McLean Asset Management Corp decreased its position in shares of AbbVie Inc. (NYSE:ABBV – Free Report) by 5.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,744 shares of the company’s stock after selling 167 shares during the period. McLean Asset Management Corp’s holdings in AbbVie were worth $370,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Retirement Income Solutions Inc acquired a new position in shares of AbbVie in the first quarter valued at approximately $204,000. Ergoteles LLC boosted its position in AbbVie by 17.8% in the 1st quarter. Ergoteles LLC now owns 5,605 shares of the company’s stock valued at $909,000 after buying an additional 847 shares during the period. First Western Trust Bank purchased a new stake in shares of AbbVie during the first quarter worth $1,150,000. Wsfs Capital Management LLC acquired a new stake in shares of AbbVie in the first quarter valued at $562,000. Finally, Bridgewater Associates LP raised its stake in shares of AbbVie by 80.4% in the first quarter. Bridgewater Associates LP now owns 75,516 shares of the company’s stock valued at $12,242,000 after acquiring an additional 33,661 shares in the last quarter. 67.86% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling at AbbVie
In other news, CEO Richard A. Gonzalez sold 18,500 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $149.15, for a total value of $2,759,275.00. Following the transaction, the chief executive officer now owns 625,294 shares of the company’s stock, valued at $93,262,600.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.26% of the stock is owned by company insiders.
AbbVie Price Performance
AbbVie (NYSE:ABBV – Get Free Report) last released its quarterly earnings results on Thursday, July 27th. The company reported $2.91 EPS for the quarter, beating the consensus estimate of $2.79 by $0.12. AbbVie had a net margin of 15.50% and a return on equity of 151.29%. The firm had revenue of $13.87 billion during the quarter, compared to the consensus estimate of $13.52 billion. On average, research analysts forecast that AbbVie Inc. will post 11.03 earnings per share for the current year.
AbbVie Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Friday, October 13th will be given a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend is Thursday, October 12th. AbbVie’s dividend payout ratio (DPR) is presently 121.81%.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on the company. StockNews.com assumed coverage on AbbVie in a report on Thursday, August 17th. They set a “strong-buy” rating on the stock. TheStreet raised shares of AbbVie from a “c+” rating to a “b” rating in a report on Monday, August 28th. Piper Jaffray Companies boosted their price target on shares of AbbVie from $163.00 to $170.00 and gave the stock an “overweight” rating in a report on Friday, July 28th. Piper Sandler raised their price objective on shares of AbbVie from $163.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, July 28th. Finally, Credit Suisse Group lowered their target price on shares of AbbVie from $170.00 to $160.00 in a research note on Wednesday, July 12th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $165.79.
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.
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