AbbVie Inc. $ABBV Shares Purchased by Allstate Corp

Key Points

• Allstate Corp increased its holdings in AbbVie Inc. by 16.3%, owning 61,060 shares worth approximately $12.79 million after acquiring an additional 8,561 shares in Q1.
• AbbVie reported a net margin of 6.45% and quarterly revenue of $15.42 billion, exceeding analyst estimates despite an EPS miss of $2.97 against a consensus of $3.24.
• The company's stock has a twelve-month high of $218.66 and a current market cap of $370.17 billion, with multiple analysts setting price targets between $205.00 and $255.00.

Allstate Corp grew its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 16.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,060 shares of the company's stock after acquiring an additional 8,561 shares during the period. Allstate Corp's holdings in AbbVie were worth $12,793,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Private Management Group Inc. increased its position in shares of AbbVie by 1.9% in the 1st quarter. Private Management Group Inc. now owns 2,938 shares of the company's stock valued at $616,000 after buying an additional 54 shares in the last quarter. Connecticut Wealth Management LLC grew its stake in AbbVie by 1.6% in the fourth quarter. Connecticut Wealth Management LLC now owns 3,711 shares of the company's stock valued at $660,000 after acquiring an additional 57 shares during the period. Castle Wealth Management LLC increased its holdings in shares of AbbVie by 3.4% in the first quarter. Castle Wealth Management LLC now owns 1,725 shares of the company's stock worth $361,000 after acquiring an additional 57 shares in the last quarter. High Falls Advisors Inc raised its position in shares of AbbVie by 3.2% during the first quarter. High Falls Advisors Inc now owns 1,863 shares of the company's stock worth $390,000 after purchasing an additional 57 shares during the period. Finally, Northstar Group Inc. lifted its holdings in shares of AbbVie by 0.7% during the 1st quarter. Northstar Group Inc. now owns 8,512 shares of the company's stock valued at $1,783,000 after purchasing an additional 58 shares in the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.

AbbVie Stock Up 0.2%

ABBV stock opened at $209.5410 on Friday. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $218.66. The company has a market cap of $370.17 billion, a price-to-earnings ratio of 99.78, a P/E/G ratio of 1.34 and a beta of 0.50. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. The business has a 50 day moving average price of $192.45 and a two-hundred day moving average price of $192.81.

AbbVie (NYSE:ABBV - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing the consensus estimate of $3.24 by ($0.27). The company had revenue of $15.42 billion during 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 company's quarterly revenue was up 6.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.65 EPS. Analysts anticipate that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

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

Insider Activity

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm'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 owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. This represents a 18.58% decrease in their position. The disclosure for this sale can be found here. 0.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have commented on ABBV. Morgan Stanley raised their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. 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 report on Friday, August 1st. Piper Sandler assumed coverage on AbbVie in a report on Tuesday, August 12th. They set an "overweight" rating and a $231.00 target price for the company. Guggenheim lifted their price target on AbbVie from $216.00 to $227.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Finally, Evercore ISI upped their price objective on AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a research report on Monday, April 28th. Five analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $214.95.

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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