AbbVie Inc. $ABBV Position Lifted by TrueMark Investments LLC

Key Points

• TrueMark Investments LLC increased its holdings in AbbVie Inc. by 4.3% during the second quarter, making the stock its fifth biggest position.
• Several analysts upgraded AbbVie with increased price targets, with BMO Capital Markets raising its target from $215.00 to $240.00 while maintaining an "outperform" rating.
• AbbVie declared a quarterly dividend of $1.64 to be paid on November 14th, marking an annualized yield of 2.9% despite a high dividend payout ratio of 312.38%.

TrueMark Investments LLC grew its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 4.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 52,380 shares of the company's stock after purchasing an additional 2,143 shares during the quarter. AbbVie makes up about 2.1% of TrueMark Investments LLC's investment portfolio, making the stock its 5th biggest position. TrueMark Investments LLC's holdings in AbbVie were worth $9,723,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in ABBV. Conning Inc. increased its holdings in shares of AbbVie by 7.1% during the 2nd quarter. Conning Inc. now owns 191,023 shares of the company's stock worth $35,458,000 after buying an additional 12,690 shares during the last quarter. Dohj LLC increased its holdings in shares of AbbVie by 41.8% during the 2nd quarter. Dohj LLC now owns 4,529 shares of the company's stock worth $802,000 after buying an additional 1,335 shares during the last quarter. First Hawaiian Bank increased its holdings in shares of AbbVie by 0.8% during the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company's stock worth $1,403,000 after buying an additional 60 shares during the last quarter. Narus Financial Partners LLC increased its holdings in shares of AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after buying an additional 401 shares during the last quarter. Finally, BankPlus Trust Department increased its holdings in shares of AbbVie by 3.3% during the 2nd quarter. BankPlus Trust Department now owns 27,113 shares of the company's stock worth $5,033,000 after buying an additional 855 shares during the last quarter. Hedge funds and other institutional investors own 70.23% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ABBV shares. BMO Capital Markets increased their price target on AbbVie from $215.00 to $240.00 and gave the company an "outperform" rating in a report on Friday, September 12th. Weiss Ratings reiterated a "hold (c)" rating on shares of AbbVie in a report on Wednesday, October 8th. Citigroup reiterated a "neutral" rating on shares of AbbVie in a report on Monday, October 13th. Guggenheim increased their price target on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Evercore ISI increased their price target on AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a report on Monday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $234.05.

Insider Transactions at AbbVie

In related 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 completion of the transaction, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president 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 disclosure for this sale can be found here. 0.25% of the stock is currently owned by company insiders.

AbbVie Stock Up 1.2%

Shares of AbbVie stock opened at $229.66 on Friday. The business has a 50-day moving average of $217.91 and a 200-day moving average of $197.55. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. The company has a market capitalization of $405.71 billion, a PE ratio of 109.36, a P/E/G ratio of 1.43 and a beta of 0.51. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81.

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

AbbVie Dividend Announcement

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

AbbVie Company 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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