AbbVie Inc. $ABBV Shares Bought by GC Wealth Management RIA LLC

Key Points

• GC Wealth Management RIA LLC significantly increased its holdings in AbbVie Inc. by 292.2% during the second quarter, owning nearly 30,000 shares valued at $5.56 million.
• Several analysts raised their price targets for AbbVie, with the consensus rating being "Moderate Buy" and an average target price of $223.45, indicating a positive outlook for the stock.
• AbbVie announced a quarterly dividend of $1.64 per share, which will be paid on November 14th, reflecting a dividend yield of 3.0%.

GC Wealth Management RIA LLC grew its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 292.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,969 shares of the company's stock after buying an additional 22,327 shares during the quarter. GC Wealth Management RIA LLC's holdings in AbbVie were worth $5,563,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ABBV. Nuveen LLC bought a new stake in shares of AbbVie in the 1st quarter worth about $1,819,154,000. Assenagon Asset Management S.A. lifted its position in shares of AbbVie by 550.9% during the second 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 last quarter. Goldman Sachs Group Inc. grew its stake in AbbVie by 31.6% in the first 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 in the last quarter. Kingstone Capital Partners Texas LLC bought a new stake in AbbVie in the second quarter valued at about $581,817,000. Finally, Bessemer Group Inc. raised its stake in AbbVie by 147.6% during the first quarter. Bessemer Group Inc. now owns 2,752,953 shares of the company's stock valued at $576,800,000 after buying an additional 1,641,091 shares in the last quarter. Institutional investors own 70.23% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on ABBV. Raymond James Financial reiterated an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. JPMorgan Chase & Co. raised their price objective on AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 16th. Wells Fargo & Company boosted their target price on shares of AbbVie from $240.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, September 12th. Citigroup increased their target price on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Finally, Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target for the company in a report on Thursday, August 7th. Four analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $223.45.

AbbVie Stock Performance

Shares of ABBV opened at $220.75 on Monday. The firm has a fifty day moving average of $206.24 and a 200-day moving average of $195.04. The company has a market cap of $389.97 billion, a price-to-earnings ratio of 105.12, a price-to-earnings-growth ratio of 1.29 and a beta of 0.53. 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 Inc. has a 1 year low of $163.81 and a 1 year high of $225.16.

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 the consensus estimate of $3.24 by ($0.27). The firm had revenue of $15.42 billion during 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%. The company's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.65 earnings per share. As a group, equities analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

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

Insider Buying and Selling

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total value of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

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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