AbbVie Inc. (NYSE:ABBV) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 1.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 239,555 shares of the company’s stock after selling 3,633 shares during the quarter. AbbVie accounts for 0.4% of Mutual of America Capital Management LLC’s portfolio, making the stock its 23rd largest position. Mutual of America Capital Management LLC’s holdings in AbbVie were worth $41,088,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ABBV. Vermillion & White Wealth Management Group LLC acquired a new position in shares of AbbVie during the 4th quarter valued at $26,000. Fairway Wealth LLC acquired a new position in shares of AbbVie in the 2nd quarter worth $26,000. Ridgewood Investments LLC acquired a new position in shares of AbbVie in the 2nd quarter worth $27,000. Able Wealth Management LLC acquired a new position in shares of AbbVie in the 4th quarter worth $33,000. Finally, IFS Advisors LLC acquired a new position in shares of AbbVie in the 1st quarter worth $36,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Price Performance

ABBV opened at $193.50 on Wednesday. The stock has a market cap of $341.70 billion, a price-to-earnings ratio of 57.42, a PEG ratio of 2.66 and a beta of 0.64. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95. The company has a current ratio of 0.81, a quick ratio of 0.71 and a debt-to-equity ratio of 8.51. The stock has a fifty day moving average price of $187.92 and a 200 day moving average price of $175.46.

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

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, October 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.20%. AbbVie’s payout ratio is 183.98%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ABBV. HSBC upgraded AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Wednesday, June 5th. Truist Financial restated a “buy” rating and issued a $210.00 target price (up from $195.00) on shares of AbbVie in a report on Friday, July 26th. William Blair upgraded AbbVie to a “strong-buy” rating in a report on Friday, August 30th. Morgan Stanley lifted their price target on AbbVie from $211.00 to $218.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Finally, Barclays lifted their price target on AbbVie from $187.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $191.64.

Insiders Place Their Bets

In other AbbVie 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 value of $12,403,580.00. Following the completion of the sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of AbbVie stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $186.52, for a total value of $12,403,580.00. Following the completion of the transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The disclosure for this sale can be found here. Insiders own 0.25% of the company’s stock.

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.