AbbVie Inc. $ABBV is Prairie Sky Financial Group LLC's 2nd Largest Position

Key Points

• Prairie Sky Financial Group LLC increased its holdings in AbbVie Inc. by 15.9% in the second quarter, making it the firm's second largest position, valued at approximately $20.1 million.
• AbbVie reported $2.97 EPS for the last quarter, missing expectations, but its revenue exceeded forecasts at $15.42 billion, up 6.6% from the previous year.
• The company announced a quarterly dividend of $1.64 per share, with an annualized yield of 2.9%, although its payout ratio is high at 312.38%.

Prairie Sky Financial Group LLC lifted its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 15.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,379 shares of the company's stock after purchasing an additional 14,868 shares during the quarter. AbbVie accounts for approximately 11.1% of Prairie Sky Financial Group LLC's portfolio, making the stock its 2nd largest position. Prairie Sky Financial Group LLC's holdings in AbbVie were worth $20,117,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of ABBV. Brighton Jones LLC grew its holdings in shares of AbbVie by 17.4% during the fourth quarter. Brighton Jones LLC now owns 22,912 shares of the company's stock worth $4,072,000 after purchasing an additional 3,401 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in AbbVie by 72.7% in 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. GAMMA Investing LLC boosted its stake in AbbVie by 23.8% in the first quarter. GAMMA Investing LLC now owns 48,848 shares of the company's stock worth $10,235,000 after buying an additional 9,395 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in AbbVie by 5.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 536,450 shares of the company's stock worth $112,398,000 after buying an additional 25,385 shares in the last quarter. Finally, Stockman Wealth Management Inc. boosted its stake in AbbVie by 2.6% in the first quarter. Stockman Wealth Management Inc. now owns 2,405 shares of the company's stock worth $504,000 after buying an additional 62 shares in the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

Shares of ABBV stock opened at $229.19 on Wednesday. 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 company has a market capitalization of $404.88 billion, a P/E ratio of 109.14, a PEG ratio of 1.47 and a beta of 0.51. The stock has a 50 day moving average price of $216.12 and a two-hundred day moving average price of $197.12. AbbVie Inc. has a fifty-two week low of $163.81 and a fifty-two week high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last announced 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 business 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%. AbbVie's revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.65 EPS. Analysts expect that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio is currently 312.38%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ABBV shares. BMO Capital Markets upped their target price on AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, September 12th. Cantor Fitzgerald set a $250.00 target price on AbbVie and gave the stock an "overweight" rating in a research note on Thursday, October 9th. UBS Group set a $251.00 target price on AbbVie in a research note on Friday, October 3rd. Morgan Stanley upped their target price on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, Raymond James Financial reiterated an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $231.90.

Insider Buying and Selling

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of the company's 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 owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.08% of the stock is owned by corporate insiders.

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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