Biltmore Family Office LLC Boosts Holdings in AbbVie Inc. (NYSE:ABBV)

Key Points

• Biltmore Family Office LLC increased its stake in AbbVie Inc. by 7.5% during the first quarter, owning 34,447 shares valued at approximately $7.2 million.
• Multiple analysts have raised their target prices for AbbVie, with an average target price of $214.43 and a consensus rating of "Moderate Buy" among equity research ratings.
• AbbVie has recently declared a quarterly dividend of $1.64 per share, reflecting an annualized dividend yield of 3.3%, with an ex-dividend date of July 15th.

Biltmore Family Office LLC lifted its stake in AbbVie Inc. (NYSE:ABBV - Free Report) by 7.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,447 shares of the company's stock after purchasing an additional 2,402 shares during the period. AbbVie accounts for about 1.2% of Biltmore Family Office LLC's investment portfolio, making the stock its 11th biggest holding. Biltmore Family Office LLC's holdings in AbbVie were worth $7,217,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of ABBV. Abound Financial LLC purchased a new position in AbbVie in the first quarter worth about $30,000. Siemens Fonds Invest GmbH raised its holdings in AbbVie by 197.6% in the fourth quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company's stock worth $32,000 after buying an additional 119,141 shares during the last quarter. Cypress Capital Management LLC WY purchased a new position in AbbVie in the first quarter worth about $35,000. Pinney & Scofield Inc. purchased a new position in AbbVie in the fourth quarter worth about $36,000. Finally, Inlight Wealth Management LLC purchased a new position in AbbVie in the first quarter worth about $42,000. 70.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ABBV shares. Evercore ISI lifted their target price on shares of AbbVie from $204.00 to $205.00 and gave the stock an "outperform" rating in a report on Monday, April 28th. Morgan Stanley lifted their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Citigroup lifted their target price on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a report on Wednesday, June 11th. Raymond James Financial lifted their target price on shares of AbbVie from $227.00 to $236.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, Cantor Fitzgerald started coverage on shares of AbbVie in a research note on Tuesday, April 22nd. They issued an "overweight" rating and a $210.00 price target for the company. Six equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $214.43.

Insider Buying and Selling at AbbVie

In other AbbVie news, EVP Nicholas Donoghoe sold 13,295 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total value of $2,639,190.45. Following the completion of the transaction, the executive vice president directly owned 58,247 shares in the company, valued at $11,562,611.97. This represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.25% of the stock is currently owned by insiders.

AbbVie Stock Performance

Shares of NYSE ABBV opened at $198.10 on Friday. The firm has a 50 day moving average of $189.65 and a 200 day moving average of $191.21. The company has a current ratio of 0.74, a quick ratio of 0.64 and a debt-to-equity ratio of 44.14. The firm has a market capitalization of $349.96 billion, a price-to-earnings ratio of 94.33, a price-to-earnings-growth ratio of 1.27 and a beta of 0.50. AbbVie Inc. has a 12-month low of $163.81 and a 12-month high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last posted 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 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 business's revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.65 earnings per share. On average, research analysts anticipate that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Tuesday, July 15th will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Tuesday, July 15th. AbbVie's dividend payout ratio is presently 312.38%.

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.

Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.