Enzi Wealth Boosts Stake in AbbVie Inc. (NYSE:ABBV)

Enzi Wealth lifted its position in shares of AbbVie Inc. (NYSE:ABBV) by 6.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 1,449 shares of the company’s stock after purchasing an additional 86 shares during the quarter. Enzi Wealth’s holdings in AbbVie were worth $242,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ABBV. Focus Financial Network Inc. raised its stake in shares of AbbVie by 8.3% in the 2nd quarter. Focus Financial Network Inc. now owns 17,457 shares of the company’s stock valued at $3,060,000 after acquiring an additional 1,344 shares during the period. Hobbs Group Advisors LLC purchased a new position in AbbVie in the second quarter valued at about $653,000. West Coast Financial LLC lifted its stake in shares of AbbVie by 14.5% during the second quarter. West Coast Financial LLC now owns 1,807 shares of the company’s stock worth $310,000 after purchasing an additional 229 shares in the last quarter. Cidel Asset Management Inc. boosted its position in shares of AbbVie by 5.6% in the second quarter. Cidel Asset Management Inc. now owns 6,981 shares of the company’s stock worth $1,197,000 after buying an additional 369 shares during the period. Finally, SeaCrest Wealth Management LLC grew its stake in shares of AbbVie by 0.9% in the second quarter. SeaCrest Wealth Management LLC now owns 21,595 shares of the company’s stock valued at $3,704,000 after buying an additional 201 shares in the last quarter. Institutional investors and hedge funds own 70.23% of the company’s stock.

Insider Buying and Selling

In other AbbVie news, Chairman Richard A. Gonzalez sold 66,500 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chairman now owns 446,599 shares in the company, valued at approximately $83,299,645.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Chairman Richard A. Gonzalez sold 282,845 shares of AbbVie 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 sale, the chairman now directly owns 513,099 shares in the company, valued at $89,792,325. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Richard A. Gonzalez sold 66,500 shares of the 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 completion of the transaction, the chairman now owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. 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 a number of analyst reports. Piper Sandler restated an “overweight” rating and issued a $190.00 price target on shares of AbbVie in a report on Tuesday, July 2nd. HSBC upgraded shares of AbbVie from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research note on Wednesday, June 5th. Wells Fargo & Company lifted their price target on shares of AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Piper Sandler Companies reissued an “overweight” rating and issued a $190.00 price objective on shares of AbbVie in a research report on Wednesday, July 3rd. Finally, BMO Capital Markets lifted their target price on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, AbbVie currently has a consensus rating of “Moderate Buy” and a consensus target price of $190.29.

AbbVie Stock Performance

AbbVie stock traded down $0.74 during mid-day trading on Tuesday, reaching $196.13. The company’s stock had a trading volume of 3,631,457 shares, compared to its average volume of 5,516,213. The firm has a market cap of $346.34 billion, a price-to-earnings ratio of 58.20, a PEG ratio of 2.49 and a beta of 0.64. AbbVie Inc. has a twelve month low of $135.85 and a twelve month high of $197.48. The business has a 50 day moving average price of $176.58 and a 200-day moving average price of $172.46. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 7.93.

AbbVie (NYSE:ABBV) last announced its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.08. AbbVie had a net margin of 9.71% and a return on equity of 186.82%. The business had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same quarter in the prior year, the firm earned $2.91 EPS. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. Sell-side analysts predict that AbbVie Inc. will post 10.87 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, July 15th were given a dividend of $1.55 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.20 dividend on an annualized basis and a yield of 3.16%. AbbVie’s dividend payout ratio is currently 183.98%.

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.