AbbVie Inc. (NYSE:ABBV) Shares Sold by Bridges Investment Management Inc.

Bridges Investment Management Inc. lessened its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 10.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 94,203 shares of the company’s stock after selling 10,568 shares during the quarter. Bridges Investment Management Inc.’s holdings in AbbVie were worth $12,692,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Kalos Management Inc. purchased a new position in AbbVie during the first quarter worth approximately $26,000. Boulder Wealth Advisors LLC acquired a new stake in shares of AbbVie in the 4th quarter worth $31,000. Stone House Investment Management LLC purchased a new position in shares of AbbVie during the 1st quarter worth $37,000. True Wealth Design LLC acquired a new position in shares of AbbVie during the 4th quarter valued at about $39,000. Finally, General Partner Inc. purchased a new stake in shares of AbbVie in the first quarter valued at about $40,000. Hedge funds and other institutional investors own 67.86% of the company’s stock.

Insider Activity at AbbVie

In other news, CEO Richard A. Gonzalez sold 18,500 shares of the business’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $149.15, for a total transaction of $2,759,275.00. Following the completion of the transaction, the chief executive officer now directly owns 625,294 shares of the company’s stock, valued at $93,262,600.10. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.26% of the stock is currently owned by company insiders.

AbbVie Stock Down 1.0 %

Shares of NYSE:ABBV opened at $152.09 on Friday. The firm has a market capitalization of $268.45 billion, a PE ratio of 31.29, a price-to-earnings-growth ratio of 2.74 and a beta of 0.58. AbbVie Inc. has a 1 year low of $130.96 and a 1 year high of $168.11. The company has a debt-to-equity ratio of 4.33, a current ratio of 0.89 and a quick ratio of 0.77. The firm’s 50-day moving average is $146.09 and its two-hundred day moving average is $147.56.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 27th. The company reported $2.91 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.12. The firm had revenue of $13.87 billion for the quarter, compared to the consensus estimate of $13.52 billion. AbbVie had a net margin of 15.50% and a return on equity of 151.29%. Analysts predict that AbbVie Inc. will post 11.03 EPS for the current year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, October 13th will be paid a $1.48 dividend. This represents a $5.92 annualized dividend and a dividend yield of 3.89%. The ex-dividend date is Thursday, October 12th. AbbVie’s payout ratio is currently 121.81%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ABBV. Piper Sandler lifted their target price on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. TheStreet raised shares of AbbVie from a “c+” rating to a “b” rating in a research report on Monday, August 28th. StockNews.com assumed coverage on AbbVie in a research report on Thursday, August 17th. They issued a “strong-buy” rating for the company. Credit Suisse Group reduced their target price on AbbVie from $170.00 to $160.00 in a research report on Wednesday, July 12th. Finally, William Blair began coverage on AbbVie in a report on Tuesday, July 25th. They set a “market perform” rating for the company. Eight investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $165.79.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, a therapy administered as an injection for autoimmune, intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq, a JAK inhibitor to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, and ulcerative colitis; Imbruvica for the treatment of adult patients with blood cancers; and Venclexta/Venclyxto to treat hematological malignancies.