Algert Global LLC Increases Position in AbbVie Inc. $ABBV

Key Points

• Algert Global LLC increased its holdings in AbbVie Inc. by 16.0% in the first quarter, acquiring an additional 1,264 shares, bringing their total to 9,186 shares valued at approximately $1,925,000.
• A diverse range of institutional investors significantly boosted their stakes in AbbVie, with GAMMA Investing LLC increasing its stake by an astonishing 25,841.6% during the same period.
• AbbVie recently announced a quarterly dividend of $1.64 per share, yielding about 3.1%, with a notably high dividend payout ratio of 312.38%.

Algert Global LLC grew its holdings in shares of AbbVie Inc. (NYSE:ABBV - Free Report) by 16.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,186 shares of the company's stock after acquiring an additional 1,264 shares during the period. Algert Global LLC's holdings in AbbVie were worth $1,925,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Abound Financial LLC bought a new stake in shares of AbbVie during the 1st quarter valued at $30,000. Cypress Capital Management LLC WY bought a new position in AbbVie in the 1st quarter worth $35,000. Pinney & Scofield Inc. bought a new stake in AbbVie during the fourth quarter valued at about $36,000. Inlight Wealth Management LLC bought a new stake in AbbVie during the first quarter valued at about $42,000. Finally, HWG Holdings LP bought a new stake in AbbVie during the first quarter valued at about $42,000. Institutional investors own 70.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on ABBV. Wall Street Zen downgraded shares of AbbVie from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 22nd. Raymond James Financial increased their price target on shares of AbbVie from $227.00 to $236.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Daiwa America raised AbbVie from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Piper Sandler started coverage on AbbVie in a research note on Tuesday, August 12th. They set an "overweight" rating and a $231.00 price objective on the stock. Finally, Morgan Stanley boosted their price objective on AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Five investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $214.95.

AbbVie Trading Down 1.3%

NYSE ABBV traded down $2.8220 during trading on Monday, hitting $207.7780. The stock had a trading volume of 1,215,336 shares, compared to its average volume of 6,633,366. 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 $367.05 billion, a price-to-earnings ratio of 98.90, a P/E/G ratio of 1.35 and a beta of 0.50. AbbVie Inc. has a one year low of $163.81 and a one year high of $218.66. The stock has a 50 day simple moving average of $192.84 and a 200 day simple moving average of $192.96.

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 firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.The firm's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.65 EPS. Sell-side analysts predict that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Tuesday, July 15th were issued a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, July 15th. AbbVie's dividend payout ratio (DPR) is presently 312.38%.

Insider Activity at AbbVie

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 177,292 shares of the company's stock, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 value of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares in the company, valued at approximately $11,562,611.97. The trade was a 18.58% 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.