AbbVie Inc. $ABBV Holdings Increased by Raleigh Capital Management Inc.

Key Points

• Raleigh Capital Management Inc. increased its holdings in AbbVie Inc. by 9.5%, now owning approximately $3.09 million worth of shares, making it the 10th largest holding in their portfolio.
• A majority of institutional investors, about 70.23%, have invested in AbbVie, reflecting strong institutional interest in the company.
• AbbVie has announced a quarterly dividend of $1.64 per share, set to be paid on November 14th, representing an annualized yield of 2.9%.

Raleigh Capital Management Inc. grew its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 9.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,651 shares of the company's stock after buying an additional 1,446 shares during the quarter. AbbVie accounts for approximately 1.3% of Raleigh Capital Management Inc.'s holdings, making the stock its 10th biggest holding. Raleigh Capital Management Inc.'s holdings in AbbVie were worth $3,091,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ABBV. Nuveen LLC purchased a new stake in shares of AbbVie during the 1st quarter valued at about $1,819,154,000. Assenagon Asset Management S.A. raised its position 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 purchasing an additional 3,666,521 shares during the period. Goldman Sachs Group Inc. raised its position 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 purchasing an additional 3,519,187 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in AbbVie in the 2nd quarter worth about $581,817,000. Finally, Bessemer Group Inc. raised its position 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 purchasing an additional 1,641,091 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ABBV. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective on the stock in a research report on Thursday, August 7th. Cantor Fitzgerald increased their price objective on shares of AbbVie from $215.00 to $245.00 and gave the stock an "overweight" rating in a research report on Monday, September 15th. Guggenheim increased their price objective on shares of AbbVie from $216.00 to $227.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Citigroup increased their price objective on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Finally, Bank of America increased their price objective on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a research report on Monday, June 9th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $223.45.

AbbVie Stock Performance

Shares of NYSE:ABBV opened at $222.93 on Tuesday. The firm has a market cap of $393.82 billion, a PE ratio of 106.16, a price-to-earnings-growth ratio of 1.29 and a beta of 0.53. The firm's 50 day simple moving average is $207.00 and its 200-day simple moving average is $195.12. AbbVie Inc. has a one year low of $163.81 and a one year high of $225.16. 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 earnings results on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). The company had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The business's revenue was up 6.6% compared to the same quarter last year. During the same period last year, the business posted $2.65 earnings per share. As a group, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Dividend Announcement

The firm 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 yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

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 transaction 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 filing with the SEC, which is available through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred on 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 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 disclosure for this sale can be found here. Company insiders own 0.08% of the company's stock.

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.

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