Silverlake Wealth Management LLC Grows Stake in AbbVie Inc. (NYSE:ABBV)

Silverlake Wealth Management LLC raised its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 0.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,878 shares of the company’s stock after acquiring an additional 86 shares during the quarter. Silverlake Wealth Management LLC’s holdings in AbbVie were worth $1,951,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of AbbVie by 6.2% during the first quarter. Vanguard Group Inc. now owns 170,376,746 shares of the company’s stock valued at $31,025,605,000 after buying an additional 9,978,415 shares during the period. Capital International Investors raised its holdings in AbbVie by 6.9% in the 1st quarter. Capital International Investors now owns 48,098,784 shares of the company’s stock valued at $8,758,789,000 after acquiring an additional 3,110,601 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of AbbVie by 3.3% during the first quarter. Capital Research Global Investors now owns 31,295,150 shares of the company’s stock worth $5,698,847,000 after purchasing an additional 992,496 shares during the last quarter. Legal & General Group Plc grew its position in shares of AbbVie by 0.9% in the second quarter. Legal & General Group Plc now owns 15,277,480 shares of the company’s stock valued at $2,620,382,000 after purchasing an additional 134,239 shares during the period. Finally, Janus Henderson Group PLC increased its stake in AbbVie by 12.8% in the first quarter. Janus Henderson Group PLC now owns 10,898,246 shares of the company’s stock valued at $1,984,490,000 after purchasing an additional 1,240,434 shares during the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction 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 completion of the transaction, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other AbbVie news, Chairman Richard A. Gonzalez sold 282,845 shares of the business’s stock in a transaction 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 transaction, the chairman now owns 513,099 shares in the company, valued at approximately $89,792,325. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the firm’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 transaction, the chairman now directly owns 446,599 shares in the company, valued at $83,299,645.48. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

NYSE:ABBV traded down $0.16 during trading hours on Friday, reaching $194.19. 2,973,025 shares of the stock were exchanged, compared to its average volume of 5,304,990. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $199.95. 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 stock has a market capitalization of $342.91 billion, a P/E ratio of 57.63, a P/E/G ratio of 2.66 and a beta of 0.63. The firm has a 50 day simple moving average of $194.08 and a 200-day simple moving average of $177.41.

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 the consensus estimate of $2.57 by $0.08. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same period last year, the business posted $2.91 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, sell-side analysts forecast that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Analyst Ratings Changes

ABBV has been the topic of a number of research analyst reports. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a research note on Wednesday, July 3rd. BMO Capital Markets boosted their target price on shares of AbbVie from $180.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Barclays increased their price target on shares of AbbVie from $200.00 to $212.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Truist Financial boosted their price objective on shares of AbbVie from $210.00 to $215.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Piper Sandler lifted their target price on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $198.00.

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.