Sigma Investment Counselors Inc. Has $6.80 Million Stock Position in AbbVie Inc. (NYSE:ABBV)

Sigma Investment Counselors Inc. increased its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,617 shares of the company’s stock after purchasing an additional 478 shares during the quarter. Sigma Investment Counselors Inc.’s holdings in AbbVie were worth $6,795,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Vermillion & White Wealth Management Group LLC acquired a new stake in AbbVie in the 4th quarter valued at about $26,000. Able Wealth Management LLC acquired a new stake in AbbVie in the 4th quarter valued at about $33,000. IFS Advisors LLC acquired a new stake in AbbVie in the 1st quarter valued at about $36,000. Ables Iannone Moore & Associates Inc. acquired a new stake in AbbVie in the 4th quarter valued at about $37,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in AbbVie in the 1st quarter valued at about $37,000. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Transactions at AbbVie

In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated 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 transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated 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 transaction, the chairman now directly owns 446,599 shares in the company, valued at approximately $83,299,645.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were 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 disclosure for this sale can be found here. 0.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ABBV has been the subject of several research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Wells Fargo & Company raised their price objective on shares of AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. HSBC raised shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a report on Wednesday, June 5th. Morgan Stanley lifted their target price on shares of AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Finally, Barclays lifted their target price on shares of AbbVie from $187.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $191.64.

AbbVie Stock Up 0.6 %

NYSE:ABBV traded up $1.18 on Friday, hitting $197.55. 4,720,300 shares of the company’s stock were exchanged, compared to its average volume of 5,492,238. The firm has a 50-day moving average price of $178.93 and a 200-day moving average price of $173.16. The company has a debt-to-equity ratio of 7.93, a current ratio of 0.94 and a quick ratio of 0.83. AbbVie Inc. has a 52 week low of $135.85 and a 52 week high of $197.98. The company has a market cap of $348.85 billion, a P/E ratio of 58.62, a price-to-earnings-growth ratio of 2.49 and a beta of 0.64.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The firm had revenue of $14.46 billion for the quarter, compared to analysts’ expectations of $14.02 billion. During the same period in the previous year, the firm posted $2.91 EPS. The company’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, analysts expect that AbbVie Inc. will post 10.87 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, July 15th were paid a dividend of $1.55 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.14%. AbbVie’s dividend payout ratio is presently 183.98%.

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.