Financial Harvest LLC Acquires New Shares in AbbVie Inc. $ABBV

Key Points

• Financial Harvest LLC acquired 1,156 shares of AbbVie Inc. valued at approximately $215,000 in the second quarter, reflecting ongoing interest from institutional investors, which now own 70.23% of AbbVie's stock.
• Wall Street analysts generally rate AbbVie stock positively, with an average target price of $222.68, and several firms recently upgraded their ratings, suggesting strong market confidence.
• AbbVie announced a quarterly dividend of $1.64 per share which will be paid on November 14th, showing a strong commitment to returning value to shareholders despite a high payout ratio of 312.38%.

Financial Harvest LLC acquired a new position in shares of AbbVie Inc. (NYSE:ABBV - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 1,156 shares of the company's stock, valued at approximately $215,000.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC increased its stake in AbbVie by 17.4% in the 4th quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock valued at $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC increased its position in AbbVie by 72.7% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,279 shares of the company's stock worth $1,294,000 after buying an additional 3,064 shares in the last quarter. Vermillion Wealth Management Inc. purchased a new position in AbbVie during the fourth quarter worth $122,000. PVG Asset Management Corp purchased a new position in AbbVie during the fourth quarter worth $425,000. Finally, Putney Financial Group LLC purchased a new position in AbbVie during the fourth quarter worth $784,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at AbbVie

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the transaction, the executive vice president owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

AbbVie Stock Performance

Shares of AbbVie stock traded up $0.62 on Monday, reaching $223.09. 5,989,926 shares of the company were exchanged, compared to its average volume of 4,689,837. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $225.16. The firm has a market cap of $394.09 billion, a price-to-earnings ratio of 106.23, a P/E/G ratio of 1.33 and a beta of 0.53. The company's 50-day moving average is $203.75 and its two-hundred day moving average is $194.84. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74.

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

AbbVie Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

Wall Street Analyst Weigh In

Several research firms have weighed in on ABBV. Berenberg Bank raised AbbVie from a "hold" rating to a "buy" rating and raised their price target for the stock from $170.00 to $270.00 in a research report on Wednesday, September 17th. BMO Capital Markets raised their price objective on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a report on Friday, September 12th. Daiwa Capital Markets upgraded AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a report on Thursday, August 7th. Wells Fargo & Company raised their price objective on AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a report on Friday, September 12th. Finally, Evercore ISI raised their price objective on AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a report on Monday. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $223.45.

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.