AbbVie Inc. $ABBV Stock Holdings Boosted by Peterson Wealth Services

Key Points

• Peterson Wealth Services significantly increased its holdings in AbbVie Inc. by 5,085.8% during the second quarter, owning a total of 11,668 shares valued at approximately $2.16 million.
• AbbVie reported quarterly earnings of $2.97 per share, missing analysts' expectations, but achieved revenue of $15.42 billion, exceeding the forecast of $14.93 billion.
• The company declared a quarterly dividend of $1.64 with an annualized yield of 2.9%, and its dividend payout ratio stands at 312.38%.

Peterson Wealth Services boosted its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 5,085.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,668 shares of the company's stock after purchasing an additional 11,443 shares during the quarter. Peterson Wealth Services' holdings in AbbVie were worth $2,166,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ABBV. Richards Merrill & Peterson Inc. increased its stake in shares of AbbVie by 1.2% in the second quarter. Richards Merrill & Peterson Inc. now owns 5,057 shares of the company's stock valued at $939,000 after purchasing an additional 61 shares during the period. PKO Investment Management Joint Stock Co grew its holdings in AbbVie by 144.3% in the 2nd quarter. PKO Investment Management Joint Stock Co now owns 39,084 shares of the company's stock worth $7,255,000 after buying an additional 23,084 shares in the last quarter. Sage Mountain Advisors LLC increased its position in AbbVie by 4.0% in the 2nd quarter. Sage Mountain Advisors LLC now owns 14,615 shares of the company's stock valued at $2,713,000 after acquiring an additional 563 shares during the period. Moment Partners LLC grew its stake in shares of AbbVie by 2.6% in the second quarter. Moment Partners LLC now owns 5,829 shares of the company's stock worth $1,082,000 after purchasing an additional 147 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of AbbVie by 2.1% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,189,713 shares of the company's stock valued at $777,695,000 after purchasing an additional 86,113 shares during the period. Institutional investors own 70.23% of the company's stock.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $228.06 on Friday. The stock's fifty day simple moving average is $220.69 and its 200 day simple moving average is $198.94. The stock has a market capitalization of $402.87 billion, a price-to-earnings ratio of 108.60, a PEG ratio of 1.44 and a beta of 0.51. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $244.81.

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

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given 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 is 312.38%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ABBV shares. Daiwa Capital Markets raised shares of AbbVie from a "neutral" rating to an "outperform" rating and set a $214.00 price objective for the company in a report on Thursday, August 7th. UBS Group set a $251.00 price objective on shares of AbbVie in a report on Friday, October 3rd. JPMorgan Chase & Co. boosted their target price on AbbVie from $200.00 to $235.00 and gave the stock an "overweight" rating in a report on Tuesday, September 16th. Guggenheim lifted their price target on AbbVie from $227.00 to $242.00 and gave the company a "buy" rating in a research report on Monday. Finally, Berenberg Bank raised AbbVie from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $170.00 to $270.00 in a research note on Wednesday, September 17th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat.com, AbbVie currently has an average rating of "Moderate Buy" and a consensus target price of $234.80.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president directly 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the firm's stock in a transaction dated 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 sale, the executive vice president owned 177,292 shares of the company's stock, valued at $35,178,278.64. The trade was 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 Company 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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