Boothe Investment Group Inc. Invests $5.42 Million in AbbVie Inc. $ABBV

Key Points

• Boothe Investment Group Inc. has invested approximately $5.42 million in AbbVie Inc. by acquiring 29,199 shares, making AbbVie the 20th largest position in their holdings.
• Several institutional investors have increased their stakes in AbbVie, with Conning Inc. raising its holdings by 7.1% and Dohj LLC increasing its investment by 41.8% in the second quarter.
• Wall Street analysts have mixed projections for AbbVie, with price targets ranging from $222 to $270, reflecting a consensus rating of "Moderate Buy" and a price target of $234.80.

Boothe Investment Group Inc. purchased a new position in AbbVie Inc. (NYSE:ABBV - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 29,199 shares of the company's stock, valued at approximately $5,420,000. AbbVie comprises 2.1% of Boothe Investment Group Inc.'s holdings, making the stock its 20th largest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Conning Inc. raised its holdings in AbbVie by 7.1% in the 2nd quarter. Conning Inc. now owns 191,023 shares of the company's stock worth $35,458,000 after purchasing an additional 12,690 shares during the period. Dohj LLC raised its holdings in AbbVie by 41.8% in the 2nd quarter. Dohj LLC now owns 4,529 shares of the company's stock worth $802,000 after purchasing an additional 1,335 shares during the period. First Hawaiian Bank raised its holdings in AbbVie by 0.8% in the 2nd quarter. First Hawaiian Bank now owns 7,556 shares of the company's stock worth $1,403,000 after purchasing an additional 60 shares during the period. Narus Financial Partners LLC raised its holdings in AbbVie by 25.3% in the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after purchasing an additional 401 shares during the period. Finally, BankPlus Trust Department raised its holdings in AbbVie by 3.3% in the 2nd quarter. BankPlus Trust Department now owns 27,113 shares of the company's stock worth $5,033,000 after purchasing an additional 855 shares during the period. 70.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ABBV. Evercore ISI raised their target price on AbbVie from $207.00 to $222.00 and gave the stock an "outperform" rating in a report on Monday, September 22nd. JPMorgan Chase & Co. raised their price target on AbbVie from $200.00 to $235.00 and gave the company an "overweight" rating in a report on Tuesday, September 16th. Hsbc Global Res cut AbbVie from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 1st. Bank of America raised their price target on AbbVie from $220.00 to $251.00 and gave the company a "neutral" rating in a report on Friday, October 3rd. Finally, Berenberg Bank raised AbbVie from a "hold" rating to a "buy" rating and raised their price target for the company from $170.00 to $270.00 in a report on Wednesday, September 17th. Two equities research 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 MarketBeat, AbbVie currently has a consensus rating of "Moderate Buy" and a consensus price target of $234.80.

Insider Activity

In related news, EVP Azita Saleki-Gerhardt sold 42,370 shares of AbbVie 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 completion of the transaction, the executive vice president owned 177,292 shares in the company, valued at approximately $35,178,278.64. This trade represents a 19.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction dated 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 completion of the transaction, the executive vice president 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 disclosure for this sale can be found here. Company insiders own 0.25% of the company's stock.

AbbVie Price Performance

NYSE:ABBV opened at $228.06 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.61 and a debt-to-equity ratio of 44.14. The company has a market capitalization of $402.87 billion, a P/E ratio of 108.60, a P/E/G ratio of 1.44 and a beta of 0.51. AbbVie Inc. has a 12 month low of $163.81 and a 12 month high of $244.81. The business's 50-day moving average is $220.69 and its 200 day moving average is $198.94.

AbbVie (NYSE:ABBV - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.97 EPS 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 analysts' expectations of $14.93 billion. AbbVie had a return on equity of 699.66% and a net margin of 6.45%.AbbVie's quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.65 earnings per share. On average, equities research analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current fiscal year.

AbbVie Dividend Announcement

The business 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. The ex-dividend date is Wednesday, October 15th. This represents a $6.56 annualized dividend and a yield of 2.9%. AbbVie's dividend payout ratio (DPR) is currently 312.38%.

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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