AbbVie Inc. $ABBV Shares Purchased by Janney Montgomery Scott LLC

Key Points

• Janney Montgomery Scott LLC increased its holdings in AbbVie Inc. by 1.2% in Q2, acquiring an additional 11,205 shares, totaling approximately $174 million in value.
• Multiple analysts have upgraded AbbVie’s rating, with target prices ranging from $204 to $245, and the stock has an average rating of "Moderate Buy".
• AbbVie has announced a quarterly dividend of $1.64, with an ex-dividend date of October 15th, resulting in a 2.9% dividend yield.

Janney Montgomery Scott LLC increased its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 1.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 938,929 shares of the company's stock after purchasing an additional 11,205 shares during the quarter. Janney Montgomery Scott LLC owned 0.05% of AbbVie worth $174,284,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ABBV. Marshall & Sullivan Inc. WA acquired a new stake in shares of AbbVie during the 2nd quarter worth about $25,000. TD Capital Management LLC increased its position in shares of AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock worth $27,000 after purchasing an additional 58 shares during the last quarter. Abound Financial LLC acquired a new stake in shares of AbbVie during the 1st quarter worth about $30,000. Cypress Capital Management LLC WY acquired a new stake in shares of AbbVie during the 1st quarter worth about $35,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of AbbVie during the 1st quarter worth about $42,000. 70.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on ABBV shares. Daiwa America upgraded AbbVie from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 7th. Cantor Fitzgerald raised their target price on AbbVie from $215.00 to $245.00 and gave the company an "overweight" rating in a report on Monday, September 15th. JPMorgan Chase & Co. raised their target price on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, September 16th. Bank of America raised their target price on AbbVie to $204.00 and gave the company a "hold" rating in a report on Monday, June 9th. Finally, Raymond James Financial restated an "outperform" rating on shares of AbbVie in a report on Monday, August 25th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $223.45.

Insider Activity

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was 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 $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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. The trade was a 18.58% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.08% of the company's stock.

AbbVie Stock Performance

Shares of ABBV opened at $222.93 on Tuesday. The stock has a 50-day simple moving average of $207.00 and a 200-day simple moving average of $195.12. 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 stock has a market capitalization of $393.82 billion, a PE ratio of 106.16, a PEG ratio of 1.29 and a beta of 0.53. 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 announced 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). The company had revenue of $15.42 billion during 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%. The business's quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.65 EPS. On average, analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Wednesday, October 15th. AbbVie's dividend payout ratio (DPR) 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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