AbbVie Inc. $ABBV Shares Acquired by Orion Capital Management LLC

Key Points

• Orion Capital Management LLC increased its holdings in AbbVie Inc. by 134.4% in the first quarter, now owning 9,036 shares valued at approximately $1.89 million.
• Insider selling occurred with two executives offloading a total of 55,665 shares, showcasing a significant decrease in their ownership stakes.
• Analysts are optimistic about AbbVie, with price targets set as high as $236.00, reflecting a consensus rating of "Moderate Buy" and an average target price of $214.95.

Orion Capital Management LLC grew its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 134.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,036 shares of the company's stock after buying an additional 5,181 shares during the period. AbbVie accounts for about 0.8% of Orion Capital Management LLC's holdings, making the stock its 24th biggest holding. Orion Capital Management LLC's holdings in AbbVie were worth $1,893,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Abound Financial LLC acquired a new stake in shares of AbbVie in the first quarter valued at about $30,000. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie in the first quarter valued at approximately $35,000. Pinney & Scofield Inc. acquired a new stake in shares of AbbVie in the fourth quarter valued at approximately $36,000. Inlight Wealth Management LLC acquired a new stake in shares of AbbVie in the first quarter valued at approximately $42,000. Finally, HWG Holdings LP acquired a new stake in shares of AbbVie in the first quarter valued at approximately $42,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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 completion of the transaction, the executive vice president owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 completion of the transaction, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.25% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on ABBV shares. Bank of America increased their price target on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Piper Sandler started coverage on shares of AbbVie in a research report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective for the company. Citigroup raised 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. BNP Paribas upgraded shares of AbbVie to a "hold" rating in a research report on Thursday, May 8th. Finally, Raymond James Financial raised their price objective on shares of AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Five analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, AbbVie presently has an average rating of "Moderate Buy" and an average price target of $214.95.

AbbVie Price Performance

Shares of ABBV opened at $210.2840 on Monday. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $218.66. The stock has a market cap of $371.48 billion, a PE ratio of 100.14, a P/E/G ratio of 1.35 and a beta of 0.50. The firm has a 50-day simple moving average of $192.84 and a two-hundred day simple moving average of $192.96. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61.

AbbVie (NYSE:ABBV - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion during the quarter, compared to analyst estimates of $14.93 billion. During the same period in the previous year, the firm posted $2.65 earnings per share. The company's quarterly revenue was up 6.6% compared to the same quarter last year. As a group, analysts forecast that AbbVie Inc. will post 12.31 EPS for the current year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were issued a $1.64 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.1%. AbbVie's payout ratio is 312.38%.

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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