AbbVie Inc. $ABBV Shares Purchased by Accurate Wealth Management LLC

Key Points

• Accurate Wealth Management LLC increased its stake in AbbVie Inc. by 9.2% during the 2nd quarter, now owning 18,632 shares valued at $3,633,000.
• Several major institutional investors, including Goldman Sachs and Vanguard Group, have also boosted their stakes in AbbVie, reflecting strong confidence in the company's prospects.
• AbbVie recently announced a quarterly dividend of $1.64, with an annualized yield of 2.9%, emphasizing its commitment to returning value to shareholders.

Accurate Wealth Management LLC boosted its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 9.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 18,632 shares of the company's stock after buying an additional 1,566 shares during the quarter. Accurate Wealth Management LLC's holdings in AbbVie were worth $3,633,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ABBV. Vanguard Group Inc. boosted its stake in AbbVie by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company's stock worth $36,439,271,000 after purchasing an additional 845,787 shares during the period. Northern Trust Corp boosted its stake in AbbVie by 0.9% in the 1st quarter. Northern Trust Corp now owns 22,013,920 shares of the company's stock worth $4,612,357,000 after purchasing an additional 189,294 shares during the period. Goldman Sachs Group Inc. boosted its stake in AbbVie by 31.6% in the 1st 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in AbbVie by 5.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company's stock worth $2,675,959,000 after purchasing an additional 713,148 shares during the period. Finally, GAMMA Investing LLC boosted its stake in AbbVie by 25,841.6% in the 1st quarter. GAMMA Investing LLC now owns 10,234,737 shares of the company's stock worth $2,144,382,000 after purchasing an additional 10,195,284 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ABBV shares. Wells Fargo & Company raised their price objective on shares of AbbVie from $240.00 to $260.00 and gave the stock an "overweight" rating in a research note on Friday, September 12th. Berenberg Bank raised shares of AbbVie from a "hold" rating to a "buy" rating and raised their price objective for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. BMO Capital Markets raised their price objective on shares of AbbVie from $215.00 to $240.00 and gave the stock an "outperform" rating in a research note on Friday, September 12th. Cantor Fitzgerald lifted their target price on shares of AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a research note on Monday, September 15th. Finally, Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 target price for the company in a research note on Thursday, August 7th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $223.45.

Insider Transactions at AbbVie

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction dated 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 sale, the executive vice president owned 58,247 shares of the company's stock, valued at $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company's stock in a transaction dated 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 sale, the executive vice president directly owned 177,292 shares in the company, valued at approximately $35,178,278.64. The trade was a 19.29% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

AbbVie Stock Performance

NYSE:ABBV opened at $222.88 on Wednesday. The firm's 50-day moving average is $204.47 and its 200-day moving average is $195.04. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $225.16. 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 cap of $393.74 billion, a price-to-earnings ratio of 106.14, a PEG ratio of 1.33 and a beta of 0.53.

AbbVie (NYSE:ABBV - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $2.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.24 by ($0.27). AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $14.93 billion. During the same quarter in the previous year, the firm posted $2.65 EPS. The business's revenue for the quarter was up 6.6% compared to the same quarter last year. Equities research analysts anticipate 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 paid a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 2.9%. AbbVie's payout ratio is presently 312.38%.

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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