Abacus FCF Advisors LLC Has $22.77 Million Holdings in AbbVie Inc. $ABBV

Key Points

• Abacus FCF Advisors LLC increased its stake in AbbVie Inc. by 13.4% during the 2nd quarter, owning 122,668 shares worth approximately $22.77 million.
• AbbVie reported $2.97 earnings per share for the last quarter, which fell short of analyst predictions of $3.24, despite revenues increasing 6.6% year-over-year to $15.42 billion.
• The company declared a quarterly dividend of $1.64 per share, with an annualized payout of $6.56 and a yield of 3.0%.

Abacus FCF Advisors LLC raised its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 13.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 122,668 shares of the company's stock after acquiring an additional 14,536 shares during the quarter. AbbVie comprises approximately 3.2% of Abacus FCF Advisors LLC's investment portfolio, making the stock its 4th biggest holding. Abacus FCF Advisors LLC's holdings in AbbVie were worth $22,770,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ABBV. TD Capital Management LLC lifted its holdings in shares of AbbVie by 82.9% in the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after acquiring an additional 58 shares during the last quarter. Marshall & Sullivan Inc. WA bought a new stake in shares of AbbVie during the second quarter valued at about $25,000. Abound Financial LLC bought a new position in shares of AbbVie in the first quarter worth approximately $30,000. Cypress Capital Management LLC WY purchased a new stake in shares of AbbVie during the first quarter valued at approximately $35,000. Finally, Pinney & Scofield Inc. purchased a new stake in AbbVie in the fourth quarter worth $36,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction that occurred on 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 directly owned 58,247 shares of the company's stock, valued at $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company's stock.

AbbVie Trading Up 0.1%

Shares of ABBV traded up $0.30 during midday trading on Friday, reaching $222.29. The company had a trading volume of 14,371,957 shares, compared to its average volume of 4,689,837. The firm has a 50 day simple moving average of $203.12 and a 200-day simple moving average of $194.78. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $223.49. The stock has a market cap of $392.69 billion, a PE ratio of 105.85, a price-to-earnings-growth ratio of 1.33 and a beta of 0.53. 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 issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) 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 company had revenue of $15.42 billion during the quarter, compared to analysts' expectations of $14.93 billion. During the same quarter in the prior year, the company earned $2.65 earnings per share. The firm's revenue was up 6.6% compared to the same quarter last year. Research analysts forecast that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 3.0%. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Analysts Set New Price Targets

ABBV has been the topic of a number of research analyst reports. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Piper Sandler assumed coverage on AbbVie in a research report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective on the stock. Daiwa Capital Markets raised AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a report on Thursday, August 7th. Berenberg Bank raised AbbVie from a "hold" rating to a "buy" rating and raised their price objective for the company from $170.00 to $270.00 in a research note on Wednesday. Finally, Morgan Stanley lifted their target price on AbbVie from $250.00 to $255.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $222.68.

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.