JGP Wealth Management LLC Sells 217 Shares of AbbVie Inc. (NYSE:ABBV)

11 Oct 2024, 19:44 by Scott Moore · The Cerbat Gem

JGP Wealth Management LLC decreased its position in AbbVie Inc. (NYSE:ABBV – Free Report) by 1.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 17,669 shares of the company’s stock after selling 217 shares during the quarter. JGP Wealth Management LLC’s holdings in AbbVie were worth $3,489,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of ABBV. West Coast Financial LLC grew its holdings in AbbVie by 9.7% in the 1st quarter. West Coast Financial LLC now owns 1,578 shares of the company’s stock valued at $287,000 after buying an additional 140 shares in the last quarter. FCG Investment Co bought a new stake in shares of AbbVie during the 1st quarter valued at $1,413,000. Safeguard Financial LLC bought a new stake in shares of AbbVie during the 1st quarter valued at $235,000. BluePath Capital Management LLC lifted its position in shares of AbbVie by 0.9% during the 1st quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock valued at $1,331,000 after acquiring an additional 67 shares during the period. Finally, Voisard Asset Management Group Inc. bought a new stake in shares of AbbVie during the 4th quarter valued at $87,000. Institutional investors own 70.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ABBV. Truist Financial upped their price objective on AbbVie from $210.00 to $215.00 and gave the stock a “buy” rating in a research report on Thursday. UBS Group lifted their target price on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a report on Wednesday. Barclays lifted their target price on AbbVie from $200.00 to $212.00 and gave the company an “overweight” rating in a research report on Monday. BMO Capital Markets lifted their target price on AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Finally, Wells Fargo & Company boosted their price objective on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $198.00.

View Our Latest Analysis on AbbVie

AbbVie Trading Down 0.2 %

NYSE ABBV traded down $0.33 during trading hours on Friday, hitting $194.02. 812,893 shares of the company were exchanged, compared to its average volume of 5,294,032. The stock has a 50-day moving average price of $193.98 and a 200 day moving average price of $177.30. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. The stock has a market cap of $342.71 billion, a PE ratio of 64.88, a price-to-earnings-growth ratio of 2.66 and a beta of 0.63.

AbbVie (NYSE:ABBV – Get Free Report) last announced its quarterly earnings results on Thursday, July 25th. The company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. AbbVie’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.91 earnings per share. Analysts forecast 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. Stockholders of record on Tuesday, October 15th will be given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date is Tuesday, October 15th. AbbVie’s payout ratio is presently 206.67%.

Insider Activity at AbbVie

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $186.52, for a total value of $12,403,580.00. Following the sale, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the completion of the sale, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by insiders.

AbbVie Profile

(Free Report)

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.