111 Capital Increases Stake in AbbVie Inc. $ABBV

Key Points

• 111 Capital significantly increased its stake in AbbVie Inc. by 94.2% during the second quarter, now holding 19,554 shares worth approximately $3.63 million.
• Several other institutional investors also increased their positions in AbbVie, with a collective 70.23% of the stock now owned by institutional investors.
• AbbVie recently announced a quarterly dividend of $1.64 per share, resulting in an annualized dividend of $6.56 and a dividend yield of 2.8%.

111 Capital raised its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 94.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,554 shares of the company's stock after buying an additional 9,484 shares during the quarter. AbbVie comprises approximately 0.6% of 111 Capital's holdings, making the stock its 28th largest position. 111 Capital's holdings in AbbVie were worth $3,630,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. QRG Capital Management Inc. boosted its position in shares of AbbVie by 3.1% during the 2nd quarter. QRG Capital Management Inc. now owns 300,750 shares of the company's stock valued at $55,825,000 after acquiring an additional 9,145 shares during the last quarter. Corundum Group Inc. boosted its position in shares of AbbVie by 46.6% during the 2nd quarter. Corundum Group Inc. now owns 7,520 shares of the company's stock valued at $1,396,000 after acquiring an additional 2,391 shares during the last quarter. Fortis Capital Advisors LLC boosted its position in shares of AbbVie by 10.0% during the 2nd quarter. Fortis Capital Advisors LLC now owns 5,214 shares of the company's stock valued at $968,000 after acquiring an additional 475 shares during the last quarter. Precedent Wealth Partners LLC boosted its position in shares of AbbVie by 11.0% during the 2nd quarter. Precedent Wealth Partners LLC now owns 11,593 shares of the company's stock valued at $2,152,000 after acquiring an additional 1,149 shares during the last quarter. Finally, Washington Growth Strategies LLC boosted its position in shares of AbbVie by 1,947.1% during the 2nd quarter. Washington Growth Strategies LLC now owns 4,299 shares of the company's stock valued at $798,000 after acquiring an additional 4,089 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ABBV has been the subject of a number of research reports. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Bank of America increased their target price on AbbVie from $220.00 to $251.00 and gave the company a "neutral" rating in a research report on Friday. Piper Sandler assumed coverage on AbbVie in a research report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 target price for the company. UBS Group set a $251.00 price target on AbbVie in a research report on Friday. Finally, Hsbc Global Res downgraded AbbVie from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Four analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $228.22.

AbbVie Stock Down 1.1%

Shares of ABBV opened at $234.07 on Friday. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81. The company has a market cap of $413.49 billion, a PE ratio of 111.46, a P/E/G ratio of 1.38 and a beta of 0.51. The business has a fifty day moving average of $210.77 and a 200 day moving average of $196.01. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter last year, the business posted $2.65 earnings per share. The firm's revenue for the quarter was up 6.6% compared to the same quarter last year. On average, sell-side analysts expect that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is 312.38%.

Insider Buying and Selling at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the completion of the sale, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the sale, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

AbbVie Company 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.

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