2,500 Shares in AbbVie Inc. $ABBV Bought by Summa Corp.

Key Points

• Summa Corp. has purchased 2,500 shares of AbbVie Inc., valued at approximately $464,000, marking a new investment position for the firm.
• Institutional investors control over 70.23% of AbbVie’s stock, with notable investments from companies like Nuveen LLC and Goldman Sachs Group Inc.
• AbbVie announced a quarterly dividend of $1.64 per share, with an annualized dividend yield of 2.8%, set to be paid on November 14th.

Summa Corp. bought a new position in AbbVie Inc. (NYSE:ABBV - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 2,500 shares of the company's stock, valued at approximately $464,000.

Several other institutional investors have also recently bought and sold shares of ABBV. Nuveen LLC bought a new position in AbbVie in the 1st quarter worth $1,819,154,000. Assenagon Asset Management S.A. raised its holdings in AbbVie by 550.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,332,054 shares of the company's stock worth $804,116,000 after acquiring an additional 3,666,521 shares during the period. Goldman Sachs Group Inc. raised its holdings in AbbVie by 31.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company's stock worth $3,068,820,000 after acquiring an additional 3,519,187 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in AbbVie in the 2nd quarter worth $581,817,000. Finally, Bessemer Group Inc. raised its holdings in AbbVie by 147.6% in the 1st quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock worth $576,800,000 after acquiring an additional 1,641,091 shares during the period. Institutional investors own 70.23% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Weiss Ratings restated a "hold (c)" rating on shares of AbbVie in a report on Wednesday. HSBC set a $225.00 price objective on shares of AbbVie in a report on Thursday, October 2nd. Raymond James Financial restated an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Guggenheim boosted their price objective on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, UBS Group set a $251.00 price objective on shares of AbbVie in a report on Friday, October 3rd. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $231.90.

Insider Transactions at AbbVie

In other AbbVie news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were 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 $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 transaction of $2,639,190.45. Following the completion of the transaction, the executive vice president owned 58,247 shares in the company, 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 owned by insiders.

AbbVie Price Performance

Shares of AbbVie stock opened at $230.88 on Friday. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.61 and a current ratio of 0.74. The firm's 50-day simple moving average is $214.84 and its 200-day simple moving average is $196.76. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $244.81. The firm has a market cap of $407.86 billion, a P/E ratio of 109.94, a price-to-earnings-growth ratio of 1.35 and a beta of 0.51.

AbbVie (NYSE:ABBV - Get Free Report) last issued 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 net margin of 6.45% and a return on equity of 699.66%. The business had revenue of $15.42 billion for the quarter, compared to analyst estimates of $14.93 billion. During the same quarter last year, the firm posted $2.65 earnings per share. AbbVie's revenue was up 6.6% on a year-over-year basis. As a group, research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal 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 payout ratio is 312.38%.

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.

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