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

Key Points

• Axxcess Wealth Management LLC increased its stake in AbbVie Inc. by 3.1% during the second quarter, now owning 71,109 shares valued at approximately $13.2 million.
• AbbVie reported $2.97 EPS for the quarter, missing estimates by $0.27, while revenue grew 6.6% year-over-year to $15.42 billion.
• The company announced a quarterly dividend of $1.64 per share, equivalent to an annualized dividend yield of 2.8%, with a payout ratio of 312.38%.

Axxcess Wealth Management LLC raised its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 3.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,109 shares of the company's stock after acquiring an additional 2,122 shares during the quarter. Axxcess Wealth Management LLC's holdings in AbbVie were worth $13,199,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of ABBV. Conning Inc. increased its stake in AbbVie by 7.1% during the 2nd quarter. Conning Inc. now owns 191,023 shares of the company's stock worth $35,458,000 after buying an additional 12,690 shares during the period. Dohj LLC increased its stake in AbbVie by 41.8% during the 2nd quarter. Dohj LLC now owns 4,529 shares of the company's stock worth $802,000 after buying an additional 1,335 shares during the period. First Hawaiian Bank increased its stake in AbbVie by 0.8% during the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company's stock worth $1,403,000 after buying an additional 60 shares during the period. Narus Financial Partners LLC increased its stake in AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after buying an additional 401 shares during the period. Finally, BankPlus Trust Department increased its stake in AbbVie by 3.3% during the 2nd quarter. BankPlus Trust Department now owns 27,113 shares of the company's stock worth $5,033,000 after buying an additional 855 shares during the period. Institutional investors and hedge funds own 70.23% of the company's stock.

AbbVie Trading Down 0.1%

NYSE ABBV opened at $230.36 on Tuesday. AbbVie Inc. has a one year low of $163.81 and a one year high of $244.81. The company has a 50-day simple moving average of $215.50 and a 200-day simple moving average of $196.89. 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 firm has a market capitalization of $406.94 billion, a PE ratio of 109.70, a price-to-earnings-growth ratio of 1.42 and a beta of 0.51.

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

AbbVie Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.8%. AbbVie's payout ratio is 312.38%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of AbbVie in a research note on Wednesday, October 8th. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price target on the stock in a research note on Thursday, August 7th. Bank of America lifted their price target on shares of AbbVie from $220.00 to $251.00 and gave the stock a "neutral" rating in a research note on Friday, October 3rd. Evercore ISI upped their target price on shares of AbbVie from $207.00 to $222.00 and gave the company an "outperform" rating in a research note on Monday, September 22nd. Finally, Raymond James Financial reiterated an "outperform" rating on shares of AbbVie in a research note on Monday, August 25th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $231.90.

Insider Activity

In other news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction dated 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 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. The trade was a 19.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated Tuesday, August 5th. The shares were 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 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 disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

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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