Balboa Wealth Partners Acquires 1,325 Shares of AbbVie Inc. $ABBV

Key Points

• Balboa Wealth Partners has increased its holdings in AbbVie Inc. by 17.0% during the second quarter, acquiring an additional 1,325 shares, bringing their total to 9,135 shares valued at approximately $1.7 million.
• AbbVie announced a quarterly dividend of $1.64 per share, which will be paid on November 14th, representing a 2.9% dividend yield.
• Despite reporting a missed earnings estimate for the quarter with an EPS of $2.97 compared to the expected $3.24, the company's revenue of $15.42 billion exceeded projections of $14.93 billion.

Balboa Wealth Partners lifted its holdings in AbbVie Inc. (NYSE:ABBV - Free Report) by 17.0% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 9,135 shares of the company's stock after acquiring an additional 1,325 shares during the quarter. Balboa Wealth Partners' holdings in AbbVie were worth $1,696,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ABBV. Marshall & Sullivan Inc. WA bought a new stake in AbbVie during the 2nd quarter valued at $25,000. TD Capital Management LLC raised its holdings in AbbVie by 82.9% during the 1st quarter. TD Capital Management LLC now owns 128 shares of the company's stock valued at $27,000 after buying an additional 58 shares during the last quarter. Abound Financial LLC bought a new stake in AbbVie during the 1st quarter valued at $30,000. Cypress Capital Management LLC WY bought a new stake in AbbVie during the 1st quarter valued at $35,000. Finally, Bear Mountain Capital Inc. raised its holdings in AbbVie by 480.6% during the 2nd quarter. Bear Mountain Capital Inc. now owns 209 shares of the company's stock valued at $40,000 after buying an additional 173 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

AbbVie Stock Up 1.2%

NYSE:ABBV opened at $229.66 on Monday. The firm's 50-day moving average price is $217.91 and its 200-day moving average price is $197.52. The company has a market capitalization of $405.71 billion, a PE ratio of 109.36, a P/E/G ratio of 1.43 and a beta of 0.51. The company has a debt-to-equity ratio of 44.14, a current ratio of 0.74 and a quick ratio of 0.61. AbbVie Inc. has a 1-year low of $163.81 and a 1-year high of $244.81.

AbbVie (NYSE:ABBV - Get Free Report) last announced 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). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The firm had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. During the same period last year, the company posted $2.65 earnings per share. The business's revenue for the quarter was up 6.6% compared to the same quarter last year. On average, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. This represents a $6.56 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 15th. AbbVie's dividend payout ratio is 312.38%.

Analyst Ratings Changes

Several research analysts have commented on the stock. HSBC set a $225.00 price objective on shares of AbbVie in a report on Thursday, October 2nd. Cantor Fitzgerald set a $250.00 price objective on shares of AbbVie and gave the stock an "overweight" rating in a report on Thursday, October 9th. Erste Group Bank lowered shares of AbbVie from a "buy" rating to a "hold" rating in a report on Tuesday, October 14th. Citigroup restated a "neutral" rating on shares of AbbVie in a report on Monday, October 13th. Finally, Hsbc Global Res lowered shares of AbbVie from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $234.05.

Insider Activity

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the 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 sale, the executive vice president directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the 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 sale, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company's stock.

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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