Modera Wealth Management LLC Sells 3,019 Shares of AbbVie Inc. (NYSE:ABBV)

Modera Wealth Management LLC lowered its stake in AbbVie Inc. (NYSE:ABBV) by 3.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 74,655 shares of the company’s stock after selling 3,019 shares during the period. Modera Wealth Management LLC’s holdings in AbbVie were worth $14,743,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of ABBV. FCG Investment Co acquired a new stake in shares of AbbVie in the 1st quarter valued at $1,413,000. BluePath Capital Management LLC boosted its stake in AbbVie by 0.9% in the first quarter. BluePath Capital Management LLC now owns 7,311 shares of the company’s stock valued at $1,331,000 after buying an additional 67 shares in the last quarter. Palisade Asset Management LLC grew its position in AbbVie by 65.6% in the first quarter. Palisade Asset Management LLC now owns 97,341 shares of the company’s stock valued at $17,726,000 after acquiring an additional 38,562 shares during the last quarter. First Hawaiian Bank raised its stake in AbbVie by 9.0% during the second quarter. First Hawaiian Bank now owns 32,099 shares of the company’s stock worth $5,506,000 after acquiring an additional 2,657 shares in the last quarter. Finally, PGGM Investments lifted its holdings in shares of AbbVie by 308.1% in the second quarter. PGGM Investments now owns 32,790 shares of the company’s stock worth $5,624,000 after acquiring an additional 24,756 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 business’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 transaction, the chairman now owns 446,599 shares in the company, valued at $83,299,645.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.25% of the company’s stock.

AbbVie Price Performance

ABBV stock opened at $187.85 on Friday. 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 firm has a market cap of $331.72 billion, a price-to-earnings ratio of 55.74, a PEG ratio of 2.66 and a beta of 0.63. The company’s fifty day simple moving average is $194.02 and its 200 day simple moving average is $178.34. AbbVie Inc. has a 12-month low of $135.85 and a 12-month high of $199.95.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 25th. The company reported $2.65 EPS for the quarter, beating 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 company had revenue of $14.46 billion for the quarter, compared to analyst estimates of $14.02 billion. During the same quarter in the prior year, the company earned $2.91 EPS. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, analysts expect that AbbVie Inc. will post 10.85 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, October 15th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s payout ratio is 183.98%.

Analysts Set New Price Targets

ABBV has been the topic of several research reports. Piper Sandler Companies reaffirmed an “overweight” rating and set a $190.00 price target on shares of AbbVie in a report on Wednesday, July 3rd. Citigroup boosted their target price on shares of AbbVie from $170.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday. Piper Sandler increased their price target on AbbVie from $196.00 to $209.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Bank of America boosted their price objective on AbbVie from $185.00 to $195.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, TD Cowen increased their target price on AbbVie from $195.00 to $225.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, AbbVie currently has a consensus rating of “Moderate Buy” and an average price target of $199.39.

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.