5th. Morgan Stanley lifted their price objective on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. William Blair upgraded AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Barclays lifted their price objective on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, BMO Capital Markets lifted their price objective on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, AbbVie has an average rating of “Buy” and an average target price of $191.64.

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction that occurred 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 sale, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction that occurred 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 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 can be accessed through this hyperlink. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the business’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 value of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The disclosure for this sale can be found here. Company insiders own 0.25% of the company’s stock.

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.