Institute for Wealth Management LLC. Has $2 Million Stake in AbbVie Inc (NYSE:ABBV)

Institute for Wealth Management LLC. increased its holdings in shares of AbbVie Inc (NYSE:ABBV) by 23.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,332 shares of the company’s stock after purchasing an additional 3,808 shares during the quarter. Institute for Wealth Management LLC.’s holdings in AbbVie were worth $1,996,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capstone Financial Group Inc. acquired a new stake in AbbVie in the second quarter valued at $25,000. Efficient Wealth Management LLC acquired a new stake in AbbVie in the first quarter valued at $27,000. Lion Street Advisors LLC acquired a new stake in AbbVie in the first quarter valued at $29,000. Marquette Asset Management LLC lifted its stake in AbbVie by 200.0% in the first quarter. Marquette Asset Management LLC now owns 450 shares of the company’s stock valued at $34,000 after acquiring an additional 300 shares during the last quarter. Finally, Horrell Capital Management Inc. acquired a new stake in AbbVie in the first quarter valued at $34,000. Institutional investors and hedge funds own 72.40% of the company’s stock.

NYSE:ABBV traded down $1.13 during mid-day trading on Friday, reaching $94.91. 14,614,332 shares of the company’s stock were exchanged, compared to its average volume of 5,717,843. AbbVie Inc has a one year low of $62.55 and a one year high of $101.28. The firm has a market capitalization of $141.83 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 1.65 and a beta of 0.86. The business’s fifty day simple moving average is $97.25 and its two-hundred day simple moving average is $88.40.

AbbVie (NYSE:ABBV) last released its quarterly earnings results on Friday, July 31st. The company reported $2.34 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.14. AbbVie had a net margin of 24.77% and a negative return on equity of 169.80%. The business had revenue of $10.43 billion for the quarter, compared to analyst estimates of $10.14 billion. During the same period last year, the firm earned $2.26 earnings per share. AbbVie’s revenue for the quarter was up 26.3% compared to the same quarter last year. As a group, analysts expect that AbbVie Inc will post 10.45 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Wednesday, July 15th will be given a dividend of $1.18 per share. This represents a $4.72 dividend on an annualized basis and a yield of 4.97%. The ex-dividend date of this dividend is Tuesday, July 14th. AbbVie’s dividend payout ratio is 52.80%.

In other AbbVie news, Vice Chairman Carlos Alban sold 53,325 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $100.00, for a total value of $5,332,500.00. Following the transaction, the insider now directly owns 137,899 shares of the company’s stock, valued at approximately $13,789,900. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Jeffrey Ryan Stewart sold 23,024 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $90.00, for a total transaction of $2,072,160.00. Following the completion of the transaction, the senior vice president now directly owns 52,760 shares in the company, valued at $4,748,400. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 95,794 shares of company stock worth $9,057,485. 0.09% of the stock is owned by insiders.

ABBV has been the subject of a number of recent analyst reports. Mizuho increased their price target on shares of AbbVie from $101.00 to $110.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Morgan Stanley reiterated an “overweight” rating and issued a $95.00 price target on shares of AbbVie in a research note on Monday, May 11th. ValuEngine cut shares of AbbVie from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 27th. TheStreet raised shares of AbbVie from a “c+” rating to a “b-” rating in a research report on Friday, June 12th. Finally, UBS Group increased their price objective on shares of AbbVie from $96.00 to $109.00 in a research report on Wednesday, June 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the company. AbbVie has an average rating of “Buy” and an average price target of $106.80.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceutical products in the United States, Japan, Germany, Canada, Italy, Spain, the Netherlands, the United Kingdom, Brazil, and internationally. The company offers HUMIRA, a therapy administered as an injection for autoimmune and intestinal Behçet's diseases; IMBRUVICA to treat adult patients with chronic lymphocytic leukemia (CLL), small lymphocytic lymphoma (SLL), mantle cell lymphoma, waldenström's macroglobulinemia, marginal zone lymphoma, and chronic graft versus host disease; VENCLEXTA, a BCL-2 inhibitor used to treat adults with CLL or SLL; VIEKIRA PAK, an interferon-free therapy to treat adults with genotype 1 chronic hepatitis C virus (HCV); TECHNIVIE to treat adults with genotype 4 HCV infection; and MAVYRET to treat patients with chronic HCV genotype 1-6 infection.

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Institutional Ownership by Quarter for AbbVie (NYSE:ABBV)

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