Stockman Wealth Management Inc. Increases Holdings in AbbVie Inc. (NYSE:ABBV)

Stockman Wealth Management Inc. raised its position in shares of AbbVie Inc. (NYSE:ABBV) by 11.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 53,584 shares of the company’s stock after acquiring an additional 5,510 shares during the quarter. AbbVie makes up approximately 1.4% of Stockman Wealth Management Inc.’s holdings, making the stock its 23rd largest position. Stockman Wealth Management Inc.’s holdings in AbbVie were worth $6,036,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. 4Thought Financial Group Inc. bought a new stake in AbbVie during the 2nd quarter valued at approximately $25,000. Cowen Prime Advisors LLC bought a new stake in AbbVie during the 2nd quarter valued at approximately $34,000. ShoreHaven Wealth Partners LLC boosted its position in shares of AbbVie by 150.4% in the 1st quarter. ShoreHaven Wealth Partners LLC now owns 318 shares of the company’s stock worth $35,000 after purchasing an additional 191 shares in the last quarter. KB Financial Partners LLC bought a new stake in shares of AbbVie in the 1st quarter worth approximately $37,000. Finally, Centerpoint Advisors LLC bought a new stake in shares of AbbVie in the 2nd quarter worth approximately $39,000. 65.82% of the stock is currently owned by institutional investors and hedge funds.

ABBV traded up $0.61 during mid-day trading on Monday, reaching $107.68. 16,768 shares of the company traded hands, compared to its average volume of 7,035,997. The stock has a market capitalization of $190.29 billion, a P/E ratio of 28.86, a P/E/G ratio of 2.01 and a beta of 0.82. The company has a quick ratio of 0.79, a current ratio of 0.91 and a debt-to-equity ratio of 5.89. The company’s fifty day moving average price is $114.21 and its 200-day moving average price is $112.82. AbbVie Inc. has a 52-week low of $79.11 and a 52-week high of $121.53.

AbbVie (NYSE:ABBV) last announced its earnings results on Thursday, July 29th. The company reported $3.11 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.02. The business had revenue of $13.96 billion during the quarter, compared to analyst estimates of $13.64 billion. AbbVie had a net margin of 12.40% and a return on equity of 154.24%. The company’s quarterly revenue was up 33.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.34 EPS. As a group, sell-side analysts forecast that AbbVie Inc. will post 12.64 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 15th. Stockholders of record on Friday, October 15th will be paid a $1.30 dividend. The ex-dividend date of this dividend is Thursday, October 14th. This represents a $5.20 annualized dividend and a dividend yield of 4.83%. AbbVie’s dividend payout ratio (DPR) is 49.24%.

ABBV has been the topic of a number of analyst reports. Cowen boosted their price target on AbbVie from $120.00 to $130.00 and gave the stock an “outperform” rating in a research report on Monday, August 23rd. Truist initiated coverage on AbbVie in a research report on Tuesday, July 27th. They issued a “buy” rating and a $124.08 price target on the stock. Barclays boosted their price target on AbbVie from $105.00 to $112.00 and gave the stock an “equal weight” rating in a research report on Monday, August 2nd. Truist Securities began coverage on shares of AbbVie in a report on Tuesday, July 27th. They issued a “buy” rating and a $117.00 price objective for the company. Finally, Morgan Stanley restated a “buy” rating and issued a $116.00 price objective on shares of AbbVie in a report on Friday, August 20th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $123.47.

In other news, SVP Carrie C. Strom sold 5,057 shares of the company’s stock in a transaction on Monday, August 23rd. The stock was sold at an average price of $120.00, for a total value of $606,840.00. Following the completion of the sale, the senior vice president now directly owns 11,595 shares in the company, valued at approximately $1,391,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.09% of the company’s stock.

AbbVie Company Profile

AbbVie, Inc is a research-based biopharmaceutical company, which engages in the development and sale of pharmaceutical products. It focuses on treating conditions such as chronic autoimmune diseases in rheumatology, gastroenterology, and dermatology; oncology, including blood cancers; virology, including hepatitis C virus (HCV) and human immunodeficiency virus (HIV); neurological disorders, such as Parkinson’s disease; metabolic diseases, comprising thyroid disease and complications associated with cystic fibrosis; pain associated with endometriosis; and other serious health conditions.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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