AbbVie Inc. $ABBV Shares Bought by Plancorp LLC

Key Points

• Plancorp LLC increased its stake in AbbVie Inc. by 7.3% during the 1st quarter, acquiring a total of 17,765 shares worth approximately $3.72 million.
• Institutional investors and hedge funds own 70.23% of AbbVie, indicating strong institutional confidence in the company.
• AbbVie announced a quarterly dividend of $1.64 per share, which represents an annualized yield of 3.1% and a notable payout ratio of 312.38%.

Plancorp LLC lifted its stake in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 7.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,765 shares of the company's stock after buying an additional 1,210 shares during the period. Plancorp LLC's holdings in AbbVie were worth $3,722,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. TD Capital Management LLC increased its stake in shares of AbbVie by 82.9% during the first quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after purchasing an additional 58 shares in the last quarter. Abound Financial LLC acquired a new position in shares of AbbVie in the 1st quarter worth approximately $30,000. Siemens Fonds Invest GmbH lifted its holdings in AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after buying an additional 119,141 shares in the last quarter. Cypress Capital Management LLC WY acquired a new stake in AbbVie during the 1st quarter worth approximately $35,000. Finally, Pinney & Scofield Inc. purchased a new stake in shares of AbbVie in the 4th quarter valued at approximately $36,000. Institutional investors and hedge funds own 70.23% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ABBV. Daiwa America raised shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Piper Sandler assumed coverage on shares of AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price target for the company. Citigroup lifted their price target on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Daiwa Capital Markets upgraded shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a report on Thursday, August 7th. Finally, Morgan Stanley increased their price objective on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Four equities research 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 company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $214.95.

Insider Activity at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the firm's stock in a transaction on 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 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction on 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 of the company's stock, valued at approximately $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. Company insiders own 0.25% of the company's stock.

AbbVie Price Performance

Shares of NYSE ABBV opened at $212.34 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. The company has a market capitalization of $375.11 billion, a price-to-earnings ratio of 101.11, a PEG ratio of 1.37 and a beta of 0.53. The firm has a 50-day moving average of $197.74 and a two-hundred day moving average of $194.15.

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

AbbVie Dividend Announcement

The company 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 $1.64 dividend. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.1%. AbbVie's dividend payout ratio is currently 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.

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.