Naviter Wealth LLC Sells 741 Shares of AbbVie Inc. (NYSE:ABBV)

Naviter Wealth LLC decreased its holdings in shares of AbbVie Inc. (NYSE:ABBV) by 5.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,320 shares of the company’s stock after selling 741 shares during the period. Naviter Wealth LLC’s holdings in AbbVie were worth $2,630,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Pine Haven Investment Counsel Inc lifted its holdings in shares of AbbVie by 0.3% during the third quarter. Pine Haven Investment Counsel Inc now owns 18,102 shares of the company’s stock valued at $3,575,000 after acquiring an additional 52 shares during the period. Frisch Financial Group Inc. boosted its holdings in shares of AbbVie by 0.8% in the 2nd quarter. Frisch Financial Group Inc. now owns 6,920 shares of the company’s stock worth $1,187,000 after acquiring an additional 53 shares in the last quarter. First Citizens Financial Corp grew its holdings in AbbVie by 0.9% during the 3rd quarter. First Citizens Financial Corp now owns 5,777 shares of the company’s stock worth $1,141,000 after acquiring an additional 53 shares during the period. Sunflower Bank N.A. boosted its position in shares of AbbVie by 0.4% in the 3rd quarter. Sunflower Bank N.A. now owns 13,723 shares of the company’s stock worth $2,710,000 after purchasing an additional 53 shares during the last quarter. Finally, Professional Financial Advisors LLC increased its holdings in AbbVie by 3.4% in the third quarter. Professional Financial Advisors LLC now owns 1,638 shares of the company’s stock valued at $323,000 after purchasing an additional 54 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

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 value of $12,403,580.00. Following the sale, the chairman now owns 446,599 shares of the company’s stock, valued at $83,299,645.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.25% of the stock is owned by insiders.

AbbVie Price Performance

Shares of NYSE ABBV traded down $0.39 during midday trading on Thursday, reaching $190.07. The company’s stock had a trading volume of 215,474 shares, compared to its average volume of 5,278,874. The company has a market cap of $335.64 billion, a P/E ratio of 56.52, a P/E/G ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a fifty-two week low of $135.85 and a fifty-two week high of $199.95. 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 business’s 50 day moving average price is $194.50 and its two-hundred day moving average price is $177.63.

AbbVie (NYSE:ABBV) last released its earnings results 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 return on equity of 203.66% and a net margin of 9.71%. The firm had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.02 billion. During the same period in the prior year, the company posted $2.91 EPS. The company’s revenue was up 4.3% compared to the same quarter last year. On average, analysts forecast that AbbVie Inc. will post 10.85 EPS for the current fiscal year.

AbbVie Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $6.20 annualized dividend and a dividend yield of 3.26%. AbbVie’s payout ratio is 183.98%.

Analyst Ratings Changes

A number of research analysts recently issued reports on ABBV shares. Piper Sandler Companies restated an “overweight” rating and set a $190.00 price objective on shares of AbbVie in a report on Wednesday, July 3rd. Wells Fargo & Company boosted their price objective on AbbVie from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. UBS Group lifted their price target on shares of AbbVie from $185.00 to $195.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. BMO Capital Markets increased their price objective on shares of AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Finally, Piper Sandler upped their target price on shares of AbbVie from $196.00 to $209.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. Three equities research analysts have rated the stock with a hold rating, thirteen have issued 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 target price of $198.31.

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.