Meeder Asset Management Inc. Acquires 85,928 Shares of AbbVie Inc. (NYSE:ABBV)

Meeder Asset Management Inc. raised its holdings in AbbVie Inc. (NYSE:ABBV) by 322.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 112,617 shares of the company’s stock after buying an additional 85,928 shares during the quarter. AbbVie accounts for about 1.4% of Meeder Asset Management Inc.’s investment portfolio, making the stock its 19th largest position. Meeder Asset Management Inc.’s holdings in AbbVie were worth $19,316,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in ABBV. Gilbert & Cook Inc. boosted its position in shares of AbbVie by 9.8% during the 4th quarter. Gilbert & Cook Inc. now owns 9,691 shares of the company’s stock valued at $1,502,000 after acquiring an additional 861 shares in the last quarter. Aveo Capital Partners LLC lifted its stake in AbbVie by 5.1% during the fourth quarter. Aveo Capital Partners LLC now owns 4,297 shares of the company’s stock worth $666,000 after purchasing an additional 210 shares during the period. 9258 Wealth Management LLC boosted its holdings in AbbVie by 1.7% during the fourth quarter. 9258 Wealth Management LLC now owns 16,909 shares of the company’s stock valued at $2,620,000 after purchasing an additional 283 shares in the last quarter. Gryphon Financial Partners LLC grew its stake in shares of AbbVie by 1.9% in the 4th quarter. Gryphon Financial Partners LLC now owns 84,249 shares of the company’s stock valued at $12,972,000 after purchasing an additional 1,531 shares during the period. Finally, Apexium Financial LP raised its holdings in shares of AbbVie by 32.5% in the 4th quarter. Apexium Financial LP now owns 2,686 shares of the company’s stock worth $416,000 after buying an additional 659 shares in the last quarter. 70.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ABBV has been the topic of several recent analyst reports. Barclays boosted their price target on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Morgan Stanley boosted their target price on shares of AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Piper Sandler increased their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research report on Friday, August 23rd. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price target on shares of AbbVie in a report on Monday, August 5th. Finally, William Blair raised shares of AbbVie to a “strong-buy” rating in a research note on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, AbbVie currently has a consensus rating of “Buy” and an average target price of $191.64.

AbbVie Stock Down 0.3 %

NYSE:ABBV opened at $194.05 on Friday. The company has a market cap of $342.67 billion, a price-to-earnings ratio of 57.58, a P/E/G ratio of 2.64 and a beta of 0.64. The company has a debt-to-equity ratio of 8.51, a quick ratio of 0.71 and a current ratio of 0.81. The stock’s fifty day moving average price is $186.29 and its two-hundred day moving average price is $175.15. AbbVie Inc. has a 52-week low of $135.85 and a 52-week high of $199.95.

AbbVie (NYSE:ABBV) last released its earnings results on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.91 earnings per share. On average, analysts anticipate that AbbVie Inc. will post 10.86 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is presently 183.98%.

Insider Transactions 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 transaction of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Chairman Richard A. Gonzalez sold 66,500 shares of the business’s stock in a transaction dated 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 approximately $83,299,645.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred on 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 sale, the chairman now owns 513,099 shares in the company, valued at $89,792,325. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

AbbVie Profile

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.